Forgot to submit tax proof? How to still claim the benefit?

A good understanding of requirements, benefits available, how to claim them and importantly how to plan to utilize the benefits under the IT act will ensure that the tax paid is the minimum and thus maximize long-term saving of money. The Income tax act considers all earnings of a person as income and taxable unless …

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5 common mistakes people make while filing income tax returns

Filing income tax returns has become relatively easier now, however, people often make some mistakes that lead to defective returns or problems later at the time of claiming tax refund. Following are 5 common mistakes you must guard against while filing your income tax returns online: 1. Failing to mention all income sources It’s important for …

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How to Calculate Indexation on Sale of Assets

How to Calculate Indexation Indexation basically means consideration of time value of money while calculating your profits. While we sell an asset, the purchase price of the asset needs to be adjusted according to the inflation rate using a standard index. This calculation process is termed as indexation. Indexation helps us achieve a fair and …

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How much Capital Gains Tax you need to pay on sale of Property

Capital Gains Tax This tax is to be paid on the sale proceeds, whenever you sell of your property or physical assets like gold and jewelry at a profit. Capital Gains is broadly divided into two parts namely Short-term Capital Gain (STCG) and Long-term Capital Gain (LTCG). Short-Term Capital Gains Short-Term Capital Gains are applicable …

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Demystified: How Mutual Funds are Taxed

Mutual funds returns are subject to 2 types of taxes — Dividend Distribution Tax (DDT) and Capital Gains Tax. Capital Gains Tax also come is Short-term and Long-term versions depending on the type of mutual funds and the investment holding period. DDT is a tax on distributed profits. This is paid by the mutual fund companies directly …

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Battle of Tax-Savers: ELSS vs PPF

We continue from Part 1 of this “Battle of Tax-Savers” series where we compared ELSS funds with tax-saving FDs. Click here to read that article where we also introduce the basics of 80(C) tax savings. In this article, we will compare ELSS funds against arguably the most popular tax-saving scheme — Public Provident Fund or PPF. You might like …

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