15 tips for an Entrepreneur to Save Tax

Doing business is not easy and definitely not cheap. Every penny counts and amongst the constant competition fight for market share isn’t easy. 90% of entrepreneurs end up paying higher taxes than they actually owe, due to lack of expertise. As an entrepreneur, you have income from almost every head except for the head ‘Income …

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19 ways to save tax this 2019

It’s the time of the year again! Everyone will get busy with finding ways to save tax. Upwardly presents to you 19 ways to save tax in 2019. Insurance policy Life insurance premium paid in the year can be claimed for deduction. Premium paid for yourself, your spouse or your children can be claimed under …

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New NPS vs Mutual Funds

With government relaxing the rules on taxes on NPS the question of investing in new NPS or mutual funds for retirement has come up yet again. New changes to the NPS scheme The cabinet approved a proposal to make NPS tax-free on withdrawal. A full tax exemption on 60% of the corpus is allowed to …

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Why should you Start SIP in ELSS Tax Saving mutual funds now?

Tax saving is synonymous with the end of financial year. Most tax saving investment are made between January and March. A lot of agents and salesmen of LIC, ULIP, etc. become active during this period and shrewdly use your sense of urgency to push poor tax saving products. Should you really push tax saving till …

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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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How to Save Taxes on Health Insurance

If you are planning for your tax saving, then a good option would be to invest in Health Insurance. Not only does it reduces your taxable income but also, provides you protection against the rising medical expenses. How much deduction can you claim for premium payment? If you are a senior citizen (age 60 + …

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How to Save Taxes on Sale of Property

Special Exemptions on Capital Gains on Sale of Immovable Property: The Government of India provides some exemptions on long-term capital gains arising from the sale of immovable property like houses, apartments, etc. To understand how capital gains are calculated and taxed, please refer to ‘How much Capital Gains Tax you need to pay on sale …

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