There are clear tax advantages to taking out a mortgage to buy a property, including a deduction for the interest you paid and the principal you repaid. Along with this, starting with the financial year 2019–20, or the assessment year 2020–21, you can additionally reduce your tax liability by taking Read more…
After higher secondary school, quality education is becoming more and more expensive. Education loans are a popular choice for many students and parents who want to pay for their children’s further education at reputable institutions. Such loan products are also provided by many banks, financial institutions, and certain well-known trusts. Read more…
Introduction A blog is defined by the dictionary as “a website that contains a writer’s or group of writers’ personal experiences, observations, opinions, etc., and frequently has photographs and connections to other websites.” A person who frequently adds new information to this website is referred to as a blogger. A Read more…
What Separates an LLP from a Partnership Firm Partners can do business through two different types of business structures: a Limited Liability Partnership (LLP) and a partnership firm. To start an LLP or a partnership firm, at least two people must be willing to become partners. A partnership firm is Read more…
According to the Income Tax Act of 1961 and the Income Tax Rules of 1962, the government of India has imposed a direct tax on an individual known as a “assessee” under the name of Income Tax. In accordance with the Income Tax Act of 1961, the assessee is: A Read more…
Not everyone is interested in working a 9 to 5 job. Some people like a little flexibility so they may engage in other activities, spend more time with their loved ones, or just avoid a boring routine. For this reason, freelancers work from home, in a hip café, or in Read more…
Tax planning: what is it? One of the most crucial elements of financial planning is knowing what tax planning is. It is a practise where one evaluates his financial condition from the perspective of tax efficiency in order to invest and use the resources as efficiently as possible. Tax planning Read more…
The Finance Act was passed in 2021 and section 194Q of the Income Tax Act has been inserted to bring in the new provisions of TDS on the purchase of goods. Since CBDT has clarified such doubts, approving the validity of the circular, these new rules will be effective from Read more…
When your I-T return is completed, one of the first parts is gross income calculation. This can be done by excluding various allowances or exemptions that are tax exempt like HRA. This is a technique used by businesses to figure out the tax they need to pay. They have a Read more…
If you are an Indian citizen, then there’s no way around this one – you will have to link your Aadhaar card with your PAN (Permanent Account Number) by 31st March, 2022, or face consequences under the Income Tax Act of 1961. Why do you need to link Aadhaar with Read more…