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HOW TO SAVE TAX WITH HEALTH INSURANCE

The importance of buying health insurance cannot be understated. Your health insurance bails you out during medical emergencies. With a small annual premium, you end up saving lakhs of rupees that you would otherwise pay on hospitalization, surgeries, and medical reports and so on, if you did not have health insurance. Not only can you breathe a sigh of relief due to the insurance cover, you can also avail various concessions and tax benefits from investing in health insurance policies. Let’s find out how you can save on health insurance. Tax deductions Section 80 C of the Income Tax Act...more
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7 WAYS TO SAVE TAX IF YOU ARE A SENIOR CITIZEN

59-year-old Mr. Batra is just a few short months away from retirement. He is looking forward to a time when he can relax and enjoy the fruits of his labour. An astute investor, Mr. Batra has religiously put away money in various investments. He has some mutual funds, fixed deposits, life and health insurance policies among other investments. As he is on the brink of retirement and entering the “senior citizen” category officially, he is determined to find out how he can save taxes as he enters this new tax bracket. He’s how Mr. Batra can save taxes as a...more
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TAX BENEFITS FROM MUTUAL FUND INVESTMENTS

Apeksha was looking at investing in the stock market to grow a corpus for retirement. As tax season was approaching, she was looking at investing in a tax saving instrument as well. However, since most of her funds were earmarked for mutual funds, she did not have a lot of money to invest in other instruments. On reading about tax saving instruments online, she found out that there was a special category of mutual funds that provide a deduction under Income Tax. Apeksha is not alone. Not many people have clarity about tax saving instruments and when tax season approaches,...more
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Best Tax Saving Investments in India

Smita is an employee at a bank. She was looking into different avenues to save tax as the financial year came to a close. She meticulously analyzed the different tax saving instruments and found out some instruments reduced her tax outgo and gave her additional income. Smita knew that investing in tax saving instruments, could help her reduce her taxable income, but what she did not consider was the taxability of the income earned from them. If you’re wondering how to save income tax, there are a whole range of investments that allow a deduction of taxable income, which help...more
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How to save Income tax on Salary in India

How to save Income tax on Salary in India As tax season approaches, Kartik was looking at his tax burden and figuring out ways to save tax. He had exhausted the limit under Section 80C (investment in tax saving instruments), Section 80D (investment in health insurance), and taken the benefit of sections like 80G (donations) and 80TTA (deduction for savings account interest). However, his total tax payable was still quite high. He compared his tax burden with a colleague with a similar salary and was surprised to find his burden significantly lower. His colleague assured him it was only a bit...more
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Long Term Capital Gain Tax on Shares

Abhay is a married man looking to build a corpus for his life goals, mainly his retirement and his children’s education. He wants to invest in the stock market, mainly because it gives excellent returns over the long run. However, with the change in the tax laws on capital gains, he is confused about the tax impact. Abhay is not the only one. Many investors stay out of the stock market because they’re not sure about taxation rules. However, the rules are simple and easy to follow. Gains on the stock market are also subject to tax. This includes gains...more
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HOW TO STRUCTURE YOUR SALARY TO MINIMIZE YOUR TAX BURDEN

As tax season approaches, Kartik was looking at his tax burden and figuring out ways to save tax. He had exhausted the limit under Section 80C (investment in tax saving instruments), Section 80D (investment in health insurance), and taken the benefit of sections like 80G (donations) and 80TTA (deduction for savings account interest). However, his total tax payable was still quite high. He compared his tax burden with a colleague with a similar salary and was surprised to find his burden significantly lower. His colleague assured him it was only a bit of restructuring that had resulted in a lower...more
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TAX BENEFITS OF HEALTH INSURANCE POLICY

Aarti was looking at different ways to save tax as tax season approached. At a seminar that her company conducted, she learned that she could get a tax benefit for investing in a health insurance policy for herself and her family. Like many others, she only know about Section 80C for investment-linked deductions. In fact, there are several other sections which Aarti can use to save tax and benefit her family. A health insurance policy is one of the most important tools in a person’s life arsenal. With the cost of quality medical treatment rising, having adequate health insurance can...more
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Save tax and generate tax free income

Smita is an employee at a bank. She was looking into different avenues to save tax as the financial year came to a close. She meticulously analyzed the different tax saving instruments and found out some instruments reduced her tax outgo and gave her additional income. Smita knew that investing in tax saving instruments, could help her reduce her taxable income, but what she did not consider was the taxability of the income earned from them. If you’re wondering how to save income tax, there are a whole range of investments that allow a deduction of taxable income, which help...more
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TAX ON STOCK MARKET GAINS

Abhay is a married man looking to build a corpus for his life goals, mainly his retirement and his children’s education. He wants to invest in the stock market, mainly because it gives excellent returns over the long run. However, with the change in the tax laws on capital gains, he is confused about the tax impact. Abhay is not the only one. Many investors stay out of the stock market because they’re not sure about taxation rules. However, the rules are simple and easy to follow. Gains on the stock market are also subject to tax. This includes gains...more
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