Deduction on Rent paid-Section 80GG

Deductions is respect of rents paid : Under Section 80GG, an Individual can claim deduction for the rent paid even if he don’t get HRA. Not many people are aware of this deduction Under Section 80GG. Section 80GG allows the Individuals to a deduction in respect of house rent paid by him for his own residence. Such deduction is permissible subject to the following conditions :- the Individual has not been in receipt of any House Rent Allowance from his employer specifically granted to him which qualifies for exemption under section 10(13A) of the Act; the Individual files the declaration…

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Attention..! You may be liable to pay Tax on your EPF Withdrawal

Employee Provident Fund (EPF) is one of the most commonly used retirement cum investment scheme enacted by the Government for employees. The employer and employee, both are required to contribute an amount under this scheme at some percentage of Basic Wages, Dearness Allowance and Retaining Allowance (if any) as follow: Employee's Contribution The employee is required to contribute a minimum 12% of basic wages, dearness allowance and retaining allowance (if any). However, the employee can contribute more than 12% (by giving written Request/consent to the employer) which is also allowed as deduction u/s 80C from your gross total income. Employer's…

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5 Quick Ways to check EPF Balance

With the following methods you can check your EPF Balance almost quickly: You should register and activate your UAN and your Mobile number should be updated in EPF account. 1. EPF Missed call to 011-22901406 Give a missed call to 011-22901406 from your registered mobile number and within a minutes you will get SMS with the EPF balance, UAN, Date of Birth, KYC status and last contribution.   2.UMANG Mobile App You can download the UMANG. This app has all the features of the website and you can get your balance, monthly contribution etc from the same. 3. Download EPF Passbook…

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Lower your tax liability via Section 87A of Income Tax

Section 87A of the Indian Income Tax Act is one helpful provision in our tax laws to reduce your tax liability of person. Rebate under section 87A provides for a marginally lower payment of taxes to individuals earning an income below the specified limit. It is provided to reduce the tax burden of the lower income bracket.

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5 major key changes in Income Tax Rules made by Budget 2019:

1. Rebate u/s 87A Increased to ₹12,500:Finance Minister in his speech announced that people with taxable income of ₹5,00,000 would get a full tax rebate. Many of us thought, he has changed the tax slab. But actually, he made changes in Section 87A.From FY 2019-20, for individuals with taxable income of ₹5,00,000 or less, the tax rebate would be Person’s tax liability or

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A Short list of Tax Saving options for Salaried and Professionals for FY 2018-19?

1. Section 80C/80CCC/80CCDYou can choose from the following for tax saving investments:Employee/ Voluntary Provident Fund (EPF/VPF)PPF (Public Provident fund)Sukanya Samriddhi AccountNational Saving Certificate (NSC)Senior Citizen’s Saving Scheme (SCSS)5 years Tax Saving Fixed Deposit in banks/post officesLife Insurance Premium

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