Knowledge Hub
Tax Deducted at Source: What Is TDS and Why Is It Important?
4 minutes
TDS stands for Tax Deducted at Source. As the name suggests, this tax is deducted by the income payer (deductor) while making a payment to the deductee. Such taxes are taken from the total amount payable by the payer and deposited with the Income Tax Department. The person paying the income and deducting the TDS is called the deductor, while the person receiving the income and on whose behalf the tax has been deducted is called the deductee.
What is National Savings Certificate? Eligibility, Interest Rate and Tax Saving Benefits
3 minutes
National Savings Certificate (NSC) is one of the investment options the Government of India offers. NSC investments are received and serviced by the National Small Savings Fund, managed by the government through the interface of post offices.
Difference Between Financial Year (FY) and Assessment Year (AY) - All You Need to Know
3 minutes
As per income tax laws, all taxpayers must file their Income Tax Return (ITR) for the previous year, within the prescribed due dates, during the assessment year. The due date for filing tax returns for salaried taxpayers & non-audit businesspersons and professionals is usually July 31. Sometimes this date may be extended by the Finance Ministry.
Since the terms 'financial year', 'previous year' and 'assessment year' are often used in income tax laws, it’s helpful for all taxpayers to know their basic meaning. Read on to know the meaning and importance of these terms.
Yes! Mutual Funds are great for Retirees
2 minutes
You like the sound of the ping on your mobile phone informing when pay gets credited every month. But how can you ensure that the sweet sound continues even in retirement? You will still need a regular income to meet your regular expenses. That’s not all.
Test Understand How the Three-Year Lock-In Period of ELSS Works
7 minutes
When talking about various tax benefits and tax incentives to the taxpayers under the Income Tax laws, deduction under Section 80C is one of the most commonly used tax benefit. It provides a deduction of up to Rs. 1.50 lakh to the taxpayers from their taxable income for making certain eligible payments and investment options. Such options include contributions to Public Provident Fund (PPF), Statutory Provident Fund (SPF), payment of Life Insurance Premium, housing loan repayment, 5-year tax-saver fixed deposits etc.