Tax

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.

Income Tax provisions allow deduction under Section 80C up to Rs. 1.50 lakh in a financial year, which effectively reduces the taxable income. There is a large bouquet of investment options listed under the section, wherein the investor can invest and take the tax benefit. While some options provide market-linked returns, like Equity Linked Savings Scheme (ELSS), Unit Linked Insurance Policies (ULIP), etc., some options provide fixed returns to the investments.

5 Reasons To Open A PPF Account

If you do not already have a Public Provident Fund, or PPF, account, you should consider opening one right away. Its benefits make a compelling case.

5 Ways To Make PPF Work For You

It is a rather undisputed fact that the Public Provident Fund, or PPF, is one of the most popular savings route in this country. A combination of the assured returns, the safety and the tax break make it a winner. Here is a checklist to keep in mind when deciding what prominence the PPF must have in your portfolio.

Find out about the role that taxes play in investments.

Tax Issues regarding Mutual Fund

Many of us invest in the last week of March, all thanks to the pressure built up by the deadline called financial year end. For such last minute investors, tax saving triggers many of their investments. Though it is not a wise idea to base all your investments on the tenet of tax saving, it is prudent to consider tax planning while investing your hard earned money in the light of your financial goal. Here is how mutual funds help us save on tax front:
 

We are already in the last quarter of the financial year, and most of the employers will be pushing for the proofs of your tax-saving investments. With the increasing awareness of mutual funds as an investment option, Equity Linked Savings Scheme (ELSS) funds are also emerging as the preferred option for tax savings.

We are already into the last month of the financial year 2019-20, and it is that time of the year when everyone starts thinking about filing taxes. Income tax laws provide for certain tax benefits under different provisions, including Section 80C (tax-saving investments and payments), Section 80D (payment towards medical insurance premium), Section 80G (donations to eligible charitable funds and trusts) etc. of the Indian Income Tax Act. 

Equity Linked Saving Schemes (ELSS) is one of the available investment options under Section 80C and is steadily emerging as a preferred investment choice amongst the investors for tax saving. This is also reflected in the ELSS Category AUM (Assets Under Management) of Rs. 1.04 lakh crores as on 31st December 2019 amounting to around 4% of the overall industry AUM.

While you are creating an investment portfolio, you must not overlook how mutual funds are taxed. Different taxation rates applicable to different types of investments, and such rates may specific investment options more attractive than others.