NPS Tax Benefits: For salaried professionals, NPS allows avail tax benefits under various sections of the Income Tax Act and… ByMithilesh Jha August 14, 2024 11:31 IST Are taxpayers allowed to switch tax regime after mid-year budget changes?
Individuals can plan their finances and optimize their tax payments by staying informed about these tax implications. Whether under the new or old tax regime, by acquiring knowledge in this area, individuals can confidently navigate the tax landscape and ensure compliance with the law while managing ...
NPS schemes will attract tax benefits: As of today, a non-employee subscriber of the National Pension Scheme is allowed withdrawals that are absolutely tax-free, and the period has been extended further. Nonetheless, an employee’s contribution to the National pension Scheme is currently taxed, ...
The tax benefits under the old regime are available on investments in specified instruments and also there is a specific lock-in prescribed for most of the instruments from three-five years. This may not be a suitable tax-saving option for many such as millennials, who prefer to spend than ...
ePacific's total tax liabilities for taxable year 2005 reached P153.7 million, inclusive of increments, broken down as follows: Income Tax (IT) - P68.8 million, Value Added Tax (VAT) - P52.6 million, Expanded Withholding Tax (EWT) - P24.8 million, and Fringe Benefits Tax (FBT) - P7.5...
5 Benefits of Filing Income Tax Return Though According to income tax laws, filing the return and updating your ITR status is mandatory for every individual or entity whose income exceeds the threshold limit mentioned in the Income Tax Act-1961. There are certainly many benefits of filing of IT...
An individual can only claim tax benefit under Section 80C of the Income tax Act, 1961, on life insurance policy(s) bought in the name of self, spouse or children. A policy taken in the name of any other person won’t be eligible for any tax benefits. ...
SIT on black money to submit interim report to Supreme Court within 15 days FM Sitharaman Clarifies: No NPS Rollback, UPS Aims to Improve It More » Foreign Trade Programme (Export & Import)(With Recording) Ranjan Upreti Enroll Now
these funds have the shortest lock-in period of three years. Investing in ELSS Funds makes you eligible for a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. In this way, you can reduce your tax liability as the amount invested by you gets deducted from yo...
Save for Retirement and Save on tax - Double Benefits - Now save for your retirement by investing in National Pension System through India's first modern and comprehensive NPS app. - Invest in Tier I through your employer and in Tier II on a voluntary basis. ...