Section 80DD – Deduction for maintenance including medical treatment of a dependant who is a person with disability. (upto Rs 1.25 lakh) If you are paying for medical treatment of a dependant person (who has d
However, wealth creation is not the only reason that ELSS is popular among investors, especially the salaried class. It is also a tax-saving investment under section 80C of the Income Tax Act, and the only class of mutual funds covered under this section.ELSS allows tax rebate on investments...
Many salaried or wage-earning employees receive regular pay or paid leave from an employer while on jury duty. In addition, many courts pay jurors for performing jury duty. Both forms of pay are considered taxable income. Employers who pay their employees for jury duty often require the...
If you’re a salaried employee, you may be surprised to learn that your deductions include certain job-related expenses. Step 1: Which work clothes are necessary and usable only for work? Determine which work clothes are necessary for your job but not suitable to wear outside of wor...
Self-employed retirement plans are more generous than those typically available for salaried workers: Net Operating Loss Carryforward. Most businesses sustain a loss in the first year of operation. But, that loss can be carried forward to future tax years, reducing future tax liabilities. Tax-...
I know, many filled up earlier this year, but check out the options in your area. Not only do day camps offer some supervision of your kiddos while you're at the office, the activities' costs also count toward claiming the child and dependent care credit. June 10: If your job is ...
You retire in your 50s at the earliest, well, as far as retiring on a DC pensionand getting to take it. For many people in their 50s, if you give up your salaried job you will find it very hard to find another one at the same level of pay. The reasons for this are complex, bu...
A taxpayer, before looking at investing in any tax-saving instruments, needs to first be aware and understand the total tax liability applicable. To get to most effective and efficient way of tax saving ,one should know first calculate amount payable .
saving and investment increase, which increases consumption per person available to everyone in the long run. Note that this outcome depends importantly on the state of the economy at the time of the reform. In an OLG framework, the US government can redistribute across generations to ensure that...
How does Indian tax structure work according to the new budget (2014) for a salaried employee? How long does it take to receive an amendment check from IRS once it has been processed? Can I deposit 5 lakhs in my 2 bank account, per a/c 2....