10 Financial Checkpoints in the new Financial Year

The financial year 2015-16 started more than a month back. Thats how fast time moves. Now that you are well into the new financial year, make sure you do not miss out checking on the following 10 (ten) financial checkpoints to have a financially rewarding year..read on..

Investing in the new NPS is akin to marrying Katrina Kaif

Investing in the new NPS re launched with the budget 2015 is akin to marrying Katrina Kaif. Looks so inviting, but hold on. Given a chance, would you really marry Katie? Really?

Sukanya Samriddhi Yojana (SSY / SSS) Vs Public Provident Fund (PPF)

Many parents plan to invest in the PPF and fixed deposits for their little one's education or marriage. Things could be changing here, especially if you are blessed with a fairy, rather than a brat :) The Sukanya Samriddhi Yojana (SSY) could just be a better alternative...read on...

EMIs and pre-EMIs on Home Loans

If you have ever taken a home loan, you would have dealt with Equated Monthly Installments (EMIs), and if you have ever been involved in taking a home loan on an under construction property, you have surely dealt with 'pre-EMIs'. Let us clearly understand what separates EMIs and pre-EMIs, both from loan and from taxation perspective.... Read On...

Seven (7) Income Tax related changes in Budget 2014 that you ought to know

Indian Union Budget 2014 came up with many surprises for an individual tax payer. Here are the 7 (seven) rule changes that you must leverage to the hilt. Remember that increasing the returns on your investments are as important as increasing your income, if not more.

Does NPS investments fall under Section 80C? (QandA : 011)

Question : 011
Does NPS investments fall under Section 80C?
National Pension Scheme (NPS) has been the buzzword of discussions off late. Lot of our readers wrote to us wanting to understand if there are any additional tax benefits of NPS over and above what Section 80C has to offer?

Reduce your tax burden by owning a second house

Background
As your wealth goes up, you need to get innovative about the options that are available to multiply it further and faster. One of the lesser known options is to own a second home and get "unlimited" tax benefit on the interest portion of the home loan. Yes, theoretically, the tax benefit is unlimited since there is no cap to the interest amount eligible for tax benefit (the way you have a cap of rupees 1.5 Lacs on the interest part of the first home loan)

What are National Savings Certificate (NSC)

About National Savings Certificate (NSC)
National Savings Certificate (NSC) is a fixed income/debt long term investment option offered by the Indian Government through postal department.
National Savings Certificate, popularly known as NSC, is a time-tested tax saving instrument that combines adequate returns with high safety, in fact safety sometimes overshadows the returns potential. NSCs are an instrument for facilitating long-term savings. A large chunk of middle class families use NSCs for saving on their tax, getting double benefits. They not only save tax on their hard-earned income but also make an investment which are sure to give good and safe returns.

What is Rajiv Gandhi Equity Savings Scheme (RGESS)

What is RGESS?

Rajiv Gandhi Equity Savings Scheme (RGESS) is a new equity tax advantage savings scheme for equity investors in India. The scheme got it's approval on September 21, 2012. It is exclusively for the first time retail investors in securities market.

Life Insurance Policy Tax Exemptions - Section 10(D)

This month, one of my old life insurance policies with LIC, which my dad had subscribed for me when i was young, got matured and i received the final amount with bonus in my bank account. While it always feels exciting to receive such amounts in your bank account, it was important for me to understand the tax implications for the same as well.

There is a general perception amongst the taxpayers that all premiums paid for Life Insurance is eligible for deduction under Section 80C subject to overall limit of Rs.1.50 Lacs. Further, it is also a misconception that all sums received from the insurance company against your life insurance policy is exempted under section 10(10D).

5 Year Tax Saving Fixed Deposit (FD) under Section 80C

We studied in detail about Bank Fixed Deposits (Bank FDs) and the tax implications arising out of the interest earned through Fixed Deposits in a few of our earlier posts:

1. Ladder your Fixed Deposits

2. Know more about Company Fixed Deposits

3. Are you paying TAX on your FD interest

There is one very interesting aspect of Fixed Deposits which is worth mentioning as a separate post. So, i thought i would share that with all of you.

As per the Section 80C of the Income Tax Laws of India, we can do investments of up to Rs. 1.5 Lacs (Rs. 150,000 only) which would help us save taxes on an equal proportion of our salary. While there are various commonly known options to invest and save taxes under Section 80C, one of the option which is not very commonly known for Section 80C investments is 5 year Fixed Deposits.