Page 26 - Tax Saving News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Interest earned on balances in savings accounts held with banks or post offices is taxable under “Income from other sources”. Did you know that you can actually save this tax to an extent? What is Section 80 TTA? Which accounts are included? Which are excluded? What's the maximum deduction? Are you obligated to disclose Interest earned on balance maintained in Savings Bank account? What will be the consequences of not reporting the interest income earned on balance maintained in savings bank account? In this podcast, we answered all of these and more Dear Reader, Business Standard has...

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Synopsis Deduction under section 80C of the Income-tax Act, 1961 can reduce up to Rs 1.5 lakh from the gross total income in a financial year. Here is how this section works and can help you save tax in a financial year. Getty Images Eligible investment instruments include Employees' Provident Fund (EPF), Public Provident Fund (PPF) etc. One of the most common deductions available under the Income-tax Act, 1961 is section 80C. The deduction under this section can be claimed only if an individual opts for the old/existing tax regime in a financial year. On the other hand, if an individual opt...

ELSS mutual fund schemes help individuals to save tax in a financial year. Experts insist that ELSS funds have a bigger role to play but they cannot be utilised for long term goals. Here is how you can pick the right one to complement your portfolio.

Experts are not necessarily in favour of utilizing ELSS funds towards long term goals. Synopsis ELSS mutual fund schemes help individuals to save tax in a financial year. Experts insist that ELSS funds have a bigger role to play but they cannot be utilised for long term goals. Here is how you can pick the right one to complement your portfolio. Investors looking for last-minute tax-saving investments in equity-linked savings schemes (ELSS) usually end up chasing the most popular or highest return-generating funds at this time every year. But can ELSS funds contribute more to your portfolio th...