The latest development in the Mahajan Commission report is that the Centre has agreed to give a tax-savingPF FD top-up amount of Rs 1.5 lakh to small and medium enterprises (SMEs). This will be effective from April 1, 2018. The Centre has also decided to extend insurance tax relief by 50% for firms with an annual turnover not exceeding Rs 500 crore. This relief will also be applicable from April 1, 2018.
Rajkotupdates.news : tax saving pf fd and insurance tax relief
Many people are looking for ways to reduce their tax expenditures in the current financial year. This is because there is a lot of uncertainty in the economy, and it is difficult to predict which taxes will be increased or reduced in the future.
One way to reduce your tax burden is to use personal finance Discretionary (PFD) funds. This is because PFDs are treated as deductible expenses for tax purposes. In addition, can also make insurance tax relief payments through PFDs. This means you can reduce your taxable income by up to £2,500 per year.
To qualify for insurance tax relief, you must have a valid insurance policy and make a payment into your PFD account each month. The amount you pay into your PFD account each month will determine the amount of insurance tax relief you receive. The maximum amount that you can receive in a year is £2000.
There are other ways to reduce your taxable income. You can contribute to an Individual Savings Account (ISA) or a pension scheme. You can also donate to charity or purchase private health insurance policies. All of these measures will reduce the tax you pay in the year.
FD
Blog Section: Insurance Tax Relief
The government has announced a wide range of tax saving schemes for the financial year 2017-18. One of the most popular among these schemes is the refund of excess income taxes paid on FDs (Fixed Deposits). This scheme can benefit individuals who have invested in FDs in the recent past.
The government has also announced a series of insurance tax reliefs for 2017-18. These schemes can help individuals save on their insurance premiums.
Insurance tax relief
Are you looking for ways to save money on your taxes? Check out Rajkotupdates.news for updates on tax saving schemes from the government of India.
You can now get tax relief on premiums paid for life, health, and automobile insurance policies in India. The relief applies to individuals registered as taxpayers with the Income Tax Department (ITD).
This tax relief is available through the e-Filing system, which is available at www.incometaxindia.gov.in. You must log in to the system and fill in your details correctly so that the ITD can apportion the relief accordingly.
This scheme applies to all taxpayers except those who are ordinarily resident in a foreign country and those who are not ordinarily residents of India but have entered India for a period not exceeding six months during which they were not ordinarily resident in any other country.
80C deduction
Tax Saving Tips for FD and Insurance Tax Relief
There is a lot of confusion around tax deductions and tax relief. In this post, we will try to clarify some confusion around these topics.
The first thing to understand is that you can claim tax relief on your FD and insurance payments. This means that you can reduce the amount of tax that you have to pay.
There are a few ways that you can claim tax relief on your FD and insurance payments. One way is to claim the 80C deduction. This deduction allows you to reduce the amount of income tax that you have to pay.
The other way to claim tax relief on your FD and insurance payments is to claim the medical expense deduction. This deduction allows you to reduce the income tax you have to pay for your medical expenses in 2018.
If you are unclear about which deduction applies to your situation or would like more information, please contact our team at Rajkotupdates.news. We would be happy to help you out!
FD vs. ELSS
There is a lot of confusion among people on the tax benefits of mutual funds and equities. Mutual funds are taxed at the individual level, while equities are taxed at the company level.
Here is a brief comparison of mutual fund vs. equity taxation:
Mutual Funds: Mutual funds are taxed at the individual level. This means that you will pay taxes on the income earned by the mutual fund regardless of who owns it.
Equity Shares: Equity shares are taxed at the company level. This means that you will pay taxes on the profits made by the company, not on the income earned by you or your mutual fund.
The main advantage of investing in mutual funds is that you can defer paying taxes on your income. This is because mutual funds are taxed at the individual level, meaning that each investor pays taxes on their share of profits as they are generated.
On the other hand, if you invest in equity shares, you will have to pay tax on your share of profits as soon as they are generated. This is because equity shares are taxed at the company level.
