Taxation Queries

What are the best Mutual Funds in ELSS Category and the best way to invest in ELSS Mutual Funds

Which are the best mutual fund in ELSS category? Which is the best way to invest in ELSS mutual fund through SIP or Lumsum?

Aug 14, 2015 by Sandeep Patil, Mumbai | Taxation

The best way to invest, in our opinion, would be Systematic Investment Plan way. The advantage of SIP is that you can ride the volatility, get into in a disciplined way of investing and benefit from rupee cost... Read More

Interest Rates of NSC and Bank Fixed Deposits

Please give suggetions which one is better National Saving Scheme or Tax Saver 5yeras FD?

Aug 4, 2015 by Karthik, Hyderabad | Taxation

NSC 5 Years – 8.50%. Tax Saver 5 Year Fixed Deposits – Between 8% - 9% depending upon the... Read More

Capital Gains on property and other investments

How to calculate capital gains of paper money and a property?

Jul 29, 2015 by GURUNATH.B.NADGIR, HARWAD | Taxation

Capital gains is calculated by subtracting the purchase cost of the shares from the net sales value. Brokerage and other transaction costs related to sale of the shares is deducted from the gross sales value to calculate the net sales value. If the shares are sold within 12 months of purchase... Read More

Tax Exemption under Section 80C and Section 80CCD

Is it possible to invest in NPS (80CCD) and a annuity plan, say LIC(80C) at the same time for tax exemption purpose please clarify?

Jul 29, 2015 by Arun Kumar, Baroda | Taxation

Yes, you can invest in both for tax exemptions at the same time... Read More

How to invest in best Tax Saving options

I am going to complete my age 60 years in Feb 2016 and working in a Private company and want to invest INR 50,000/- from my own contribution to save tax of INR 15,000/- 1)The NPS is applicable for age between 18 to 55 years or up to 60 years. 2) Lump sum withdrawal after maturity will be tax-free or taxable. 3) Which is the best Fund Manager till date?

Jun 1, 2015 by Janardan Prasad, Mumbai | Taxation

Yes, you can contribute Rs. 50,000 during the current FY (But before attaining age 60) to avail the tax benefit. However, you will not be able to contribute anything after that as you are attaining the age of 60 in Feb 2016. Minimum 40% of the total corpus should be used for buying annuity... Read More

What is Equity Linked Saving Scheme

Want to know about ELSS fund?

Jun 1, 2015 by Gaurav Agrawal, Mumbai | Taxation

ELSS is the best tax saving option under Section 80C of the Income Tax Act. You can avail a maximum benefit of Rs. 150,000 under this section every year. There are many good funds within the ELSS category. To know more ELSS and the funds, we request you to click the below link... Read More

Tax Rebate on National Pension Scheme

With regards to NPS, currently you can claim the deduction if the amount is debited and remitted by the employer only and not if you are making the contribution on your own. I have three queries: 1. Can I claim the deduction for tier 2 a/c of NPS? 2. Can I claim the deduction if I deposit the money from my a/c to the NPS a/c without the employer being involved? 3. with new provision of additional 50k in this budget, can I claim the deduction if I make the contribution to tier 2 a/c or do I have to make the contribution to tier 1 a/c only?

Mar 11, 2015 by Deepak, Mumbai | Taxation

Firstly, we should clarify that all citizens of India 18 and 60 years as on the date of submission are eligible to join NPS. 80C deduction up to the prescribed limit is applicable to all deposits to NPS Tier 1 account. In order to join NPS Submit duly filled UOS S1 form... Read More

How Income Tax rebate can be claimed on Family Floater Health Insurance

I have a family floater health plan, which also covers my parents. The premium is Rs 25,000. How much can I claim as deduction? This premium also includes Rs 1,000 for a personal accident rider. Is this sum exempted as well?

Jan 8, 2014 by Ranjan, Jaipur | Taxation

Under Section 80D of the I-Tax Act, 1961, the premium paid for a health insurance policy can be deducted from a person's taxable income for the year. The amount of deduction available on a health insurance policy for self, spouse and dependent children is up to Rs 15,000... Read More