Easy Tax Planner Blogs

There are clear tax advantages to taking out a mortgage to buy a property, including a deduction for the interest you paid and the principal you repaid. Along with this, starting with the financial year 2019–20, or the assessment year 2020–21, you can additionally reduce your tax liability by taking an extra 1,50,000–dollar deduction. This deduction will begin with the current assessment year (I-T Returns to be filed in this year). If the total deduction under this provision does not exceed 1,50,000, it may be claimed throughout the duration of the mortgage. Only purchasers of affordable low-cost homes are eligible for this deduction. What does this 80EEA deduction entail? For the purpose of interest repayment on mortgage loans obtained from financial institutions and banks, this additional deduction is possible. For loans taken out from friends and family, the interest repayment Read more…

Introduction A blog is defined by the dictionary as “a website that contains a writer’s or group of writers’ personal experiences, observations, opinions, etc., and frequently has photographs and connections to other websites.” A person who frequently adds new information to this website is referred to as a blogger. A blog expresses the author’s opinions and views and is an independent source of information. Revenue Sources for Bloggers A blogger can make money from their site through a variety of channels. Among them are: The most typical way for a blogger to make money is through adverts. The blog turns into a platform for promoting a business’s goods or services. Google AdSense, one of the most well-known ad networks, offers favourable advantages to among the most well-known ad networks Bloggers who offer their ad spaces for sale with Google AdSense Read more…

According to the Income Tax Act of 1961 and the Income Tax Rules of 1962, the government of India has imposed a direct tax on an individual known as a “assessee” under the name of Income Tax. In accordance with the Income Tax Act of 1961, the assessee is: A person who may work as a salaried employee or be the owner of a proprietorship, a Hindu Undivided Family (HUF), a limited liability partnership, a partnership firm, a registered business with the Registrar of Companies, etc. The Assessee is identified by their PAN, or Permanent Account Number, according to the Income Tax Department. Tax Return Filing for an Entrepreneur or Self-Employed Person To calculate total income and charge income tax, all of a person’s income is divided into the following five categories: earnings from a salary income from a home Read more…

Tax planning: what is it? One of the most crucial elements of financial planning is knowing what tax planning is. It is a practise where one evaluates his financial condition from the perspective of tax efficiency in order to invest and use the resources as efficiently as possible. Tax planning entails minimising tax obligations through exemptions, deductions, and perks. In India, tax planning enables a taxpayer to take full use of all available tax exemptions, deductions, and perks in order to reduce his overall tax burden each financial year. Paying your income taxes on time is a requirement of responsible people in order for the nation to advance. However, the majority of us continue to avoid paying income taxes, which restrains the progress of the nation and puts you directly in the sights of an IT official; if you are Read more…

When your I-T return is completed, one of the first parts is gross income calculation. This can be done by excluding various allowances or exemptions that are tax exempt like HRA. This is a technique used by businesses to figure out the tax they need to pay. They have a gross taxable income, which is the result of all their sales minus any business related expenses that they had. Then deductions must be taken from this amount in order to get the total taxable income, which can then be broken down into total income if necessary. Many taxpayers take advantage of tax breaks, but some tax deductions may not be available to everyone. However, few of the deductions are claimed so that they aren’t automatically given to individuals by the Tax Department, since they’re related to common instruments of small Read more…