The current market crash has been very painful. Equity portfolios have taken deep cuts. During such times when we are so occupied with limiting losses in our equity portfolios, we might lose out on peculiar tax-saving opportunities that these times may throw up. I am talking about tax-loss harvesting, where you can use losses from one capital asset to set off capital … [Read more...] about Market Crash: Use Tax Loss Harvesting to Reduce your Tax Liability
If you keep a sizeable amount of money in savings bank accounts or bank fixed deposits, you must know about tax relief on interest income under Section 80TTA and 80TTB. Let’s find out about the tax relief under Section 80TTA and Section 80TTB. #1 Section 80 TTA (Interest Income on Savings Bank Accounts) Interest earned on savings accounts is exempt from income tax to the … [Read more...] about Section 80TTA and Section 80TTB: Saving tax on interest income
When you talk about financial planning, making good financial decisions is as important as avoiding bad ones. This applies to your decisions for saving taxes too. In this post, I will discuss some of the common mistakes investors commit during the tax–saving season. Following are the tax-saving mistakes you will do well to avoid. Act in haste This applies not just to your … [Read more...] about Common Mistakes to avoid this Tax-Saving season
During the tax-saving season, ELSS vs PPF is a very common topic of discussion. Conservative investors consider PPF better while proponents of equity investments can not see anything beyond ELSS. A number of my clients and friends inexplicably ask this question during the last quarter of financial year. I find this question quite amusing and in fact wrong at some level. Apart … [Read more...] about Should you invest in ELSS or PPF for tax-saving?
Sukanya Samriddhi Scheme or Sukanya Samriddhi Yojana (SSY) was notified in December 2014. The scheme offered attractive guaranteed interest rates. The Finance Minister sweetened the deal by making Sukanya Samriddhi Account part of Exempt-Exempt-Exempt (EEE) tax regime. With the financial year about to end, Sukanya Samriddhi Scheme can be a credible tax saving … [Read more...] about Sukanya Samriddhi Scheme: Revisited