While filing I-T Return, the taxpayer first computes gross income from various sources. This gross income amount is arrived at by excluding the amount of incomes which are exempt from tax for instance an exempt portion of house rent allowance (HRA). The resultant...

This time of the year, parents are busy planning for admission of their wards to the school of their choice and students are busy packing their bags and working up the assignments and homework. Though, this year the Covid-19 situation has made them access their school...

With this rebate claim, small taxpayers end up paying ZERO income tax, though they have to file their I-T Returns From the Assessment Year 2020-21 (the financial year 2019-20), the small individual taxpayers having annual income less than ₹500,000/- are NOT needed to...

In view of the optional tax regime introduced from the financial year 2020-21, many salaried individuals are expected to have a tryst with these tax provisions. As per Income tax law, the income from salary is taxed on the basis of due or receipt whichever is earlier....

Buying a house with a home loan has definite tax benefits in the form of deduction against home loan interest paid and home loan principal repaid. Besides these, from the financial year 2019-20 i.e from the assessment year 2020-21, you can also save tax through an...

In line with other laws made for the concessions and welfare of differently-abled persons, Income-tax Act also contains the special provisions for the differently-abled persons. These provisions are scattered under different chapters of the Income-tax Act. In common...

3 Action Points to help you avoid the tax impact You will agree that it has been a chaotic year for everyone… People have lost jobs, had to undergo pay cuts, had to relocate to smaller cities & whatnot… In all this, it’s entirely understandable and human to go...

The cost of quality education post your Higher Secondary School is increasing every year. Many students and parents are preferring education loans to finance their higher education in good quality institutes. Different banks and financial institutions and some well...

As the new financial year kicks off, several new tax changes become applicable. You must keep yourself abreast with these tax changes as a diligent investor and save yourself from getting caught on the wrong foot. The below write up will help you precisely do that, as...

When it comes to tax planning, are you stuck with the old & so-called “safe” investment avenues like NSC, LIC etc.? These “safe” investments are not the best in the long term because they don’t protect you from the biggest enemy of your wealth creation journey that is...

That’s a question which comes up in every taxpayer’s mind while planning your taxes every year. We want to pay less taxes to the government and save as much money as we can. We’re all about saving money on taxes. But not all tax-saving strategies are beneficial. Investment can reduce your tax liability but that doesn’t mean every tax-saving decision is correct for you.

Your salary structure has various components. The taxation of each component varies as per prevailing tax rules and regulations. Most employers provide some flexibility to employees to structure some part of their total salary packet. It is here that your knowledge...

Do you end up regularly making last-minute tax investments every year? If yes, have you tried to observe the “why” of this pattern? It is most likely that you see tax planning as an unavoidable compliance activity that helps you ward off the interest, penalties, and...

The desire for financial freedom is something that many people have in their minds. Still, very few actually make a strenuous effort towards making this goal a reality. Many young investors erroneously think that financial freedom involves living miserly and...

You open your to-do list for the day & there it is…the item you’ve ignored for weeks... It says “Complete Your Tax Planning.” And today’s the last day to submit the investment proofs….If you can relate to this, know that this laziness towards tax planning can lead...

It's a great idea to secure your family's future by buying a life insurance policy. However, it pays to know the tax implications as life insurance is a long-term commitment. After all, you don't want taxes to erode your policy returns, do you? This article will share...

While buying own house is a dream for many, one cannot ignore that there is also considerable societal pressure on young earners on this point… The good thing is that the government has given various tax concessions to spruce up real estate activity over the years....

Hands down, ELSS is one of the best tax-saving options available to young investors, given its transparency, low-cost nature, and ease of investing. At Finbingo, we believe that knowledge is power. As an informed investor, we want to empower you with the proper...

At Finbingo, we always favor low-cost & transparent financial products to young investors to help save tax and create wealth. In this context, one superb financial product we recommend is the National Pension Scheme, also known as NPS. In this post, we tell you 6...

Remember, finance is personal. What works for someone else may not be the best thing for you. To get the maximum value from your tax-saving investments, they must fit in your financial story and work towards meeting your financial goals. So, if you are confused about...