Tax Saving: Which investment option has the maximum tax saving? , Tax buddy, Sujit Bangar | BAFM

Taxbuddy.com Founder Sujit Bangar, in an exclusive conversation with ET Now Swadesh, said that ELSS has a maturity period of 3 years. If you are doing SIP then let each SIP complete for 3 years. There is tax exemption on investment under 80C.

Comments

Post a Comment

Popular posts from this blog

You can file ITR first, pay income tax later: Here’s how to use this feature on e-filing portal

The income tax department has launched a new feature on the income tax   e-filing  website that allows an individual to pay income tax later. This means that an individual can continue to file ITR without paying the pending income taxes first. Once the ITR is filed, then the income tax amount can be paid, albeit with some conditions. Earlier the ITR could only be filed once the due taxes were paid. “Income tax department has given an option of pay later when we file income tax return (ITR) . Therefore, an individual can file an ITR without paying income tax dues first by using the pay later option,” said CA Abhinit Singh, Founder, Ready Accountant, a Kolkata-based educational institution. Read below to find out how to use the ‘Pay Later’ option on the Income Tax Department’s e-filing portal. Pay later facility is available for this tax payment According to Mihir Tanna, Associate Director (Direct Tax), S K Patodia & Associates, a Mumbai-based CA firm, “The ‘Pay...
Read more

How To Claim LTA Tax Exemption Under Old Tax Regime?

 Employees who get Leave Travel Allowance (LTA) are only excluded from paying taxes on their real out-of-pocket travel expenses, such as air, rail, or bus fares. Only two travels may be excluded from the LTA throughout a period of four calendar years. You can claim LTA benefits for the travel expenses for both you and your family. The amount of the LTA exemption relies on the LTA portion in your CTC. Let’s get comments from various industry experts on how to claim LTA tax exemption under the old tax regime as the current block year is 2022-2025. Mr. Sujit Bangar, Founder, Taxbuddy.com The Indian Income Tax System plays a vital role in the country’s economic growth and development. One of the key components of this system is Leave Travel Allowance (LTA), which provides tax benefits for individuals who undertake domestic travel. In this article, we will delve into the intricacies of LTA and how it impacts taxpayers in India. LTA is a component of an employee’s salary package that al...
Read more

Tax experts warn home sellers: Common mistakes can cost lakhs in capital gains tax. Check what to do and what not

Sujit Bangar, Founder of TaxBuddy.com, has highlighted some costly mistakes that many people make when selling their homes—errors that can lead to significantly higher tax payments. In a recent LinkedIn post, Bangar shared the case of a client who nearly paid Rs 1.87 lakh extra in taxes due to overlooked deductions. “One of our clients (Ram) was about to pay Rs 1,87,500 extra in taxes while selling his house. We added all legally allowed costs and successfully reduced his tax burden,” Bangar wrote. He emphasized that when calculating capital gains , taxpayers often underestimate what qualifies as part of the cost of acquisition or improvement. Many limit it to just the purchase price, missing out on legitimate deductions allowed under Section 55 of the Income Tax Act. What costs can you legally claim while selling property? According to Bangar, the following expenses can be added to your cost of acquisition—provided you have proper documentation: Stamp duty and registration fees Broke...
Read more