Tax Saving
Latest news, explainers and analysis on Tax Saving. Tracking 5 stories on Arth Vani.
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Latest on Tax Saving
BreakingVPF: Understanding Tax Rules and the ₹2.5 Lakh Limit Beyond EPF
The Voluntary Provident Fund (VPF) allows employees to contribute more towards retirement savings beyond the mandatory EPF. While it offers attractive, risk-free returns, interest on annual VPF contributions exceeding ₹2.5 lakh (₹5 lakh for government employees) is now taxable. This report details VPF's benefits, tax implications, and how it compares to the Employees' Provident Fund (EPF).
New LaunchBreakingPost Office Time Deposit: Key Rules to Know Before October Interest Rate Revision
The Indian government is set to review interest rates for Small Savings Schemes, including Post Office Time Deposits, for the October-December 2024 quarter. Currently, these deposits offer up to 7.5% interest, making them a popular low-risk investment for retail savers.
US Expert: High-Income Earners Often Miss Tax Deductions Due to Common Errors
According to US tax expert Sal Julian, high-income individuals frequently overlook tax deductions, not from ignorance of their existence, but due to poor timing, exceeding limits, or lack of coordination. This insight from HelloNation emphasizes general principles of tax planning that can help taxpayers globally, though specific tax laws differ.
Proactive Retirement Tax Planning: US Example Shows How to Avoid Withdrawals Tax at 73
An individual in the United States successfully avoided all tax on his retirement withdrawals at age 73 by strategically restructuring his savings during his 60s. This case highlights the critical importance of long-term tax planning to minimise liabilities on retirement income, a principle highly relevant for Indian investors.
BreakingTax Planning vs. Preparation: Understanding the Key Differences for Indian Taxpayers
Ahead of the upcoming financial year, US-based financial resource HelloNation has highlighted the critical distinction between tax planning and tax preparation. While tax preparation focuses on documenting past financial activities, tax planning strategically manages finances throughout the year to optimize tax outcomes. Understanding this difference can help Indian individuals and businesses make smarter financial decisions.
Tax figures shown are indicative estimates for education only and depend on your specific situation. Consult a qualified tax professional or the Income-Tax Department before acting.