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Section 80G: Income Tax Deductions for Donations
Aesop said, ‘No act of kindness, no matter how small, is ever wasted’. He highlights the importance of charity and how a small act can make a big difference in someone’s life.
Charitable acts are rewarding, both for the donor and the done. While the donor gets the much-needed help, the donor gets mental and emotional satisfaction, not to mention the blessings. Moreover, the Income Tax Act, 1961 also provides financial rewards to donors on their charitable contributions
Buying a term plan for tax saving? Don’t make these costly mistakes
Buying a term plan for tax saving?
Don’t make these costly mistakes
A term insurance plan helps you save tax on the premium that you pay towards the policy. The premium is allowed as a deduction under Section 80C of the Income Tax Act, 1961. You can claim a maximum deduction of Rs.1.5 lakhs which converts to a tax saving of Rs.45,000 if your tax slab rate is 30%.
Tax planning or goal-setting: Let your needs drive investment decisions
When making investment decisions, you often come across two main aspects – goal-setting and tax planning. Which aspect, do you think, is the more important of the two?
In reality, both these aspects have their respective importance and prudent investment decisions cannot be made without either.
Confused? Let’s understand.
What is goal-setting?
Goal-setting is an activity wherein you identify yourMORE