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Why does the financial / fiscal year start from 1st April?

The financial year (FY) runs from April to March. Companies present their yearly account for the period April – March. The government presents its budget for April – March. Even we file our income tax information for April – March. Ever wondered why the financial year is from April to March, and not … [Read more...]

Income Tax (IT) Return Filing – Which ITR form to use?

This article clarifies the most important question this time of the year: Which ITR form to use to file the income tax return? The forms are also available for a free download. … [Read more...]

Saving Income Tax – Understanding Section 80C Deductions

This article explains how the deductions under Sec 80C of the Income Tax (IT) Act can help reduce your income tax liability. It also helps you decide where to invest to claim deductions under Sec 80C. … [Read more...]

Income Tax (IT) Benefits of a Home Loan / Housing Loan / Mortgage

Many of us have taken home loans / mortgages to buy our house. And one of the most important motivators for going in for a housing loan is the Income Tax (IT) benefits that it entails. This article explains in detail how a home loan saves you Income Tax. … [Read more...]

Income Tax (IT) Jargon – Financial Year (FY), Assessment Year (AY) and Previous Year (PY)

Financial Year (FY), Assessment Year (AY) and Previous Year (PY) are terms very commonly heard during the Income Tax (IT) returns filing season. This article defines these terms, and explains the difference between them. … [Read more...]

Healthy growth in Advance Tax payments by Blue Chips

Early advance tax payers have shown a significant increase in the advance tax paid. Is this a proof of a healthy economy? … [Read more...]

Direct Tax collections up by 42.5%

The Direct Tax collection for the period April 1 to December 15 has gone up by 42.5% compared to the same period last year. … [Read more...]

Equity Linked Savings Scheme (ELSS) is not for someone else

 This article tells you how to save taxes along with equity investments, using Equity Linked Savings Scheme (ELSS) MF. … [Read more...]

Tax sops for Post Office schemes, bonus on PO MIS

 The government has announced that some of the tax sops on Post Office schemes would be restored. A bonus of 5% would also be paid on the Monthly Income Scheme (MIS) / Monthly Income Account (MIA). … [Read more...]