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Decoding Form-16: How to save more on taxes (for Cognizant employees)

Cognizant Employees! Did you know that you can much more on your taxes? You read that right. By taking advantage of Section 80C of the Income Tax Act, you can reduce your tax outgo by a substantial amount. To find out just how much more you can save, and how to save it, read the annotated Form 16 from your company below. It will tell you where the opportunity to save on your… Read more »

TopFunds
The top tax-saving funds for 2015-16

There are 40 tax-saving schemes in which you can invest – so how do you decide what’s best for you? Well, here’s a list of the best tax-saving funds to invest in today. These funds have been filtered out based on the consistency in performance, risk, volatility, and investing styles. They represent a mix of risk-return levels and managements. You can be sure to find a fund that suits your… Read more »

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All you need to know to claim deduction on your home loan

For many of you claiming tax deductions, your home loan would form a chunk of your claim. Here’s what you need to know about tax breaks on home loans. Broadly, the topic of home loan deduction can be split into: Repayment of principal Payment of Interest Pre-construction interest How to claim Repayment of principal The amount you repay as principal on your home loan is eligible for deduction up to… Read more »

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Insurance, taxes, and you

There are two ways by which the insurance premiums paid can reduce tax outgo. The first is under the benevolent Section 80C and the other is through Section 80D. Medical insurance Premiums paid towards maintaining a health insurance policy qualify for deduction under Section 80D. The policy can be taken either by self, spouse, dependent children, or dependent parents. For those up to 60 years of age, premiums up to… Read more »

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Decoding Form-16: How to save more on taxes (for TCS employees)

TCS Employees! Did you know that you can much more on your taxes? You read that right. By taking advantage of Section 80C of the Income Tax Act, you can reduce your tax outgo by a substantial amount. To find out just how much more you can save, and how to save it, read the annotated Form 16 from your company below. It will tell you where the opportunity to save on your… Read more »

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ELSS – A tax saver and wealth builder

For those of you starting to plan your tax-saving investments now, you have sufficient time choose smart investment options. For availing deduction under Section 80C of the Income Tax Act, most people invest in traditional options such as PPF, NSC, tax-saving deposit and of course there is always a new insurance policy to take! However, two vital factors to take note of while doing so are often overseen: one, a… Read more »

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How to claim tax exemption on your HRA

As salaried employees you will usually receive a house rent allowance (HRA) as part of your pay package. The amount may vary based on your designation. The idea of HRA is to help you meet the cost of a rented house you take. Since this is towards an expense you incur, if you rent an accommodation, the Income Tax Act allows exemption on the HRA you receive under Section 10… Read more »

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