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A sort of fund known as an Employee Provident Fund (EPF) is one in which an employee pays a specific percentage of their pay, and the employer matches that contribution and puts the money into the fund. Every year, interest is earned on the entire amount put in this account. According to the Employee Provident Fund Act of 1952, salaried employees are only permitted to withdraw their full balance and close their EPF account upon retirement. However, you can only collect the Em

One kind of life insurance that provides coverage to the policyholder is term insurance. This coverage, though, is only for a specific amount of time. The company that provides term insurance pays the insured money to the beneficiary if the policyholder passes away within this time frame. Before purchasing term insurance, one must know a few terms and conditions. In addition, term insurance provides several tax advantages under sections 80C, 80D, and 10D. This article discove

In 2004, the Indian government launched the National Pension Scheme (NPS), a long-term retirement scheme. With market-linked assets, this top investing choice seeks to give you a consistent income after retirement. This voluntary pension fund is governed by the Pension Fund Regulatory and Development Authority of India (PFRDA). Your NPS Account's contribution is invested in market-linked securities. The goal is to generate compound annual returns on investments over the long

Tax planning is an essential aspect of personal finance, especially for salaried individuals. By understanding the components of your salary and the deductions available, you can significantly reduce your tax liability. This guide focuses on House Rent Allowance (HRA) and various deductions under the Income Tax Act that can aid in effective tax planning. Managing taxes effectively is crucial for salaried employees aiming to maximize their take-home pay. Two significant compon

Tax planning is an essential part of financial management, and the Indian Income Tax Act offers multiple deductions to help taxpayers reduce their taxable income. Among these, Section 80C and Section 80CCD are two of the most commonly used provisions. While both sections help in tax savings, they have distinct features, benefits, and investment options. Section 80C covers a broad range of investment avenues, such as Public Provident Fund (PPF), Employee Provident Fund (EPF),

With the government’s initiative to streamline tax structures, the new tax regime was introduced as an alternative to the existing system. While it offers lower tax rates, it also does away with several deductions that taxpayers have relied on for years. Among these are House Rent Allowance (HRA) and Leave Travel Allowance (LTA), which were significant components of tax planning for salaried individuals. As a result, many taxpayers now face uncertainty about whether they can

House Rent Allowance (HRA) and Leave Travel Allowance (LTA) have been essential components of a salaried employee’s tax-saving strategy. These allowances help reduce taxable income under the old tax regime. However, the new tax regime, introduced to simplify taxation, eliminates many deductions and exemptions, including HRA and LTA benefits. This article provides a comprehensive comparison of HRA and LTA under both tax regimes, including calculations, case studies, and guidan

With the revised income tax regime gaining momentum from April 1, 2025, understanding which deductions still apply has become critical, especially for salaried and self-employed individuals investing in retirement plans. One of the most discussed sections is Section 80CCD, which governs tax deductions for contributions to the National Pension System (NPS). While the old regime offered multiple tax-saving opportunities across employee, employer, and voluntary contributions, th

Many professionals working remotely or renting office spaces wonder if they can benefit from rent-related tax deductions to reduce their taxable income. For freelancers and self-employed professionals, one of the most common concerns is whether House Rent Allowance (HRA) can be claimed under Section 44ADA. HRA is a tax benefit available only to salaried employees under Section 10(13A) of the Income Tax Act. Since freelancers do not earn a salary, they cannot claim HRA. Howev

Investors find it very difficult to overcome the complexities of capital gains tax. More so because of complex sections of the Income Tax Act, like Section 50AA. It deals with those special cases only concerning the capital gains accruing from two of the most popular investment vehicles that attract diverse portfolios: specified mutual funds and market-linked debentures. Thus, understanding Section 50AA will become very important for an investor if he aspires to optimize tax