Tom Hills
The next couple of blog posts will examine the changes that will take place during this new tax year. See more
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Tom Hills
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Navigating the complicated tax landscape can be difficult, but understanding the nuances of standard tax deductions can have a significant financial impact. With the help of deductions, taxpayers can reduce their taxable income and possibly their tax obligation. What are the Common Tax Deductions in India? Here is a list of standard tax deductions in India that you must know to calculate tax liability:Section 80C DeductionsIndividual taxpayers can leverage various deductions provided by Section 80C of the Income Tax Act. Education Loan Interest (Section 80E)Borrowers can benefit from a tax deduction on education loan repayments under Section 80E of the Income Tax Act, 1961.
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The Significance of Charitable Contributions: Charitable donations play a vital role in addressing social issues and supporting organizations that work tirelessly to make a difference. Qualified Charitable Organizations: To be eligible for tax exemptions, donations must be made to qualified charitable organizations. Consult a Tax Advisor: Tax laws and regulations can be complex, and it is recommended to seek guidance from a tax advisor or accountant. By familiarizing yourself with the tax exemption guidelines for donors in the US, you can ensure that your contributions have a meaningful impact while maximizing your tax deductions. Embrace the convenience of donating online to explore a multitude of charitable organizations in USA and make a difference in the causes that matter to you.
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For the uninitiated, the premiums paid towards one’s health insurance policy are eligible for tax deductions under Section 80D of the Income Tax Act.
Usually, you can claim the tax deductions for the premiums paid for the policy term when you are filing your ITR or Income Tax Returns for that year.
Premiums paid towards health insurance for individuals under 60 years of age are eligible for a maximum tax deduction of Rs 25,000.
If the insured under the health insurance policy is over 60 years of age, then the maximum tax deduction to be availed is Rs 50,000.
That is if premiums have been paid for a multi-year health insurance policy term of 4 years, each year’s tax deduction for the four years shall be 25% of the total premium amount.
Let’s say you have a multi-year policy of 4 years, for which you paid a premium of Rs 80,000 at once.
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GK Kedia tax consultants can help you minimize your tax liability, capitalize on tax deductions and manage your tax situation in India.
They are capable and expertise in tax law, tax planning, and tax compliance.
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Identify Errors or Missed Opportunities: Review the original tax returns to identify any errors, omissions, or missed deductions or credits. Amend the Return: Using the updated information, the tax preparer will prepare an amended tax return (T1-ADJ form in Canada) for the applicable tax years. Submit the Amended Return: Submit the amended return to the appropriate tax authority. Receive Additional Refund: If the reassessment results in a higher refund, you'll receive a check or direct deposit for the additional amount owed to you. It's important to note that amending tax returns should be done accurately and in compliance with tax laws.
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com/What is Cost Segregation? “What is cost segregation” is still a regular question years after the IRS endorsed cost segregation as the preferred means of calculating depreciation for real estate. In addition, there are still myths with some income tax professionals such as “all it does is defer taxes; it does not reduce them. This results in real estate investors having depreciation of 20 to 50% of the total purchase prices. In many cases, the tax savings may cover 33% to 66% of the down payment to purchase the real estate.
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