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Tax Benefit on Second Home Loan

A frequent question that arises in the mind of homeowners is who can claim tax benefits on a second home loan. As per banking laws, there are no restrictions on the number of home loans a person can take. To understand the taxability of property better, you need to know the two components of house property: Self Occupied Property (SOP) and Let Out Property (LOP).

Difference Between TDS and TCS

The government collects taxes in the form of income tax, direct taxes and indirect taxes. Direct taxes are paid to the government directly from the individual earning money. On the other hand, indirect taxes are the seller’s responsibility to deposit with the government.

What are the documents required for ITR filing?

Every income tax-paying individual must file an income tax return every year. However, some are exempt from filing tax returns or having a certain limit for which they do not need to pay taxes.

What is Professional Tax?

Professional tax is a popular term, especially among salaried individuals. The payslips and Form 16 issued to salaried individuals evidently mention the deduction of this tax.

Types of Income Tax Deductions

Income tax paid by citizens constitutes a major chunk of the government’s revenue. It is imperative to pay taxes for the smooth functioning of the economy.

What is disability deduction, and how is it deducted from income?

The COVID-19 pandemic has made it abundantly clear that medical expenses are heavy and always on the rise.

What is the national pension system? Can I save tax if I invest in NPS?

Retirement: the twilight years of your life. Whether your retirement will be peaceful or not, depends on the bank balance you have managed to accumulate through your working life.

What tools and calculators can you use for tax saving?

At the end of the financial year, every earning individual has one thing on their mind: income tax filing.

Which are the best tax saving instruments in India?

Paying taxes is an inevitable part of being a working-class citizen or entrepreneur/business owner.

How can I reduce my taxable income?

Everyone wants to save more, and create a financially stable future that covers every expense even without a regular source of income.

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