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@rski Investment account. You invest in FDs.

@resjudicata Dear Infinite-Note-5706, Best SIPs to save Tax. ELSS are a product and SIP is a mode and Mutual funds are a vehicle of investments. I don't recommend taking ELSS as a vehicle just to save taxes. There are other better ways through which you can save taxes but that would depend upon...

@achristianinaction Dear python00078, I have replied to this previously. Please check that discussion thread.

@resjudicata Dear tumnajaano, The post is already too long. I will write a separate post about it. Please stay tuned and follow my account if you wish to. I would hope to cover all points along with a calculator.

@cln Dear, You are liable to pay Tax on interest on exceeded amount. Not the contribution but the income you earn upon it. While in the Employer's case both are taxable. To simplify, Contribution from Towards Tax upon Contribution exceeding limit Tax upon Income on that Contribution Limit...

@cln Dear Sweet_Supermarket955, No. You are cool there wouldn't be any problem. As a general rule of thumb if your own contribution including in future you voluntary also decide to contribute along with the 14k you are doing right now, in total, make sure your total amount contributed without...

@chesterthesecond Dear dcdeepanshu7, Already added.

@flaunge Dear Android_Arsenal, If you gift stocks/MF units (or any security) you don't incur any tax (Gift tax is abolished) As the receiver is Relative by definition (Wife), she doesn't need to pay the tax on the gift received i.e. Fair market value as on the date of Transfer (Closing price...

@crystalnicole Dear KnowledgeIsPower979, Its better to get a cross signed PAN (mention for Rent payment) copy self attested if the landlord doesn't feels safe to just give out the PAN. There is a Form 60 declaration. You can use however it might create issues later.(Rent being huge or employer...

@redeemedtomanhood Dear Acrobatic-Profile365, Yes. You have to think this way, the income from the Asset transferred(Monetary or not) will be clubbed. There are two workarounds if there is no choice other than to gift it to your spouse/minor children. For rest family which fell under the...

@zashmaster Dear Srinivesh, I have mentioned this already. However thank you for your feedback. An explicit mention of the word 'clubbing' will be mentioned.

@princesssss Dear GreatGuy96, Please DM us or mail us with your case details. Its in the profile.

@paradisefalls Dear priestishere, Yes. Excellent point you must have encountered to know. 80DDB and 80U are excellent sections to claim. If you can fulfill its requirements practically.

@defoehorses Dear amalthomas_zip, Suppose you 90k Basic salary which has a 21k HRA(you can take any other figure). (Assuming you don't have any DA, if it is consider Basic plus DA) As per the law the least of the three should be the HRA exempted from the HRA received 40% or 50% of Basic...

@amanda86 Dear strider_bot, Where did I say you can claim exemption for more than you have received. Please read carefully before commenting. The calculation is on the rental amount which can be used as a reverse calculation for paying rent. However its your choice, to read about 10(13A)...

@dtj16 Dear kfpswf, We all have fun in different ways.

@joyousperson Dear MudiChuthyaHai, Yes. but its always better to provide PAN as my motive is to declare the income and strategically pay no tax upon it. But yes you are right on the limit

@ambernc Dear Nenu_unnanu_kada, Yes you are right. I have updated this point as a special case. Thank you for the feedback.

@jaz6773 Dear humble-Z, Not all is part of the law. This is a gist. After structuring salaries for 3 plus years of clients these came out. And to answer your question. No is a broad answer. You cannot pay 70k rent for a flat which normally goes around for 10k or less.

@floz Dear Shadow_clone69, Yes, you are correct. Some fixed and some variable charges can be added over the rent such as Society maintenance, utility charges, and Parking fees can be taken but not a security deposit as it is refundable. However as you said. Don't add anything thinking the...