The Foreign Account Tax Compliance Act (FATCA) is a significant piece of legislation enacted by the United States Congress in 2010 to combat tax evasion by U.S. taxpayers with offshore financial accounts. FATCA requires foreign financial institutions (FFIs) to report information about their U.S. account holders to the U.S. Internal Revenue Service (IRS). In the …
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According to a survey conducted by the Income Tax Department, more than 95% of taxpayers in India claim tax deductions under Section 80C of the Income Tax Act. While this section provides tax benefits of up to Rs. 1.5 lakhs per annum, it also has limitations on the types of investments that qualify for the …
Tax saving schemes for senior citizens: As people grow older and retire from their jobs, their income streams often reduce significantly. In such cases, managing finances and saving taxes becomes crucial, especially for senior citizens who have to plan their investments carefully to make the most of their retirement years. To help them with this, …
Are you looking for tax saving options for salaried persons? Well, the Income Tax Act 1961 is a vital piece of legislation that governs the taxation of individuals and organizations in India. For salaried individuals, tax saving is a crucial aspect of financial planning, as it allows them to reduce their tax liabilities and increase …
Which is the better option in SIP vs one time investment in Mutual fund? If you have decided to invest in mutual funds, you must be wondering which is the best option. Both methods aim to help you in building wealth. However, to create a financially secure future, your present cannot be neglected. A balanced …
Is third-party insurance compulsory for a vehicle? The answer is yes. According to section 146 of the Motor Vehicles Act 1988, it is mandatory to have third-party (TP) insurance. This insurance protects you from the legal, accidental, or property damage caused to a third party by your vehicle. If you own a vehicle then you …
