Tax Saving Tips

The service period and withdrawal amount impact the tax rate on EPFO. If PAN is provided, then TDS is 10% on withdrawals that are made before 5 years and exceed ₹50,000; without PAN, it's 30%.

There will be no tax if the withdrawal is less than 50k or the service is 5+ years.

Yes, donations to registered NGOs or orphanages in India can provide tax benefits under Section 80G of the Income Tax Act. But the income tax act gives different deductions. Some donations can be deducted in full, while others allow a 50% deduction.

The Indian Income Tax Department clearly states that you must pay a 30% tax on cryptocurrency profits. There is no other way to avoid this tax.

Hi

In terms of your situation, there are number of factors you can consider for tax saving and financial planning. Both you and your wife, as co-owners can claim the tax deductions individually and doubling the tax benefit.

Under section 24B you can claim the deduction up to Rs. 2 lakh on interest paid and Under section 80C you can claim Rs. 1.5 lakh on principal. Choosing different banks won’t result in direct rise in your tax savings. As it provides additional advantages and better interest rates. Under Section 80D, your wife is eligible to deduct the premiums paid for their health insurance coverage from her taxes.

In the end, just remember to take advantage of the deductions available under sections 80C and 24B to maximize the tax benefits of your home loan.