Income Tax

Professional tax on salary is computed based on the state and income slab under which you fall. The income bracket will then give you a professional tax owed on a monthly or annual basis.

Any citizen of India between the age of 18 to 65 can open a National Pension System (NPS) account. It can be opened online or by visiting the Point of Presence - Service Provider (PoP - SP) nearby. 

Availing for a home loan comes along with tax benefits. Home loan tax benefits can get you claims for interest deductions and principal amount deductions. Tax benefits on home loans are governed by different sections of the Income Tax Act. These tax benefits are claimed as tax deductions under different sections while filing the Income Tax Return.

Yes, certain Systematic Investment Plans (SIP), such as ELSS schemes can be used as tax saving instruments. SIP allows you to invest regularly on a fixed amount in a mutual fund scheme of your choice.

Following are some of the popular tax saving options under various sections: Section 80C: This is the most popular option, and following investments can be used for tax deduction for up to Rs.1.5 Lakhs.

Personal loans are generally offered at high interest rate when compared to other loans. Moreover, there are no direct tax benefits available on taking a personal loan. But not all hopes are lost. As per Section 24 of Income Tax act, one can claim tax deduction on the interest paid on the personal loan if the loan is used for the purpose of construction of a residential property.