Brown rice has been valued for generations since it has not changed and still retains the nutrient-rich hull that white rice does not. This ancient whole grain is beloved in many cultures and has a rich nutritional history. Rich in fibre, antioxidants, vitamins, and minerals, brown rice is a nutritional foundation that supports overall well-being and energy. Making brown rice an essential component in your diet might affect your long-term health. Encouraging the health benefits of brown rice may reduce the need for medical attention.

What are the Health Benefits of brown rice?

Brown rice may lack the flavour of white rice. However, brown rice's nutritional advantages may encourage you to change your diet gradually. Following are some of the significant health benefits of brown rice-

1. Promotes weight loss

Rich in dietary fibre, brown rice is essential for managing weight because it increases satiety and prolongs feelings of fullness. This characteristic helps those who are trying to lose weight since it makes them feel full for longer. Studies suggest that switching from white to brown rice may lower the amount of fat around the abdomen, which is correlated with lower body weight. This dietary substitution works well, demonstrating a possible connection between choosing brown rice and reaching a healthy body weight, so it is a good option for people trying to lose weight and make better dietary choices.

2. Controls Blood Sugar Level:

Brown rice helps to control blood sugar levels naturally because of its low glycemic index. With three daily meals, the risk of type 2 diabetes can be lowered by up to 32% due to its slow digestion, which reduces blood sugar increases. Brown rice, being high in fibre, phytic acid, and essential polyphenols, helps to slow down the release of sugar, which is good for your health overall.

3. Digestion Aid:

The high fibre content of brown rice helps regulate intestinal motions and promote regular bowel function, optimising the digestive system. It effectively improves digestive health by treating conditions like constipation and colitis.

4. Regulates Blood Cholesterol:

Brown rice has low cholesterol and oil that significantly lowers low-density lipoprotein cholesterol. Its fibre efficiently manages cholesterol levels by actively binding to cholesterol in the digestive tract and easing its removal.

5. Reduces the risk of neurodegenerative disorders:

The health of your brain is greatly enhanced by brown rice! It reduces the chance of neurodegenerative diseases and cognitive problems. It lowers dangerous cholesterol, which is connected to these illnesses, and is high in fibre.

Moringa oleifera, mainly recognised as the drumstick tree or simply Moringa, is a widely popular superfood that is native to South Asia. Often called the "miracle tree," Moringa is revered in Ayurvedic practices for its health benefits. Moringa leaves are packed with nutrients and bioactive plant compounds that scientific research has shown can help boost wellness. Some of Moringa's most prominent health benefits include its amazing ability to reduce blood pressure and blood sugar levels, reduce inflammation, aid digestion and even help clear up acne. In this article, we will explore the various benefits of Moringa and why you should start adding it to your diet.

What are the Health Benefits of Moringa?

Moringa oleifera’s different parts, like roots, leaves, and oil, all have therapeutic properties that can boost health. Here are the main health benefits of Moringa.

1. Nourishes Hair and Skin

Moringa is a powerful herb for skin and hair. Packed with vitamin A, it hydrates dry skin, minimises breakouts, and revitalises the complexion. Its iron concentration increases the oxygenation of the scalp, promoting hair growth. Moringa's antioxidants fight free radical damage for healthier hair, while its essential nutrients—zinc and amino acids—revive hair follicles and repair damage.

2. Treats Edema

With its anti-inflammatory qualities, the bioactive chemicals in Moringa are thought to help reduce edema and fluid retention, which causes swelling of certain tissues. While its inherent diuretic function is thought to be the reason behind this benefit, further research is still necessary to understand this process,

3. Protects Liver

Moringa is known to have the ability to protect the liver. Its high concentration of polyphenols, alongside cancer prevention agents like quercetin and chlorogenic acid, may assist with boosting the health of the liver.

4. Cancer Prevention and Treatment

Moringa contains compounds like niazimicin and kaempferol, which are effective in forestalling and treating malignant growth. These mixtures show hostile disease properties by hindering the development of malignant growth cells and actuating apoptosis (cell death) in cancer types.

5. Fights Foodborne Bacterial Infections

According to research, certain chemicals found in Moringa have antibacterial properties against various pathogens that cause infections, like some species of Pseudomonas and Klebsiella.

6. Treats Upset Stomach

Because of its natural ability to soothe digestive discomfort, Moringa is a great choice for supporting gastrointestinal well-being and treating common stomach problems.

Figs have a rich history in global culinary traditions and offer a lot of nutritional benefits. These fruits have been cultivated and enjoyed for their distinctive sweet taste throughout the Mediterranean region and the Middle East for thousands of years. Containing fibre, antioxidants, vitamins, minerals, and other bioactive components, current research is unveiling exciting findings about the different health impacts of including this fruit in our diets. This article will explore the most compelling health benefits of figs.

What Are The Health Benefits Of Figs?

Listed below are the main benefits of figs:

1. Rich in Antioxidants

Figs are a great source of antioxidants and have anti-inflammatory properties. These antioxidants, such as phenolic acids and flavonoids, can help restrict the damage caused by free radicals in the body, helping to prevent premature ageing and promote overall health.

2. Help Reduce Cancer Risk

A study has suggested that certain compounds in figs might hinder cancer cell growth. However, more human-focused research has yet to confirm this.

3. Support Digestive Health

Figs aid in better digestion due to the high content of fibre and prebiotics, supporting beneficial gut bacteria. For those with Irritable Bowel Syndrome with Constipation (IBS-C), consuming four dried figs twice daily reduces pain, improves defecation, and softer stools compared to a placebo.

4. Promotes Menstrual Health

In a menstrual health study, dried figs showed promise for alleviating primary dysmenorrhea symptoms. Its consumption reduces pain severity, duration, menstrual distress, and perceived stress over three menstrual cycles compared to those consuming cinnamon or a placebo.

5. Improve Inflammatory Conditions

The anti-inflammatory compounds in figs may reduce the effects of cytokines, which contribute to inflammation. This could provide benefits for individuals with allergies, rheumatoid arthritis, inflammatory bowel diseases (IBD), sinusitis, and tuberculosis.

6. May Help Support Weight Management

Dried figs are associated with lower body weight. Regular consumption aids healthy weight management by enhancing post-meal fullness and regulating blood sugar levels.

The aromatic spice known as cloves has long been used in cuisines around the world mainly for its distinctive flavour. Cloves originate from the Syzygium aromaticum flower bud and have a warm and pungent taste. However, beyond their flavour profile, cloves also contain powerful antioxidants and essential oils that have been shown to provide significant health advantages. Studies have unveiled cloves' antimicrobial, anti-inflammatory, and pain-relieving properties which may help address a variety of health concerns. In this article, we will explore the various health benefits of cloves and ways they can support your wellness.

What are the Health Benefits of Cloves?

Listed below are the main benefits of cloves that can help boost your health:

1. High in antioxidants

 Cloves are rich in antioxidants, namely eugenol that combat damage caused by free radicals (harmful substances generated in the body). Incorporating cloves into your diet enhances overall health and can help alleviate various respiratory conditions like cold, cough, bronchitis, sinusitis, asthma, and many more. However, caution is needed as high eugenol amounts are toxic, especially for children.

2. Can kill bacteria

Cloves are more than just a spice—they're bacteria-fighting too! They can help destroy bacteria in food, help with gum health, and even assist in managing stomach-related problems like nausea and indigestion. It's a health ally you certainly need in your spice rack!

3. Contains important nutrients

Cloves are a valuable spice that contains important nutrients like fibre, vitamins, and minerals.

One teaspoon of ground cloves provides:

• 6 calories
• 1 gram of carbs and fibre
• 55% of the DV for manganese
• 2% of the DV for vitamin K

Cloves are rich in manganese, a mineral essential for brain function and strong bones.

4. Can help protect against cancer

Studies suggest that clove compounds could help combat cancer cells. However, further research is essential to confirm these potential benefits.

5. May promote bone health

In India, millions of older adults are affected by low bone mass, increasing the chances of getting osteoporosis and fractures. Cloves, containing bone-preserving compounds like eugenol and manganese, show potential in animal studies, necessitating further research to confirm benefits for human bone health.

Cinnamon is among the world's most popular and widely-used spices. It is obtained from the inner bark of a tree species called Cinnamomum. The sweet and warm flavour of cinnamon instantly enhances the taste of several dishes and drinks. Besides being flavourful, cinnamon is also rich in health benefits. This tasty spice can help you tackle multiple health issues. This article basic details on the health benefits of cinnamon that we can all understand and benefit from.

What are the Health Benefits of Cinnamon?

Here are some noted health benefits of cinnamon:

1. Blood sugar regulation: Good news for those looking to control diabetes or balance blood sugar levels! Did you know cinnamon can improve insulin sensitivity, helping your cells absorb glucose more effectively? This remarkable characteristic of the spice could be beneficial.

2. Antioxidant powerhouse: Loaded with antioxidants, cinnamon helps combat oxidative stress in your body. The antioxidants protect your cells from the potential damage that free radicals can cause, contributing to overall well-being.

3. Heart health booster: Cinnamon is heart-friendly! It helps lower bad cholesterol (LDL) levels, reducing the risk of heart disease. Additionally, it has anti-inflammatory properties that support a healthy cardiovascular system.

4. Brain function enhancement: Cinnamon may positively impact cognitive function. It has been linked with better memory and attention, making it a brain-boosting spice of everyday importance.

5. Antibacterial and antifungal characteristics: Cinnamon has natural antimicrobial properties that help fight infections. It suppresses bacterial and fungal growth and assists in developing a healthier immune system.

6. Digestive aid: Cinnamon can be your ally if you ever experience digestive discomfort. It helps soothe the digestive tract, reducing bloating and aiding in smoother digestion.

7. Weight management support: Including cinnamon in your diet may assist in weight management. It can help control cravings by stabilising blood sugar levels, potentially preventing overeating.

8. Skin health improvement: Cinnamon's antibacterial properties extend to skincare. It may help treat acne and other skin conditions, promoting a clearer and healthier complexion.

9. Mood enhancement: Believe it or not, cinnamon may help improve mood. Its aroma has been associated with reduced irritability and increased alertness, adding a delightful aspect to its diverse benefits.

The ancient spice cardamom has long played an important role in many traditional cuisines and home remedies across Asia, Europe and the Middle East. Derived from several plant species belonging to the ginger family, cardamom adds an aromatic warmth and complexity to both sweet and savoury dishes. Beyond its tempting flavours, cardamom offers an array of health benefits that are being explored and validated by modern scientific research. As this article will explore, cardamom contains antioxidants, anti-inflammatory compounds and other beneficial plant chemicals that may help support digestive health, heart health, brain function and more. Read on to know more about the benefits of cardamom.

What are the Health Benefits of Cardamom?

Due to cardamom's rich nutrient profile, it offers a multitude of benefits:

1. Controls Blood Pressure

Cardamom offers a significant advantage: it potentially lowers blood pressure through its anti-inflammatory properties. The presence of antioxidants in cardamom safeguards cells and tissues from free radical damage- these harmful substances, arising within the body, induce oxidative stress. Moreover, it exerts diuretic effects, whose influence contributes to higher urine production and salt excretion from the body. This can help reduce fluid retention and lower blood pressure.

2. May fight cancer

Phytochemicals in cardamom are natural substances with biological effects on the body. Notably, a select few, like indole-3-carbinol, limonene, and eugenol, have demonstrated anti-cancer properties.

3. Beneficial in Diabetics

By modulating lipid and glucose absorption, cardamom potentially improves certain biomarkers that signal inflammation and disease in individuals with metabolic syndrome or diabetes. It helps reduce cholesterol and triglyceride levels, normalises blood sugar levels, and lowers triglycerides, making weight management more effective.

4. Regulates insulin levels

Additionally, cardamom potentially enhances the secretion and sensitivity of insulin the hormone regulating blood sugar levels. This makes the consumption of cardamom beneficial for people with diabetes.

5. Prevent Ulcers

Ulcers are sores in the tummy lining or intestines that can cause pain, bleeding, and infection. They are caused by Helicobacter pylori bacteria, which can damage the mucus protective layer covering the stomach and intestines. Cardamom may help prevent ulcers by inhibiting bacterial growth. It contains terpenoids, such as cineole, pinene, and limonene, which have antibacterial properties and can kill or inhibit the growth of H. pylori and other harmful bacteria that can cause ulcers.

6. Combats Bad Breath

Cardamom’s antimicrobial properties fight against bacteria in your mouth, combating bad breath effectively. Chewing cardamom can be a simple and natural way to maintain oral hygiene.

You have probably savoured a creamy bowl of yoghurt on a scorching summer day or relished its pairing with your preferred rice dish. Yoghurt consistently delivers both deliciousness and accessibility as one of those versatile foods. Beyond merely pleasing our taste buds, though, yoghurt offers an array of health benefits. It is a rich source of probiotics and helps boost digestive health. This article delves into more such benefits of yoghurt, and why this fermented dairy product should be added to your diet.

What are the Health Benefits of Yoghurt?

The following are the main health benefits of yoghurt:

1. Digestive Health

Probiotics, termed as friendly bacteria that bolster a healthy digestive system, reside in live bacterial cultures found within yoghurt. These specific strains of bacteria aid your gut by sustaining a balance of beneficial microbiota; this promotes more efficient digestion, thus lowering potential risks such as constipation.

2. Nutrient Boost

Yoghurt's richness in essential nutrients, such as calcium, vitamin B12, and phosphorus, confers one primary advantage: its consumption can boost the overall health of your bones and teeth.

3. Immune System Support

Yoghurt's probiotics might enhance your immune system, bolstering your body's defense against infections and illnesses.

4. Weight Management

The protein content in yoghurt, by promoting a prolonged feeling of fullness, potentially aids in weight management through the control of excessive snacking.

5. Lactose Digestion

Live cultures in yoghurt generally break down lactose to some extent during fermentation, making it more digestible for individuals with lactose intolerance.

6. Heart Health

A regular consumption of yoghurt is associated with a decreased risk of heart disease. The blend of probiotics, calcium and potassium directly contributes to the promotion of a healthy heart through diet.

Condyloma Acuminatum or genital warts are caused by the human papillomavirus (HPV) infection. As many as 40 strains of HPV are known to affect the anogenital area, with strains 6 and 11 usually causing Condyloma Acuminatum aka venereal warts. HPV spreads from sexual intercourse and age, while lifestyle also plays an important role in the development of genital warts. The condition can recur after topical treatment. Hence, it is essential to educate patients about treatment options, why they should have a follow-up appointment, and safe sex practices. 

What are the Treatments of Condyloma Acuminatum?

Condyloma Acuminatum treatment or venereal wart treatment depends on several factors, including lesion type, location, and patient preference. Treatment options include:

1. topical therapies Podophyllotoxin, Imiquimod, and Sinecatechins),
2. in-clinic treatments (cryotherapy and TCA),
3. and surgical excision.

In the case of topical treatments, multiple applications are required for weeks to a few months, with the application of Imiquimod showing lower recurrence rates. In-clinic options include cryotherapy and TCA, which are cost-effective, non-invasive, and suitable treatment options in case of lesions. Surgical excision, including electrosurgery and laser therapy, is meant for severe cases and has 100% clearance rates.

Another significant emerging treatment for genital warts is the application of 5-aminolevulinic acid (ALA) with photodynamic therapy. It shows more effective results in efficacy and lower recurrence rates than traditional methods such as CO2 laser treatment. Podophyllotoxin cream is an application method for treating fleshy papules or skin lesions. 

Treatment initiation depends on lesion persistence, symptoms, and cosmetic concerns. Children and young, healthy adults may not require immediate treatment, as lesions can resolve spontaneously. Patients should seek treatment if lesions persist beyond two years, are symptomatic, or for cosmetic reasons.

Treatment options for Condyloma Acuminatum range from topical and in-clinic therapies to surgical excision, with ALA-based photodynamic therapy as a promising alternative. Individualised treatment decisions consider lesion characteristics and patient preferences.

Managing taxes effectively is crucial for individuals earning a salary exceeding 10 lakhs. With many options available and tax regulations constantly evolving, understanding how to save taxes becomes imperative. Individuals can minimise their tax burdens by exploring legitimate avenues for tax optimisation while making informed financial decisions. In this blog, we will discuss the strategies for tax savings for salaries exceeding 10 lakhs.

Steps to Save Tax for Salary above 10 Lakhs

When aiming to how to save tax for salary above 10 lakhs, employing strategic methods is key. Here are some essential steps:

1. Choosing the Right Tax Regime: Selecting the appropriate tax regime entails aligning with your financial situation and goals. This involves comparing the old and new tax regimes, each with unique advantages. The old regime offers deductions and exemptions, while the new regime boasts lower tax rates but fewer deductions. Assessing income sources, potential deductions and long-term financial objectives guides informed decision-making. Opting for a regime that balances tax efficiency and financial goals ensures maximal savings and overall financial stability.

2. Maximising Section 80(C) Deductions: Take advantage of Section 80(C) deductions by investing in instruments like PPF, ELSS and NSC to reduce taxable income.

3. Taking Advantage of the HRA Exemption: If you’re a salaried individual paying rent, claim the House Rent Allowance (HRA) exemption to lower your taxable income.

4. Claiming 80(D) Deductions on Health Insurance Premiums: Ensure adequate health insurance coverage for yourself and your family and claim deductions under Section 80(D) for the premiums paid.

5. Utilising Tax Deductions on Loans: If you have taken loans for education or housing, you can take deductions available under relevant sections like 80(E) for education loan interest and 24(b) for home loan interest, effectively reducing your taxable income.

Have you ever wondered what is 80C in income tax? If you're looking for ways to save on your taxes, understanding Section 80C can help. Here, you can learn about this Section of the Income Tax Act of India and explore its nuances. Section 80C offers taxpayers various avenues to reduce their taxable income. It includes investing in specified avenues and expenses like NSC, ULIPs, PPF, and more. Let’s delve into what is 80C and what’s in it for you.

Section 80C in Income Tax

As taxpayers, we look for ways to reduce our tax burden. Section 80C of the ITA helps you shrink that bill and boost your savings at the same time. Let’s look at some ways in which you can avail of tax rebates under Section 80C.

• This Section allows individuals and Hindu Undivided Families (HUFs) to claim a maximum deduction of up to Rs 1.5 lakh annually from their total taxable income. The primary objective is to encourage saving and investing.
• Under this Section of the ITA, taxpayers can avail tax exemptions on a wide range of investments and expenses. Some of the key avenues eligible for deductions include contributions to EPF (Employee Provident Fund), PPF (Public Provident Fund), payments towards life insurance premiums, NSC (National Savings Certificate), NABARD Rural Bonds, and ULIPs (Unit Linked Insurance Plans).
• Paying Stamp Duty and Registration Charges for a property makes taxpayers eligible for a tax rebate under Section 80C. However, you can avail of a tax rebate under this Section only in the year that these were paid.
• Taxpayers can avail of a tax rebate for investments made towards SCSS (Senior Citizens Savings Scheme). The tax deduction is applicable up to Rs 1.5 lakh. Taxpayers who opt for VRS (Voluntary Retirement Scheme) after attaining the age of 55 and senior citizens aged above 60 can invest in SCSS. Do note that investments in this scheme come with a lock-in period of 5 years.
• One can avail of a tax deduction under Section 80C for the Principal repayments made towards EMIs for a home loan. However, this is subject to the fulfilment of certain clauses.

Are you looking for ways to reduce your tax burden and increase your savings in India? Understanding the various saving avenues is crucial to optimising your financial resources. Join us as we explore a comprehensive range of strategies to help you save on income tax while strengthening your financial future. Gain valuable insights on maximising tax efficiency and achieving long-term financial stability in India.

How to Save Income Tax in India?

Many often ponder, ‘How can I save tax in India?’ Here, you can discover various steps to minimise your taxable income:

1. Tax-Saving Investment Options under Section 80C: Tax savings can be achieved through investments in diverse schemes like the Public Provident Fund (PPF), Equity Linked Saving Schemes (ELSS) and National Savings Certificate (NSC). Employee Provident Fund (EPF) contributions also qualify for tax deductions under this section.

2. Ensuring the Health of Your Loved Ones and You: One effective method is to purchase health insurance plans for yourself, your spouse, your children and your parents. Premiums paid towards these policies qualify for tax deduction under Section 80D of the Income Tax Act.

3. Submitting Rent Receipts: If you’re a salaried individual residing in a rented accommodation, submitting authentic rent receipts to your employer can enable you to claim House Rent Allowance (HRA) exemption, reducing your taxable income.

4. Making a Charitable Donation: Donating to eligible charitable organisations or institutions is another way to save on taxes. Donations to such entities qualify for tax deduction under Section 80G of the Income Tax Act. Ensure the organisation is registered under Section 80G and obtain the necessary donation receipt.

5. Financing Higher Education: You can avail tax benefits by taking an education loan for your own, your spouse’s or your children’s higher education. The interest paid on such loans is eligible for tax deduction under Section 80E, subject to certain conditions and limits.

6. Buying a House: Repayment of the principal amount of a home loan qualifies for tax deduction under Section 80C. Additionally, the interest paid on a home loan is eligible for deduction under Section 24(b) of the Income Tax Act, subject to specified conditions and limits.

Ensuring thе accuracy of your incomе tax rеturn is crucial, and with thе advеnt of tеchnology, е-vеrification has bеcomе еffortlеssly accеssiblе. Here, wе’ll unravеl thе straightforward stеps of how to е-vеrify your incomе tax rеturn, guarantееing sеamlеss procеss. By еmbracing еlеctronic vеrification, you еxpеditе thе confirmation of your rеturn and contributе to a morе sustainablе and еfficiеnt tax filing process. Join us as wе dеmystify this procеss, еmpowеring you to navigatе thе digital landscapе confidеntly and еasily, еnsuring compliancе and pеacе of mind.

Steps to E-Verify Income Tax Return

You can follow the steps listed below to e-verify your ITR.

• Stеp 1: Accеss thе е-Filing Portal

Thе first stеp in е-vеrifying your incomе tax rеturn is accеssing thе е-Filing portal. You can do this by visiting thе official wеbsitе of thе Incomе Tax Dеpartmеnt of India. Oncе thеrе, locatе and click on thе ‘е-Vеrify Rеturn’ option. This will dirеct you to thе е-Vеrify Rеturn pagе.

• Stеp 2: Providе Nеcеssary Information

On thе е-Vеrify Rеturn pagе, you will bе promptеd to еntеr spеcific dеtails to authеnticatе your idеntity and vеrify your rеturn. Hеrе’s what you’ll nееd to do:

1. Enter Your PAN: Provide your Permanent Account Number (PAN), which serves as your unique identifier for tax-related transactions.

2. Select Assessment Year: Choose the assessment year for which you are verifying the income tax return. The assessment year typically refers to the financial year for which the return is being filed.

3. Enter Acknowledgment Number: Input the acknowledgment number of the Income Tax Return (ITR) that you have filed. This acknowledgment number is generated upon successful submission of your return.

4. Provide Mobile Number: Enter the mobile number that is registered with your PAN Card. This is crucial as the Income Tax Department will send an OTP (One-Time Password) to this mobile number for verification purposes.

• Stеp 3: Vеrify Your Idеntity

Aftеr providing thе rеquirеd information, click on thе ‘Continuе’ button. This will initiatе thе vеrification procеss. You will rеcеivе an OTP on thе mobilе numbеr providеd еarliеr. Entеr this OTP in thе dеsignatеd fiеld to authеnticatе your idеntity.

• Stеp 4: Confirmation

Oncе you’vе еntеrеd thе OTP succеssfully, thе systеm will vеrify your idеntity and validatе your incomе tax rеturn. You will rеcеivе a confirmation mеssagе indicating that your rеturn has bееn succеssfully е-vеrifiеd.

Unlocking the potential of tax-saving strategies is pivotal for sound financial planning. Among these strategies lies the House Rent Allowance (HRA) tax exemption, a vital aspect for salaried individuals who rent accommodation. Understanding the mechanics of how to calculate HRA tax exemption can translate into significant savings. Let’s delve into the details and understand the determinants of HRA so that you have clarity regarding the same.

What is HRA (house rent allowance)?

HRA is an employer-provided allowance to employees to meet housing rental expenses. It forms a part of the salary structure and offers tax benefits under the Income Tax Act when the employee resides in rented accommodation.

Is HRA taxable?

HRA is taxable if an employee does not live in rented accommodation or fails to provide necessary rent receipts. However, if the employee pays rent and complies with documentation requirements, a portion or the entire HRA can be exempted from tax, as calculated above.

HRA for self-employed individuals

Self-employed individuals do not receive a salary; hence, they are not eligible for HRA. However, they can claim a deduction for rent paid under Section 80GG of the Income Tax Act, subject to certain conditions.

HRA for salaried individuals

Salaried individuals receiving HRA as part of their salary can claim tax exemption on it, provided they live in rented accommodation and furnish valid rent receipts. The exemption is calculated based on the criteria mentioned earlier.

How to claim HRA exemption?

To claim HRA exemption:

1. Submit Rent Receipts: Provide your employer with rent receipts or a rental agreement as proof of rent paid.
2. PAN of Landlord: If the annual rent exceeds ₹1,00,000, furnish the landlord's PAN to your employer.
3. Declaration: Some employers may require a declaration form detailing the rent paid and the landlord's details.

How to calculate HRA exemption?

The tax deduction for HRA is determined by the following:

1. Actual rent paid minus 10% of the basic salary

1. Actual HRA provided by the employer

1. 50% of the salary if the residential house is in Mumbai, Delhi, Chennai or Kolkata; 40% of the salary if the residential house is elsewhere.

Please note that for HRA calculation purposes, ‘salary’ encompasses the sum of basic salary, dearness allowance (DA), and other applicable commissions.

These three scenarios delineate how HRA tax exemption is computed. Understanding these scenarios is crucial for optimising your tax advantages. Let’s delve deeper into each scenario to gain a clearer understanding.

• Actual Rent Paid Minus 10% of Basic Salary: This calculation considers the actual rent paid by the employee minus 10% of their basic salary. For instance, if the rent paid is Rs 12,000 and 10% of the basic salary is Rs 2,300, the exemption would be Rs 9,700.
• Actual HRA Offered by Employer: This is straightforward — it’s the HRA amount provided by the employer. Here, the HRA offered is Rs 15,000. However, this may vary depending on the individual’s employment terms.
• 50% of Basic Salary: Half of the basic salary is another benchmark for calculating HRA exemption. This ensures a balanced approach, especially for individuals with high rents relative to their salary.

Do note that the minimum of the above three computations will be the actual amount paid as rent minus 10% of one’s basic salary.

Also, you must remember the following:

• If you pay an annual rent that exceeds Rs 1 lakh, you will require your landlord’s PAN Number to claim HRA exemption. If you are unable to provide the landlord’s PAN Number, you can submit a signed declaration from him/her.
• You cannot claim an HRA deduction for rent paid to your spouse.
• Rent paid to your parents makes you eligible for HRA exemption, but your parents will need to declare it in their ITR.

HRA calculator

Several online tools can assist in calculating your HRA exemption:

• ClearTax HRA Calculator: A user-friendly tool to compute your HRA exemption.
• ICICI Prudential HRA Calculator: Offers detailed insights into your HRA exemption.

How to claim HRA when living with parents?

If you reside in a property owned by your parents, you can pay them rent and claim HRA exemption, provided:

• Rental Agreement: Draft a rental agreement between you and your parents.
• Rent Payment: Transfer rent to your parents' bank account regularly.
• Parents' Income Declaration: Your parents must declare this rental income in their tax returns.

This strategy can be tax-efficient if your parents are in a lower tax bracket or have no taxable income.

How to claim deduction under section 80GG?

Section 80GG allows individuals not receiving HRA to claim a deduction for rent paid, subject to the following:

• Eligibility: Applicable to self-employed or salaried individuals not receiving HRA.
• Deduction Limit: The least of the following:
  • ₹5,000 per month
  • 25% of total income (excluding capital gains)
  • Actual rent paid minus 10% of total income

To claim this deduction, file Form 10BA confirming that you do not own any residential property.

Can I claim HRA and deduction on home loan interest?

You can claim both HRA and home loan interest deductions if:

• Different Locations: The rented and owned properties are in other cities.
• Same City: If both properties are in the same city, provide valid reasons (e.g., distance from the workplace) for not residing in the owned property.

Conclusion

Mastering how HRA tax exemption is calculated is essential for optimising tax savings and maximising take-home pay. Similarly, you can avail yourself of a tax rebate for an individual health insurance plan or health insurance policy for family premium payments under Section 80D of the Income Tax Act. By understanding the various factors involved, individuals can make informed decisions regarding tax planning. By leveraging both HRA tax exemption and health insurance benefits, individuals can build a robust financial foundation and save a significant amount of their taxable income.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis, or treatment. Please consult your general physician or another certified medical professional for any questions regarding a medical condition. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.

Dealing with taxes is an experience that many find burdensome yet unavoidable. The paperwork, rules and the hefty year-end bill can all contribute to stress. However, amidst the tax landscape, there exists a system designed to simplify things — Tax Deducted at Source (TDS). So, let's find out what is TDS in income tax.

What is the Meaning of TDS in Income Tax?

When we talk about what is TDS, we need to understand its meaning and how it affects us as taxpayers.

• At its core: Consider TDS as a tax payment in advance. When you receive payment for services, a portion is withheld as TDS (tax deducted at source) and remitted directly to the government.
• Key players: The individual or entity making the payment deducts and remits TDS. As the recipient, you receive recognition for the amount already remitted.
• Why opt for TDS: It ensures tax collection by the government, reducing instances of non-payment of taxes.
• TDS in our lives: If you have a job, rent out a property, win a prize or earn interest on investments, TDS is likely to be involved.
• Prevents tax evasion: TDS helps prevent tax evasion by collecting a portion of tax upfront, reducing the chances of people hiding their income.
• Distributes tax payments: Instead of making a large payment at the end of the year, TDS spreads out the tax collection process, making it more manageable for both individuals and the government.
• Varied based on income: TDS rates are not uniform. They differ depending on the type of payment and the recipient's income tax bracket.
• Issuance of TDS certificates: The person deducting TDS provides you with a certificate as proof of payment. This document is crucial when filing your taxes.
• Possibility of TDS refunds: Sometimes, more TDS might be deducted than your tax dues. This situation could result in a refund when you file your taxes.

Dealing with taxes always brings a sense of uncertainty. The paperwork, the rules, and the ongoing quest to find ways to save a few rupees in your pocket keeps you worried. Lately, things have gotten more confusing with the arrival of the new tax system. You've probably heard about the standard deduction. Can you actually use it under this new setup? Also, will it really help you save money? Let's find out whether the standard deduction is applicable in the new tax regime.

Is Standard Deduction Applicable to the New Tax Regime?

The good news is that you can avail of rebates in the tax system. This offers some relief, even if you opt for this new structure.

• The Twist: You won't be able to benefit from deductions, such as House Rent Allowance (HRA), specific investments or health insurance premiums.
• The Amount: Presently salaried individuals can claim a standard deduction of up to Rs 50,000 with variations for retirees.
• Do Your Calculations: It's essential to assess which system is more advantageous for your situation. Consider all aspects; your earnings, the standard deduction and whether other deductions could result in savings under the previous system are all important aspects.
• The Decision-Making Factor: Although the new system offers the standard deduction, taxpayers need to decide between opting for it and utilising deductions and exemptions under the old tax regime.
• Primary Beneficiaries: Note that the standard deduction in the new system is particularly advantageous for individuals with qualifying deductions (such as HRA or substantial investments).
• The Significance of Contrasts: Taxpayers must use tax tools or seek advice from professionals to compare their tax obligations under both systems, taking into account the standard deduction and their individual situations.

In gaining clarity on — is standard deduction applicable in the new tax regime — grasping the concept of the standard deduction in the updated tax structure is one element of a larger picture. Ultimately, making an informed decision requires evaluation. Assess your income deductions from before and how much effort you will invest in filing taxes. If you need assistance navigating these choices, feel free to reach out to a tax consultant. The knowledge and skills of tax consultants can help you save money and ensure you have peace of mind when it comes to finances.

Wondering how to download income tax return acknowledgement? Before answering it, let us define what income tax return acknowledgement is.

The Income Tax Department of India sends this as proof of filing the income tax return to the taxpayer's registered email address. The income tax filing process concludes once you confirm receiving the ITR acknowledgement document.

We will explain the steps to download ITR acknowledgement in the following passage.

Steps to Download Income Tax Return Acknowledgement

• Taxpayers can automatically download income tax return acknowledgement from the e-filing website of the income tax department. The ITR-V (verification) copy should be duly signed in ''blue ink'' and submitted to the Income Tax Department.
• You can generate and forward income tax return acknowledgement to the Income Tax Department. If you have yet to receive an acknowledgement, the assessee can download it from the Income Tax E-filing Portal by visiting its web address and following the steps mentioned below.

Step 1: Visit the Income Tax E-filing website, log in with valid credentials, and click on the Forms/Returns link

Step 2: Select ''Income Tax Return'' and ''Assessment Year” options and click ''Submit''

Step 3: Select and click on the mentioned acknowledgement number of the ITR and download ITR-V

With these simple steps, you now know how to download the acknowledgement of your income tax return.

• While downloading income tax return acknowledgement for sending it to CPC, taxpayers must follow specific points, such as the document should be printed in dark blank ink, the original signature in blue ink, the barcode and signature should be visible, do not use a stapler on the downloaded form, enclose the ITR acknowledgement in an A-4 size white envelope, and more.

People with taxable income should file their ITR for FY 2023-24 by 31st July 2024. Beyond the due date, people will have to pay a late fee. For late filers or missed filing, 31st December 2024 is the last date for ITR filing.

When tax season arrives, that sense of unease sets in. The paperwork, the calculations, and the troubling question: Should we stick with the old tax system or opt for the efficient "new" one that gives us sleepless nights? The Indian government offers choices. Determining which system suits you can seem like solving an age-old riddle and saving every rupee that matters to you. What if a misstep leads to losing out on the rebates? Let's navigate through this together and find out which income tax regime is better.

Which Income Tax Regime is Better?

This decision to switch between the new and old tax regime depends on several factors like —

• Your Income Level: The new tax system features lower tax rates, potentially making it advantageous if you fall into a higher tax bracket. However, do not overlook the deductions and exemptions under the old tax system.
• Utilising Deductions: If you fully utilise deductions such as home loan interest, eligible investments and health insurance premiums, sticking with the old regime might be preferable.
• Ease of Use vs. Financial Gains: Navigating through the old tax system requires paperwork, but it has the potential to result in significant savings if you take full advantage of available deductions. On the other hand, the new system simplifies the process but may not offer generous tax benefits compared to the old tax structure.
• The key is flexibility: The good news is that you're not bound to one system forever! You have the freedom to switch between regimes each year, allowing you to adjust based on changes in your circumstances. But you must either be a salaried individual or a pensioner.
• Looking ahead at your objectives: Apart from cost savings, consider your long-term financial goals. The old system, with its focus on deductions, might be more beneficial if you are actively saving for retirement, purchasing a house, or engaging in investments.
• Employer perks: Does your employer provide tax-saving benefits such as housing allowances or meal vouchers? These perks could complement the old system but may not offer substantial advantages under the new setup.
• Risk tolerance: Opting for the old system entails managing paperwork and calculations, which could increase error risks. If dealing with deduction complexities causes stress, transitioning to the new regime might be worth a slightly higher tax burden.

Advance income tax is payment made beforehand rather than at the end of the financial year. It is to be paid in instalments as per the due dates notified by the income tax department. It is also known as ‘pay as you earn’ and needs to be paid in the same year of earnings.

In today’s busy lifestyle, you can avail yourself of online payment options to avoid last-minute hassles. Advance income tax also helps mitigate stress that a taxpayer might undergo during tax payments at the end of the financial year; paying advance tax helps one as it does not involve shelling out taxes in a lump sum at the end of the financial year.

If you’re wondering how to pay advance tax online, we will explore a stepwise process of how you can go about it.

Advance tax calculator – calculate advance tax liability

You can use online calculators on various financial platforms to determine your advance tax liability. These tools require inputs such as your estimated annual income, deductions, and applicable tax rates to compute the amount payable. Accurately calculating the income and deductions is crucial for precise calculations.

What is advance tax?

Advance tax is the income tax payable if your total tax liability exceeds ₹10,000 in a financial year. It applies to various income sources beyond regular salaries, including rent, capital gains, lottery winnings, and fixed deposits. Timely payment of advance tax helps avoid interest penalties and ensures compliance with tax regulations.

Who should pay advance tax?

The following categories of taxpayers are required to pay advance tax:

• Salaried Individuals: While employers deduct tax at source (TDS) on salaries, individuals with additional income from sources like interest, rent, or capital gains may need to pay advance tax.
• Freelancers and Professionals: Those earning income without TDS deductions must assess and pay advance tax.
• Businesses: Both corporate and non-corporate entities are obligated to pay advance tax on their profits.

Advance tax due dates for FY 2024-25

For the financial year 2024-25, advance tax payments are scheduled as follows:

• On or before 2024 15th June: 15% of the advance tax liability.
• By 15th September 2024: 45% of the advance tax liability, less the amount paid in the previous instalment.
• By 15th December 2024: 75% of the advance tax liability, less the amounts paid in earlier instalments.
• By 15th March 2025: 100% of the advance tax liability, ensuring the entire tax is paid before the financial year ends.

How to pay advance tax online?

Let us go through the steps and clarify how to make advance tax payments online for your quick reference.

• Step 1: Go to the e-filing portal of the Income Tax Department of India.
• Step 2: Go to the ‘Quick Links’ section on the home page and click the ‘e-pay tax’ option. Taxpayers can also search ‘e-pay tax’ in the search box.
• Step 3: On the next page, insert your PAN and re-enter to confirm it. Then, type your mobile number and click ‘continue.’
• Step 4: You will receive a 6-digit OTP on your registered mobile number. Enter the OTP and ‘continue.’
• Step 5: Select the first box labelled as ‘Income Tax’ and click on ‘Proceed.’
• Step 6: Go to the ‘Assessment Year’ as 2024-25, select ‘Type of Payment’ as “Advance Tax (100)’ and click on ‘Continue.’
• Step 7: Enter tax details in the next screen.
• Step 8: Select your desired payment bank and click on ‘Continue.’
• Step 9: You can preview the challan details and click ‘Pay Now’. You may also ‘Edit’ your shared details if required.

This is how to make advance tax payments online through a few easy steps. Once payment is made, you will receive an acknowledgement on the next screen. Check the challan serial number and the BSR code on the right side of the advance tax payment challan. You will need these details while filing your income tax return and future references related to tax issues.

What is advance tax late payment interest?

Failure to pay advance tax on time results in interest penalties under Sections 234B and 234C of the Income Tax Act:

• Section 234B: Applies if advance tax paid is less than 90% of the assessed tax. Interest at 1% per month is charged on the shortfall from April 1st of the assessment year until payment.
• Section 234C: Pertains to delays in instalment payments. A 1% per month interest is levied on the deferred amount for each month of delay.

How is advance tax payment calculated?

To calculate advance tax:

1. Estimate Total Income: Include all income sources such as salary, business profits, interest, and capital gains.
2. Deduct Allowances and Exemptions: Apply eligible deductions under sections like 80C, 80D, etc.
3. Compute Tax Liability: Apply the prevailing income tax rates to the net taxable income.
4. Subtract TDS: Deduct any tax already withheld at source.
5. Determine Advance Tax: If the remaining tax liability exceeds ₹10,000, you're required to pay advance tax as per the specified instalments.

Conclusion

Now that you know how to pay advance tax online, you can explore options to save on taxes. For instance, taxpayers can claim deductions on health insurance premiums under Section 80D of the ITA. Talk to a financial expert to clear doubts before making any tax-related decisions. Paying advance tax on time is crucial for financial discipline and tax compliance. Just as selecting the right health insurance policy or maternity insurance policy ensures financial security during medical emergencies, timely advance tax payments prevent last-minute financial stress and penalties.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis, or treatment. Please consult your general physician or another certified medical professional for any questions regarding a medical condition. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.

Are you eagerly anticipating your income tax refund? Monitoring the status of your refund is simpler than you may realise. Whether you’ve filed your return online or offline, monitoring your refund status provides peace of mind and helps you plan your finances better. Here’s a step-by-step guide on how to check your income tax refund status effortlessly.

Steps to Check Income Tax Refund Status

If your refund due has been determined after 31st March 2023, follow these simple steps:

• Visit the Official Income Tax Portal: Head to the official Income Tax e-filing portal by clicking on the following link: https://eportal.incometax.gov.in/iec/foservices/#/know-refund-status/user-information.
• Enter Required Details: Once on the portal, you’ll be prompted to enter specific details. Start by providing your PAN (Permanent Account Number) and the Assessment Year for which you want to check the refund status. Ensure accuracy in entering these details to avoid any discrepancies.
• Provide Contact Information: Next, enter your registered mobile number. This step is significant as it safeguards your account’s security and enables tax authorities to communicate any updates regarding your refund status conveniently.
• Click Continue: After entering all the necessary information, click the ‘Continue’ button. The portal will validate the details provided and initiate retrieving your refund status.
• Check Status: Once the system verifies your details, it will display the status of your income tax refund on the screen. You’ll be able to see whether your refund has been processed, if it’s under process, or any other relevant information regarding the status of your refund.
• Stay Updated: It’s advisable to regularly check your refund status to stay informed about any changes or updates. The Income Tax Department often provides real-time updates on refund status, ensuring transparency and efficiency.

By following these straightforward steps, you can effortlessly monitor the status of your income tax refund and stay informed about any updates regarding your refund claim. Additionally, monitoring your refund status allows you to promptly address any issues or discrepancies, ensuring a hassle-free experience.

Navigating the complexities of taxation is a fundamental aspect of running a business, especially in Goods and Services Tax (GST). At the heart of GST lies an essential concept: Input Tax Credit (ITC). But what is an input tax credit? Simply, it represents the GST, a taxable entity that pays on purchases of goods and services intended for business use. This credit is a powerful tool, allowing businesses to reduce the GST payable on their sales. However, accessing this benefit requires compliance with specific conditions mandated by tax authorities. Let's look at the Input Tax Credit and see how it helps businesses manage their taxes better.

Understanding the Meaning of Input Tax Credit

• Input credit in GST refers to reducing the output tax paid by the amount already paid on inputs.

• You can claim input credit for taxes paid on purchases if you're a manufacturer, supplier, agent, e-commerce operator, or any other entity registered under GST.

• To avail input credit under GST, it is necessary to possess a valid tax invoice or debit note from a registered dealer for the purchases made, along with the receipt of the goods or services.

• Input credit is available once the supplier has deposited the tax to the government or claimed input credit, filed GST returns, and uploaded the invoice in their GSTR-1, appearing in the recipient’s GSTR-2B.

• Input credit is allowed only if your supplier is GST compliant, ensuring validation before claiming it.

• Unclaimed input credit resulting from higher taxes on purchases compared to sales can either be carried forward to future tax periods or refunded to the taxpayer.

• Taxpayers cannot claim input tax credit for purchase invoices older than one year, except under special circumstances specified in Section 18(1).

• GST input credit applies to goods and services except those on the exempted or negative list, including capital goods.

• Input tax credit isn’t allowed for goods and services for personal use.

• No input tax credit is permitted after filing the GST return for September following the end of the financial year or filing the relevant annual return, whichever comes first.