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ELSS vs NPS vs PPF - Retirement planning with Income Tax savings | Which one is a better investment?
Wed, May 15, 2019
PPF vs NPS vs ELSS arises among investors, who plan for their retirement-related investments and both options provide income tax exemption to an individual.
How to save Income Tax: 5 investment options beyond Sec 80C you should explore
Fri, Apr 26, 2019
Under Section 80C, an individual is granted claims over deduction up to Rs 1.5 lakh.
Don't let this Income Tax return (ITR) filing season hit you where it hurts; 4 changes you must know
Tue, Mar 26, 2019
Income Tax return (ITR) filing: The fiscal is set to end and a new one starts on April 1, 2019. Taxpayers cannot invest after 31st March, 2019. In fact, only one week left for investments to be by salaried employees under Section 80C, Section 80D. So, if you do not want to lose money, start investing now! Also, do not forget to keep your investment detail receipts safe.
Income Tax rules: 10 ways taxpayers have been affected in the run up to Budget 2019
Sun, Jan 13, 2019
There were many changes in the income tax rules in 2018-19. The current financial year (2018-19) witnessed a lot of amendments to the income tax rules, which were introduced in the Budget 2018. The introduction of the standard deduction for salaried employees, higher deduction for senior citizens on health insurance premiums were some of the changes.
Black money crackdown: Undisclosed assets worth Rs 6,000 cr detected
Wed, Jan 09, 2019
"As an outcome of the actions taken by the Income-tax Department under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' (The Black Money Act), as on October 31, 2018, undisclosed foreign assets and income valued at over Rs 6,000 crore have been detected," Minister of State for Finance Shiv Pratap Shukla said in a written reply in the Rajya Sabha.
Startups required to seek tax exemption from inter-ministerial board: Comm Min
Thu, Dec 20, 2018
Amid concerns being raised by budding entrepreneurs on angel tax, the commerce and industry ministry said Thursday that startups need to seek the exemption from an inter-ministerial board set up for the purpose.
Income Tax Act 1961 change plan on Modi govt's agenda; Here's how you may benefit
Tue, Nov 27, 2018
Income Tax Act 1961 change plan: After implementing path breaking Goods and Services Tax (GST), changing the cumbersome and archaic Income Tax Act is the next big agenda of Prime Minister Narendra Modi-led Union Government.
Income Tax Returns (ITR) filing: Rental income from house property shall be liable to tax
Thu, Nov 15, 2018
Income tax Act provides for clubbing of income in the hands of the person who is the beneficial owner of the asset from which the income is accruing. Accordingly, income from a house property shall be liable to tax in the hands of the person who invested in the house property.
Income tax return filing: How this man was slapped with Rs 37,45,000 addl income shock and how he got relief
Tue, Oct 23, 2018
A taxpayer had filed his return of income, which was processed by the tax officer under the ordinary procedure. After some time, the tax officer received some additional information on the taxpayer basis the Annual Information Returns filed by various institutions/companies as required under the Income Tax Ac ('the Act').
Income tax return (ITR) tip: Save money, claim home rent and home loan benefits from taxman
Thu, Oct 04, 2018
Income-tax Act allows taxpayers to claim exemptions on investments made and expenditure incurred out of the total income. While exemptions on principal repayment of home loan can be claimed under Section 80C and interest payment can be claimed under section 24b, House Rent Allowance exemption can be claimed under section 10 (13A) of the Act.
Income tax return (ITR): Beware! Did you make these mistakes? How not to lose money
Wed, Sep 19, 2018
In respect of loans taken from your friends and relatives, you can claim deduction under Section 24(b) for interest. But the deduction under Section 80 C for repayment of principal is not available in such case.
Income tax return (ITR) filing: Modi govt allows this segment not to pay tax
Tue, Sep 18, 2018
The PM Narendra Modi government Monday exempted from income tax the interest payable on rupee-denominated bonds issued outside India by a company or a trust to a non-resident or a foreign company, a move aimed at increasing dollar inflow.
Startups with up to Rs 10-cr investment to get tax concession
Thu, Apr 12, 2018
Several startups have raised concerns to taxation of angel funds under Section 56 of the Income Tax Act, which provides for taxation of funds received by an entity. As many as 18 startups have got notices from tax authorities.
Home loan: Know these tax benefit sections in IT Act
Tue, Feb 13, 2018
f you fulfill the bank's criteria, your home loan process moves towards the next step. The real difficulty arises when you fall short of certain eligibility.
Want to claim tax benefit, remember these Sections under IT Act
Wed, Jan 31, 2018
In case you have paid excess taxes, have invested in LIC, PPF, Mediclaim, incurred towards tuition fees etc., you can file your ITR and can get refund.
Are you paying education loan; here's how you can avail tax benefit
Mon, Jan 29, 2018
An Education loan plan is considered as safe and efficient way to gain finance for when compromising on your child’s education is not an option.
I-T busts refund fraud, claims nexus between employees of top companies, CA
Thu, Jan 25, 2018
The Income Tax Department today claimed to have busted a racket of extracting fraudulent tax refunds by employees of bellwether companies like IBM, Vodafone and Infosys in alleged connivance with a Chartered Accountant (CA) in Bengaluru, the IT capital of the country.
Do you know your interest on savings account is taxable?
Thu, Jan 25, 2018
Savings account has been the most traditional form of investment in banking and other form of financial system.
Here's how you can avail tax deduction under Section 80G
Wed, Jan 10, 2018
Under IT Act, Section 80G is available for contributions made to certain relief funds and charitable institutions.
No IT exemption to cooperative banks: govt tells Lok Sabha
Fri, Dec 29, 2017
Jaitley said most of these banks provided standard banking facilities like opening of letters of credit, bill discounting and collection, lockers and safe deposit vaults and bank guarantees.