Tue, Aug 08, 2023
Section 80D of the Income Tax Act allows deductions on money spent as premium for health insurance policy and for healthcare of family members, including parents. The limit is dependent on age.
Thu, Jun 01, 2023
According to the notification, strategic disinvestment will be stated as "any movable property, being equity shares, of a public sector company or a company, received by a person from a public sector company or the Central Government or any State Government under strategic disinvestment."
Sun, Mar 19, 2023
Taxpayers who invest in tax-saving FDs can get a deduction under Section 80C of the Income Tax Act
Fri, Apr 01, 2022
The government has exempted tour operators from collecting taxes from non-resident Indians visiting India and booking their overseas tour package from the country.
Mon, Aug 30, 2021
The Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of various Forms under Income Tax Act.
Fri, Aug 30, 2019
Know about the changes in income tax rules to be effective from September 1.
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.
Fri, Apr 26, 2019
Under Section 80C, an individual is granted claims over deduction up to Rs 1.5 lakh.
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.
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.
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.
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.
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.
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.
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').
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.
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.
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.
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.
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.
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.
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.
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.
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