This category will have all articles related to Taxation
You may think that you are too young to start making a bucket list. However, if you wait until later, there is a chance that there will not be sufficient time to achieve your dreams. A bucket list is all those things that you want to try, life experiences you want to enjoy, and the […]
As you well know, time is money, especially when you have very little of it. Thus, you should make the most of what you have here and now. Generally, when you talk about not knowing how much time you have, you think of insurance. The fact, however, is it has more to do with efficiently […]
In this article, we learn about 14 tax saving options. We will understand the various Sections of the Income Tax Act under which you can get exemptions or deductions for your taxable income and thus save income tax. We will understand some of the new sections that have been introduced in Budget 2018 which will […]
The end of the financial year is nigh. You have just received a mail from the Accounts Department of your organisation. The fact that a whole year has gone by has just hit you and you are breaking in cold sweat because you didn’t think of doing any tax planning. Not a happy situation to […]
The advent of GST has brought a tax revolution in the country. It has also created a new way of business compliance in India. Where the bigger companies have all the required resources and skills to resolve the complications and specifications that the new tax structure brings along, but talking otherwise, there are many small […]
Challenge with the earlier process of sending ITR-V to IT Department Earlier, for those who did not have a digital signature, the last step of e-filing of income tax return included taking a print out of ITR-V form, signing it and sending it to the IT Department - CPC, Bengaluru. This last step had some […]
Introduction Almost a decade back, the owner of one of India’s biggest business conglomerate died inestate. He did not leave behind a WILL. Some time down the line after the father’s death, ownership issues came up among the two sons as to how the business, built by their father and the sons together, will be […]
Introduction The process of e-filing of income tax returns is very easy to use and should be the preferred route for salaried individuals and other individuals. Infact filing income tax returns electronically (e-filing) has been made mandatory from Assessment Year 2012-13 for individuals / HUFs who have income of more than Rs. 10 lakhs. In […]
Introduction The year 2011 was not very good for the Indian equity markets. The market indices Nifty 50 and Sensex 30 ended with losses of around 25% and the losses in most individual stocks were even higher. The New Year has arrived and it is February and tax planning season has started. Like his annual […]
Introduction In February 2010, in his budget speech the Finance Minister Pranab Mukherjee added one more investment instrument to the basket of Tax Saving Instruments. This latest new addition is ‘Infrastructure Bonds’. The investment limit of Section 80C has been enhanced from Rs 1,00,000 to Rs 1,20,000. This provision (Section 80CCF) of additional Rs 20,000 […]
Exemptions: Certain components of the salary that an individual receives are exempt from income tax. Some of these components are: Medical Allowance: An individual can claim exemption for upto INR 15000 in a financial year for medical reimbursement received from the employer. Transport Allowance: Transport allowance of upto INR 800 a month is exempt from […]
Section 80C: There are various tax saving investment products available in which an individual or Hindu Undivided Family (HUF) can invest for returns and at the same time save tax. The government, in order to encourage savings among people, gives tax benefits for investments made in certain financial products. These financial products are covered in detail […]
• An individual staying in a rented accommodation and paying rent can claim HRA exemption, if HRA component is a part of the salary. • HRA is exempt from income tax upto a certain limit. • The amount that can be availed as exemption from taxable income is the lower of the following 3 items: […]
• Leave Travel Allowance is a special allowance which employed people get as a part of their salary. This allowance is given for taking vacations and for availing this facility the employee can claim exemption from his taxable salary. • This allowance can be claimed for vacation related travel expenses within the country. • This […]
• Tuition fees paid for full time education of 2 children qualifies as deduction under Section 80C • This deduction is allowed only for full time education i.e. part time courses or distance learning courses do not qualify for this deduction. • This deduction can be availed for only 2 children. But husband and […]
• An individual can claim income tax benefits on the principal repayment as well as the interest repayment on a home loan. • The principal repayment of upto INR 1,00,000 qualifies for deduction from taxable income under Section 80C. The interest repayment of upto INR 1,50,000 qualifies for deduction from taxable income under Section 24(b) […]
• An individual can claim tax benefits on the principal repayment as well as the interest repayment on a home loan. • The principal repayment of upto INR 1,00,000 qualifies for deduction from taxable income under Section 80C. The interest repayment of upto INR 1,50,000 qualifies for deduction from taxable income under Section 24(b) for […]
• Under Section 80E of the Income Tax Act, the interest paid on an education loan is eligible for deduction from taxable income • There is no upper limit to the amount that can be availed as deduction from taxable income for interest paid on the education loan. In short the entire interest amount is […]