Generally person is liable to pay tax only on the income which is earned by him. However provisions of Section 60 to 64 of Income Tax Act 1961 may make you liable to pay tax on income which is not earned by you…

The general perception when it comes to salaried employees is that there isn’t much scope for saving tax. But that isn’t true. In fact there are many avenues under the head Income from Salary in which tax savings are possible.

There are not many. A person becomes senior citizen under Income Tax Act in any year after attaining the age of 65 even for one day. Once he attains 65 years, his status as senior citizen in that financial year, gives him some relief .There are not many. These are listed below: 1. Higher Exemption Limit – For FY2007-08, basic exemption limit for tax is fixed at Rs 1,95,000. Therefore, any Sr. citizen having total income till 1,95,000 for F.Y. 2007-08 , will not have to pay any tax .

We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to forget to claim many other deductions which are available under the Income Tax Act, which can reduce our tax burden significantly. In this article we discussed 10 such lesser know deductions which taxpayers tend to forget to claim while filing there Income Tax Return.

For most of the people ‘tax savings’ brings to mind life insurance, PPF, NSC, and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80 C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1 lakh under 80C.

Often, investment for most individuals begins and ends with tax planning. Although it is pertinent to avail tax breaks, this should not be the sole focus. Start by jotting down your key financial objectives, the tentative time of money requirement and the corpus needed to achieve those goals.

LIC’s New Jeevan Nidhi Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting. Salient Features: Risk Cover and Regular Annuity payments in a Single Plan. Guaranteed Additions @ Rs.50 per thousand for first 5 years. Reversionary Bonuses [...]

India Infrastructure Finance Company Limited Issue Period: 26 Dec 2012 to 11 Jan 2013 Key Benefits: Credit Ratings: AAA by CARE, AAA (Stable) by ICRA and BRICKWORK Interest on these Bonds is Tax-Free, no TDS is applicable, Wealth Tax is not levied No lock in period and no upper limit on investment amount Issue Size: [...]

If you provide tax planning advice to clients, it is important to consider what level of risk you are prepared to accept and what processes you have in place to protect you and your practice from inadvertently contravening the promoter penalty laws.

What are the steps in brief to upload the tax returns on this website? I have forgotten my password. What is to be done to retrieve it ? What to do if there is an INTERNAL ERROR at the time of registration? In case, taxpayer has entered the wrong email-id during registration and taxpayer is not able to activate its user id, what is to be done by taxpayer to activate the account ? Can a LEGAL HEIR file the return of the deceased assessee for compulsory DSC cases ? y Challan of payment of Advance Tax or Self Assessment Tax does not contain correct PAN or Assessment Year. Will the claim be allowed? The last date of filing falls on Saturday or Sunday. Can I file my e-return on subsequent Monday?