The ITR forms for each year are notified after end of the financial year incorporating changes applicable from the relevant financial year. The Income tax department has notified new ITR forms on 1st April 2019. Since this is a personal finance page, the discussion is restricted to provisions of new ITR which are applicable to […]
Analysis of recent decision of Supreme Court on Employee Provident Fund Contribution Recent decision of the Supreme Court has tried to settle the long drawn litigation about the allowances which need to be considered for the purpose of contribution under the Employee Provident Fund Scheme. Let us discuss the law and the implications of the […]
The government has by a stroke made the taxable income upto Rs. 5 lakhs fully tax free in the hands of small taxpayers without raising the exemption limit. Most of the people have been wondering why the government is not raising the exemption limit instead of playing with Section 87A. I feel the government has […]
There is a huge confusion in the minds of taxpayers about whether the tax benefits in respect of House Rent Allowance (HRA) and the benefits attached with a home loan be claimed in the sqme year. This article intends to clear the doubts in this regard.
This interim budget as expected intends to harvest good votes in the election season and has therefore proposed various beneficial proposals for small tax payers It proposes various provisions which are beneficial for the owners of property. Let us discuss. Enhancement for limit on TDS on rent The Finance Minister (FM) has proposed to enhance […]
The announcement made by the Finance Minister (FM) of no tax liability for income upto Rs. 5 lakhs created euphoria initially. This most beneficial proposal in the budget evinced the maximum interest and as well as also created maximum amount of confusion in the minds of taxpayers till the dust settled down on the proposal […]
Almost all of us keep our money in saving account for meeting various items like EMIs and SIP which gets debited in due course. Since these are temporary fund these cannot be deployed in other products like Fixed Deposits with higher tenure of investment. I intend to explain how the temporary surplus fund in your […]
How one becomes Non resident under Income Tax and FEMA and the implications of becoming Non resident? Though the word ‘non resident’ is used interchangeably but the tax laws and Foreign Exchange laws have different connotation of it as the purpose of both the laws is different. Let us discuss. Non resident under tax laws […]
The tax laws allow you certain tax benefit for life insurance premium paid. It also allow you tax exemption in respect of the Life insurance policy. These benefits are available subject to certain conditions. Let us understand it. Tax benefits in respect of premium paid Under Section 80C of Income Tax Act, you can claim […]
Any profit made on sale of an investment generally referred to as capital asset under the income tax laws becomes taxable as short term or long term capital gains depending on the holding period of such asset. Different holding periods, ranging from 12 months to 36 months, are prescribed for different class of assets to […]
