Balwant Jain

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 e...

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 [&h...

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 […]...

Under Section 80 C, an individual and an HUF can claim a deduction up to Rs 1.50 lakh for principal repayment of home loan taken for a residential house along with other eligible items like Public Provident Fund, Employee Provident Fund, life insurance premium, National Saving Certificates Equity Linked Saving Scheme etc. ...

Submit 15 G or 15 H before the year end to avoid tax deduction from your interest Of late I have been receiving many queries from the readers about submission of forms to the banks so as to ensure that the bank does not deduct tax at source. In order to address those queries I […]...

Post my two articles on National Pension System (NPS), the cabinet has made certain important amendment to NPS on 6th December, 2018. There is confusion galore in the minds of taxpayers about the implications and applicability of the decisions. Taxation of pension Tax benefits for NPS contribution Let us discuss. Increase in the contribu...

In order to promote education, the government provides certain relief to the individual tax payers in respect of certain expenses incurred by them for education.  Let us discuss these tax benefits. Tax benefits on Tuition fee for children You can claim deduction upto Rs. 1.50 lakh every year for tuition fee paid for full time […]...