Income Tax : This comprehensive guide summarizes all major tax exemptions, deductions, rebates, TDS reliefs, and procedural benefits available ...
Income Tax : Learn about the income tax benefits available to resident senior and very senior citizens, including higher exemption limits, dedu...
Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
Income Tax : Learn when the Income-tax Act requires another person's income to be included in your taxable income. The FAQs explain clubbing pr...
Income Tax : Learn how rental income is taxed, who is treated as the owner, and how deductions under Section 24 are computed. The guidance also...
Finance : CA Sandeep Kanoi I just came to know about one very interesting investor education initiative called “Plan F- your financial fit...
Income Tax : India Infrastructure Finance Company Limited Issue Period: 26 Dec 2012 to 11 Jan 2013 Key Benefits: Credit Ratings: AAA by CARE, A...
Income Tax : If you are sitting on unrealised losses on equity investments made less than a year ago, here is some consolation. Those unrealise...
Income-tax return is a legal document and it should be filed by the assessee with due care and caution. There should be no corrections or overwriting and it should be properly signed and verified by the person authorized to do so under the provisions of the Income-tax Act. The following important points may be taken care of while filling up the return forms:
House Rent Allowance (H.R.A.) results in tax savings because accounting under Income tax act is direct exemption based. However, accounting of Rent Free accommodation is valuation based taxation and added to total income of employee presumptive basis. Please note Rent-Free Accommodation cannot be taxed if Salary is NIL The principles of valuations are explained below:- […]
There is a lot of false information out there about what you can and can’t do on your annual taxes. Here are some of the biggest myths that plague the system and what the truth behind them actually is:
What I… retire, no way? Well, at the age of 25 years, the thought of retirement may not be the first that you will be having when you receive your first salary. At a young age, the idea of having a retirement plan that will take care of your needs at old age will be the last priority. Yet, the earlier you begin your retirement planning, the better your returns will be at an old age.
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.
Earned leave means the leave accrued to the employee in proportion of the work done by him. This varies from employer to employer. For example in government sector, the earned leave is 2.5 days for every month worked. This 2.5 days is granted with a view to provide him rest to enable him to recover from the stess and strain endured by him during the course of his work. This can be accumulated and either taken in the subsequent months or encashed as per the rules extant in force.
Article deals with Tax Benefit on Home loan under section 80C for Loan Principal Payment, Section 24 for Interest Payment, Tax planning of Home Loan & HRA.
Discover 27 expert tips to save income tax in India for salaried and business persons. Learn how to legally reduce your tax liability and maximize your savings.
Its a fact that Your own parents as well as your own in-laws can become legal tools of tax planning for you and your family. If you want to achieve this dictum then all you are need to do is just to give away a portion of your funds, either as a gift or a loan, to your parents as well as your parents in law so that in years to follow your income tax burden becomes lighter as the income on funds transferred by you to them which would bring in income would be taxed in their hands.
Salary income is taxable in the hands of an individual in the year of receipt or earning of salary income, whichever is earlier. Here are some of the safe components of your salary structure which can minimse your tax burden and help you plan your Salary Structure –
