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Income Tax - Q.1 Under how many heads the income of a taxpayer is classified? Ans: Section 14 of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.:...
Read MoreIncome Tax - First there was 10% tax on equity share and equity oriented mutual funds schemes (ELSS is an equity oriented scheme) and now the recent increase in the PPF rates accompanied with meltdown in the equity market has created a perception that PPF has become a better tax saving product than ELSS. Is it really so? Let us […]...
Read MoreIncome Tax - The recent increase in the interest rates on small savings schemes for the current quarter will sooner than later force the banks to increase interest rates offered by them on fixed deposits. With the imminent increase in the fixed deposits interest rates by the banks, the fixed deposits will become a more attractive investment product sp...
Read MoreIncome Tax - Under tax laws, savers have a complete buffet of tax saving instruments like Life Insurance, Public Provident Fund (PPF), tax-saving fixed deposits, National Savings Certificate (NSC), and Equity-linked Saving Scheme (ELSS). Yet, in reality, individuals often make wrong investment decisions with their tax-saving investments....
Read MoreIncome Tax - Section 80C of Income Tax Act, 1961 allows you deduction upto Rs. 1.50 lakhs in respect of certain items of investments and expenses. These deductions are subject to some restrictions with respect to the persons for whom you can claim these and the lock in period for which you need to hold the investments. Let […]...
Read MoreIncome Tax - If a trader makes his transactions in cash on a turnover of Rs.Two Crore, then his income under the presumptive scheme will then be presumed to be Rs. 16 lakhs @ 8% of turnover. ...
Read MoreIncome Tax - Senior Citizen Savings Schemes deposits are eligible for deduction under section 80C of Income Tax Act but interest earned on deposit is taxable....
Read MoreIncome Tax - In Mumbai on Wednesday RBI Governor Raghuram Rajan said that there is a need for increase in tax exemption limit under section 80C on financial investments by individuals. Currently Section 80C allows investments up to Rs.1.50 lakh. Section 80C was introduced in place of section 88 w.e.f. 1-4-2006. Limit of One Lakh of Investment unde...
Read MoreIncome Tax - LIC’s Jeevan Sugam is a non-linked single premium plan wherein the risk cover is a multiple of premium paid by you. On maturity this plan offers a Maturity Sum Assured chosen by you....
Read MoreIncome Tax - A Parliamentary panel scrutinising the Direct Taxes Code - DTC Bill has suggested raising the income tax exemption limit to 3 lakh rupees from the present 1.8 lakhs. It has also suggested hiking of deduction on savings to 2.5 lakh rupees....
Read MoreA. Ashok Simha Reddy Vs. DCIT (ITAT Hyderabad) - The learned Counsel for the assessee has filed a chart depicting various issues arising in all of these appeals and it is seen that most of the issues are repetitive in all the years. Therefore, we are disposing of the appeals on the basis of the issues arising therefrom....
Read MoreM/s. Kodakkad Service Co-operative Bank Ltd. Vs The Income Tax Officer (TDS) (ITAT Cochin) - Admittedly, the contributions of the assessees to the Provident Fund are not a recognized Fund, the same are not eligible for deduction u/s. 80C (2) (vi) of the I.T. Act. ...
Read MoreG.S.R.323(E) - (18/03/2016) - Sukanya Samridhi Account may be opened by the guardian in the name of a beneficiary who has not attained the age of ten years as on the date of opening of the Account:...
Read MoreNotification No. 91/2015 - Income Tax - (08/12/2015) - Notification No. 91/2015 - Income Tax Central Government hereby specifies the HDFC Retirement Savings Fund, set up by the HDFC Mutual Fund registered under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 having registration No. MF/044/00/6, dated the 30th June 2000, as a...
Read MoreNotification No. 09/2015 - Income Tax - (21/01/2015) - Notification No.09/2015 - Income Tax In exercise of the powers conferred by clause (viii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 'Sukanya Samriddhi Account' for the purposes of the said clause....
Read MoreNotification No. 90/2014-Income Tax - (23/12/2014) - Notification No. 90/2014-Income Tax S.O.(E) In exercise of the powers conferred by clause (xiv) of sub- section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Reliance Retirement Fund set up by the Reliance Mutual Fund registered under the Se...
Read MoreNotification No. 63/2014-Income Tax - (13/11/2014) - Notification No. 63/2014-Income Tax Finance Minister has increased Limit Under Section 80C of the Income Tax Act to Rs. 1.50 Lakh vide Budget 2014 w.e.f. Assessment Year 2015-16 and now CBDT has inconformity with the 80C amendment increased the Limit for Investment in Bank Term Deposit for the Purp...
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