A recent ruling by Income Tax Appellate Tribunal (ITAT) in the case of Chandrakant Shah stated that if you borrow interest-free money from friends and colleagues neither you nor the lender will have to pay tax.
'To save the LTCG, it's always better that the owner of the property that was sold also becomes the title holder in the new one.'
The government could look at providing deductions for expenses incurred by salaried employees while working from home in the upcoming Budget as it looks to boost demand, consulting firm PwC India said on Thursday. Addressing a pre-Budget session, Pwc India senior tax partner Rahul Garg said demand creation is particularly focussed on money being given or left in the hands of the individuals.
'I believe the modified scheme is much more beneficial and simpler.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Do you know what Section 80DDB is and how it can help you save tax? How much tax can you save under this section and how can you avail it?
Learn about the best tax saving investments and options for the assessment year 2010-11).
How about analyzing the right tax saving product for you? Want to know how? Read on. To begin with ask yourself these two questions: your risk tolerance level and what stage in life you are in. But why should you do it in the first place?
Anamika Pareek explains the advantages of investing in tax-saving options like the equity-linked savings schemes.
If you have recently had a salary hike and a corresponding increase in your tax outgo then you must seek your company's co-operation to structure a tax-friendly salary.
Any education loan taken for full-time studies for any graduate or post-graduate course in engineering, medicine, management or for post-graduate course in applied sciences or pure science qualifies for deduction u/s 80E. The tax benefit is available only for the interest component and not for principal repayment, says direct tax expert Vikas Gandhi.
Experts say the size of the fund shouldn't be a primary criterion for selection.
The government on Tuesday proposed reducing the long-term capital gains tax on immovable properties to 12.5 per cent from 20 per cent, but removed the indexation benefits to adjust for inflation, a move experts termed as "negative" for sellers.
Both are four-star, diversified equity, tax saving funds that have been around for more than eight years. Interestingly, both had fund manager changes this year.
Archit Gupta on how can you maximise your savings and reduce your taxable income.
The government on Friday announced a 5 per cent bonus on new monthly post office deposits. The bonus will be applicable for Post Office Monthly Income Accounts opened on or after December 8, the finance ministry said in a statement.
After a stellar 2023, the mutual fund industry sustained its growth momentum in 2024 with an impressive Rs 17 lakh crore surge in assets, driven by buoyant equity markets, robust economic growth, and increasing investor participation. Experts are predicting the positive trend will extend into 2025.
Individual tax payers will save only Rs 1,000 more a year following the government raising the tax exemption threshold by Rs 10,000 to Rs 1,60,000, whereas the benefit for senior citizens (65 years and above) will be higher at Rs 1,500.
The National Pension System (NPS) added 21.5 per cent fewer fresh subscribers under the corporate segment in 2023 compared to the preceding year. Government officials and experts attribute it to the higher exemption limit of income tax of Rs 7 lakh announced in the FY24 Budget that no more requires employees under this income bracket to opt for NPS for tax-saving purposes. Data collated from the Ministry of Statistics and Programme Implementation (MoSPI) reveals that the corporate component is voluntary in nature and saw 158,212 new subscribers in 2023 compared to 201,517 during 2022.
The income tax department has found alleged manipulation of account books for reducing taxable income in India by Chinese telecom company Huawei whom it raided recently, sources said on Thursday. The searches were conducted on February 15 at the main business and residential premises of "key office bearers" of a multi-national group, engaged in distribution of telecom products and providing captive software development services, the CBDT said in a statement. Sources identified the company as Huawei.
A 'will' unlocks many exclusive tax advantages which are otherwise not available to taxpayers. Here are five important ways in which a will can save you tax. . .
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Ramalingam Kalirajan explains the pros and cons of both investment types.
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
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Live chat on Wednesday, March 12, at 4 pm with investment expert Feroze Azeez.
Gift is not regarded as an expense and hence whatever amount of gift you give, you will not be able to reduce it from your taxable income, says tax expert Vikas Gandhi.
For being eligible for tax benefit, the minimum period of fixed deposit has to be of 5 years. Since the period you have mentioned is 4 years, you won't be eligible for the tax benefit u/s 80C.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Car loan is not eligible for any tax exemption similar to that of house loan, says direct tax expert Vikas Gandhi.
Mortgage loan won't qualify for benefits under Income Tax, says tax expert Vikas Gandhi.
PPF fits all portfolios, except those earning basic pay of over Rs 8.3 lakh yearly.
How should you plan your taxes and dervive optimum returns from them? Should you buy a house, go for a loan in the current economic situation?
Form 16 contains details of salary income, deductions, and exemptions.
The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
The tax rate rises to 10 per cent, 15, per cent, 20 per cent and 25 per cent for every Rs 2.5 lakh addition. A 30 per cent tax is charged for income over Rs 15 lakh.
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
But the party favoured most of the proposals on indirect taxes.
Evaluate recurring investment products and do the numbers before making any investments.
Direct tax expert Vikas M Gandhi offered some valuable tips on tax planning.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
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