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.
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?
FDs are not advisable for long-term wealth creation as their post-inflation, post-tax returns are not very attractive.
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?
Learn about the best tax saving investments and options for the assessment year 2010-11).
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Our politicians need to take a leaf out of Mr Trump's personalised merchandise sale: It keeps his image in the public eye, continuing to engage him differently and innovatively with his supporters, points out Sandeep Goyal.
Experts say the size of the fund shouldn't be a primary criterion for selection.
Archit Gupta on how can you maximise your savings and reduce your taxable income.
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.
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.
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.
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.
Ramalingam Kalirajan dives into the specifics of NPS withdrawal rules to help you understand the conditions under which and when partial withdrawals are allowed.
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. . .
The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
.jpg)
Live chat on Wednesday, March 12, at 4 pm with investment expert Feroze Azeez.
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.
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.
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.
The Opposition on Tuesday termed the Union Budget as a 'kursi bachao budget' driven by political compulsions and claimed that it ignored opposition-ruled states in a bid to 'appease' Bharatiya Janata Party's allies.
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?
rediffGURU Samkit Maniar answers readers' personal income tax queries
Evaluate recurring investment products and do the numbers before making any investments.
But the party favoured most of the proposals on indirect taxes.
Direct tax expert Vikas M Gandhi offered some valuable tips on tax planning.
Have you wondered how many days of work -- depending on your net monthly income -- you would have to put in to buy the top-end iPhone 16 Pro?
In a chat on Thursday, direct tax expert Vikas M Gandhi offered some valuable tax filing tips.
If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
'Subject to any worldwide economic collapse.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Tax expert Vikas Gandhi advises tax payers to keep their PAN data updated. In case of change in address, one can download a form from the website of NSDL http://tin-nsdl.com, fill it up and submit to NSDL with suppoprting documents. In addition it will be advisable if to intimate the Income Tax Officer about such change in writing. If an NRI is drawing income in India, he needs to get a PAN card and file income tax returns too as this income would be taxable in India.
Despite the rally in equities over the last few years, India, according to Christopher Wood, global head of equity strategy at Jefferies, is still in early stages of an equity cult. Any changes to the capital gains tax for equities - both long-term and short-term - in Budget 2024 scheduled to be announced on July 23, he believes, can trigger a bigger correction that what the markets witnessed post the Lok Sabha election outcome on June 4 that saw the Bharatiya Janata Party (BJP) lose majority, though it was able to form the government with the help of coalition partners.
Interest paid on loan on mortage of house will not bring the same tax deduction as from rental income, says direct tax expert Vikas Gandhi.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances