In an hour-long chat on Thursday, direct tax expert Vikas M Gandhi offered some valuable tips.
In an hour-long chat on rediff.com on Thursday, direct tax expert Vikas M Gandhi replied to many such readers' queries.
Direct tax expert Vikas M Gandhi offers some valuable tips.
Direct tax expert Vikas M Gandhi offers some valuable tax-saving tips.
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
Direct tax expert Vikas M Gandhi offers some valuable tax-saving tips.
The draft Direct Taxes Code unveiled by Finance Minister Pranab Mukherjee on Wednesday proposes raising the tax exemption limit on savings to Rs 3 lakh.
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.
Form 16 contains details of salary income, deductions, and exemptions.
Anamika Pareek explains the advantages of investing in tax-saving options like the equity-linked savings schemes.
ELSS are mutual funds that invest in the stock market and give the tax benefit under Section 80C of the Income Tax Act.
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.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
Many people invest in insurance with a view to saving taxes. So what are the tax rebates available to an individual in respect of premium paid on life insurance policies?
Clawing the economy back to an 8 per cent growth path will require bringing savings and investment rates closer to 35 per cent on a sustained basis, which were 30.2 and 29.6 per cent, respectively, in FY22, according to a report. As per India Ratings, a large part of investments will have to be in infrastructure, which can help revive private investments by easing supply constraints and offset the weakening of external demand due to global headwinds. Higher investments will have to be accompanied by higher domestic savings to keep the savings-investments gap under check.
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
If tax planning is high on investors' agenda, small savings instruments emerge as a natural choice.
Ensure the employer has all relevant documents. Else, your pay will take a serious hit in the next two months.
If saving taxes is a cause for concern, filing tax returns is an equally worrying thing for most taxpayers. Thanks to the complex system of tax filing, with its various forms and exclusions that invariably change every financial year, taxpayers are left in the lurch! Here's a simple ready reckoner that takes you through the steps to file tax.
If you like the safety of a steady predictable income, every month, quarter or year, then there are a number of tax-saving instruments available for you. In fact, most of the tax-saving paper you could buy earlier was in this category. For those who are uncomfortable with fluctuating incomes that market-linked instruments give, these are the products for you.
Loss incurred in F&O transaction is considered as speculation loss and this can be carried forward to subsequent years, provided you file your return within the due date, says direct tax expert Vikas Gandhi.
In the face of tax blow, brokerages remain sanguine about the prospects of asset management companies (AMCs). A sharp correction in the shares of AMCs over the past three months factors in most of the negatives and turned valuations attractive, observe analysts. In its latest report, Kotak Institutional Equities (KIE) has upgraded HDFC AMC to 'add' (from 'reduce') and reprised 'add' and 'buy' ratings on the rest of the listed AMCs - Nippon, UTI, and Aditya Birla Sun Life.
ELSS, or tax savings funds, are diversified equity funds that offer a benefit under Section 80C. Here's how to make sure you invest smartly.
Follow these simple steps if you want to create a solid retirement corpus and retire young, says Anamika Pareek.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
In financial year 2010-11, the likes of Larsen & Toubro, India Infrastructure Finance Company Limited, Power Finance Corporation and IDFC issued these in tranches.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
Direct tax expert Vikas Gandhi offers some valuable tips.
'I believe the modified scheme is much more beneficial and simpler.'
Sandeep Shanbhag offers tips on post Budget taxation rates.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
Interest accrued on PPF account is exempt from tax.
The first step in tax saving through family tax planning is to adopt the concept of divide and rule. The simple rule is that each family member must have his or her independent source of income so as to legally become an independent tax payer under the provisions of the income tax law. Under the income tax law it is not possible to arbitrarily divide one's income amongst different members of the family - and then pay lower tax in the names of different family members.
The criteria for filing returns when you possess phone or house previously existed. However, there is no such requirement now. Irrespective of what you own, you are required to file return only if your total income exceeds the exemption limit, says tax expert Vikas Gandhi.
One has to include one's savings bank interest while calculating one's taxable income and pay tax on the same, says direct tax expert Vikas Gandhi. In ITR, one needs to have schedule of income from other sources. For online payment of tax, visit tin.nsdl.com.
'Sebi had no problem with derivatives until trading exploded after Covid.' 'But now, having built a dangerous road, from which different entities, mainly governments, are extracting a heavy toll, Sebi is concerned that people are driving on it in much greater numbers,' explains Debashis Basu.
Gift received from relatives are exempt from tax and hence one does not have to pay any tax on such income, says tax expert Vikas Gandhi. One can show such incomes under Exmept Income schedule.
There is a need to incentivise R&D investments, offer corporate tax concessions and establish an effective intellectual property rights regime in order to push the growth of domestic pharmaceutical industry, as per the industry bodies. Outlining the sector's wish list for the upcoming Union Budget, Organisation of Pharmaceutical Producers of India (OPPI) Director General Anil Matai urged the government to explore methods to incentivise R&D investments, such as deductions on R&D expenses, research-linked incentives for MNCs, and corporate tax concessions.
The government is believed to be mulling over a new tax-saving scheme to garner 'idle money' lying with households and elsewhere in the system, primarily to fund building infrastructure.
One of the best ways to beat the market is through SIP (Systematic investment plan) which is based on a simple rupee averaging principle.
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