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.
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.
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.
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.
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.
Ulip investments can be claimed as a deduction from taxable income. But there is a catch to this which most insurance companies do not tell you.
Section 54EC bonds give positive returns, despite a lock-in and tax on interest income.
Find out which amongst the three tax-saving options investors should opt for.
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.
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.
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 last date of filing income tax return for individuals, salaried person is 31st July, 2007, says tax expert Vikas Gandhi.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
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."
With barely a few days left before the current financial year (2007-08) comes to an end, it's time to pay taxes and file returns.
FM, in the revised estimates for 2012-13, projected a fiscal deficit of 5.2 per cent. This is now likely to be revised in light of better than expected revenue realisation and savings.
Here's a quick round up on what you should do whilst you apply finishing touches to your tax planning.
Anamika Pareek explains the advantages of investing in tax-saving options like the equity-linked savings schemes.
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.
Here are some key parameters that need evaluation before you select the right tax-saving fund.
That's what ELSS investments have to offer, coupled with other benefits.
'I believe the modified scheme is much more beneficial and simpler.'
The finance minister's tax giveaways are what have saved tax-payers from the impact of inflation and higher home loan rates.
But to avail the benefit of this new tax-saving scheme you will need to ask your employer to make some changes to your CTC package.
Recently, Finance Minister Pranab Mukherjee had assured industry that the government was open to re-examining proposals in seven key areas.
Do you want to know if your investment in a house, mutual fund, insurance or real estate taxable? How is tax calculated on your ESOPs?
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
American president Barack Obama has once again targeted American companies having their operations in India to save taxes back home and called such businesses tax evaders.
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.
If you have one and attach digital signature while e-filing, there is no need to submit a hard copy. However if you file without a digital signature, then you will have to submit a hard copy of ITR-V (generated on the e-filing) within 15 days of e-filing, says Vikas Gandhi
Investmentyogi simplifies equity linked savings schemes for Get Ahead readers and discusses the pros and cons.
Ramalingam Kalirajan explains the pros and cons of both investment types.
The Central Board of Direct Taxes has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
What are the tax benefits investors get on investing in mutual funds? Read on to find out. . .
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.
Investments of up to Rs 100,000 in tax-saving funds are eligible for deduction under Section 80C of the Income Tax Act. This has opened up a new spectrum for investors while conducting their annual tax-planning exercise.
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