In case of a physically handicapped person, he gets a threshold deduction of Rs 50,000 from the taxable income. Further if such disability is more than 80%, the limit of Rs 50,000 increase to Rs 75,000. Thus in your case you will be starting paying tax only when your income exceeds Rs 1,60,000.
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.
Wealth tax is exempt upto Rs.1500000/-. Any excess wealth will attract tax at the rate of 1 per cent of the net wealth. This rate is irrespective of the slab rate of income tax in which you fall, says tax expert Vikas Gandhi.
Exclude travel allowance from your salary. This will reduce your taxable income. In addiiton to this you can invest upto Rs 100,000 either in Life Insurance, PPF, NSC, fixed deposit with bank and claim further further reduction, says Vikas Gandhi.
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.
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Indians do not buy insurance for the sake of insurance
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?
You do not have to pay Income Tax on investment in shares, says tax expert Vikas Gandhi.
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.
You cannnot take benefit for a home loan which has been taken in some other persons name, says tax expert Vikas M Gandhi.
However if the Short Term Capital Gain is on account of shares or equity oriented mutual fund, on which Securities Transaction Tax was levied, then the gain will be taxed @ 10% only. Only gains part is charged to tax.
The last date of filing income tax return for individuals, salaried person is 31st July, 2007, says tax expert Vikas Gandhi.
An excerpt from 'Money Smart: The Indian Woman's Guide To Managing Wealth' by Reenita Malhotra Hora and Divya Vij that reveals various options to help you save tax as well as invest for creating long-term wealth.
Postal Time Deposits are similar to Fixed Deposit that you keep with Bank. For claiming deduction, the minimum period for which you should keep such Time Deposit is of 5 years.
That's what ELSS investments have to offer, coupled with other benefits.
Soon after the finance ministry cleared the haze on tax treatment of equity linked savings scheme, fund managers are lining up such policies to tap investors eager to participate in the stock market boom and simultaneously save tax. \n
'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.'
If your employer has already filed TDS returns, for all the four quarters of the year, he will have to revise all the returns, wherein your wrong PAN was mentioned.
You can get into an auto rickshaw, say, Mahal jayengey, and hop off at the Jai Mahal Palace which is the home of the Scindias who ruled Gwalior from the late 1700s to 1947.
Invest early. Plan your taxes.
Tax-saving funds are a key part of any portfolio that is designed for the Rs 100,000 investible limit as defined under Section 80C.
Dear readers, we had asked you to send in your personal finance queries to be answered by Basis founder and CEO Hena Mehta. Here's the first batch of responses.
Investment guru and mutual fund expert Ashok Kumar, answers all your MF related queries.
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?
What are the tax benefits investors get on investing in mutual funds? Read on to find out. . .
But the party favoured most of the proposals on indirect taxes.
Another major development is REITs coming closer to reality
The negative aspect about the Budget is that the capital expenditure has been marginally cut to achieve the fiscal deficit target assumptions, and the onus of sustaining investment demand till private capex revives continues to vest with the public sector enterprises, notes Jyotivardhan Jaipuria.
Want to know how to claim tax deduction on property income you earn? Do you know how to withdraw unclaimed EPF money?
In January 2017, the growth in total premium was Rs 13,138 crore, against Rs 10,284 crore in January 2016, a growth of 28 per cent.
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After the lock-in, ELSS investments should be en-cashed only when an important financial goal has arrived or there is a medical or other financial emergency in the family, says Anil Chopra -- Group CEO & Director, Bajaj Capital.
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