Jhaveri should start by asking that the transport and medical allowances in his salary, which are now taxable, should be replaced with a newspaper allowance. He should also ask for a higher telephone allowance. This rejig will cut his tax by about Rs 9,400. Jhaveri already invests in the NPS and claims deduction under Sec […]
Proof Submission 2018-19: Points to Note to Save Maximum Tax!
Proof Submission activity for FY 2018-19 is just around the corner and you must already be assessing various tax saving investment options under Section 80C. With focus being on exhausting 80C limit, it’s highly possible that you end up investing in options that are not suitable for you. Here are the Key Points to Note: Calculate your tax liability before investing […]
Donating for a social cause? Here is an alternative to Section.
Donating for a social cause? Here is an alternative to Section 80G of I-T Act for superior tax breaks Donations made to institutions that have got permission to solicit such funds under Section 35AC can get you deduction of 100 per cent of your donations, whereas most charitable donations (barring a few specified funds) under […]
Siddhivinayak Temple to accept shares as offerings, here are tax.
Siddhivinayak Temple to accept shares as offerings, here are tax implications Under the present tax laws, transfer of shares within one year of purchase with capital gains will be taxed at the short-term capital gains rate of 15 per cent. However, if the share transfer happens after a year and STT has been paid, the […]
Are you an active stock trader? Here’s why you should get your.
Are you an active stock trader? Here’s why you should get your tax audit done Trading in equities is becoming common among the salaried class. More and more of salaried employees are seeking to invest in stock markets to gain inflation-beating returns over the long run. Stock trading activities during the day happen in cash, […]
Should you opt for ‘consultant’ status to lower tax outgo?
As a consultant you are required to pay a flat 10 per cent tax on income while an employee is taxed as per applicable slab, the highest being 30 per cent along with surcharge. Sarbajeet K Sen Moneycontrol As a consultants you are required to pay a flat 10 per cent tax on income while […]
Got your Form 16? You should file income tax returns early to.
Tax experts say in case you have not yet got your Form 16 it is time to remind your employer since a few weeks of the new financial year has already elapsed. Tax experts say in case you have not yet been handed over Form 16 it is time to remind your employer since already […]
5 common mistakes while making investment declaration
Do not submit false tax-saving proof: Your employer is only responsible for TDS deduction based on your income-tax investment proof submission. The employer cannot be held accountable if any wrong information provided by the employee. Sarbajeet K SenMoneycontrol All you need to do is to submit proof of investments already made and the tax-saving investments […]
Want your income tax refund early?
Taxpayers whose refunds are delayed are often responsible themselves because most of the reasons are in their control, say tax experts Sarbajeet Sen As you prepare yourself to file your returns, you need to do ensure that all details are filled in properly so as to help the tax authorities to process your refunds, if […]
How NPS will help Bahugana further lower her tax outgo
More tax can be saved if Bahugana invests in the NPS under Sec 80CCD(1b). She already puts Rs 25,000 in the scheme in a year. If this investment is raised to Rs 50,000, she will save Rs 1,300 more. At 36, Bahugana should opt for a balanced allocation in the NPS. Next, she should ask […]
