How much should I borrow for a house? People have often asked us this question regarding the best home loan. Generally, you should not borrow above 50% of your take home salary. Other monthly payments such as insurance premium must be deducted while calculating repayment capacity. While taking the decision regarding your best home loan, you also need to consider the tax … [Read more...] about Getting The Best Home Loan
Tax To-Do list: All sources are good sources – report money from everywhere
It is a human tendency to hide what we have from others, to keep to ourselves and not share. However, it is very important for taxpayers to disclose the amount they receive from other sources than their primary source of income at the time of filing returns. The total tax payable by the taxpayers can be rightly calculated only if income from other sources in the form of rent, … [Read more...] about Tax To-Do list: All sources are good sources – report money from everywhere
ITR Filing Exemption: Checklist for Salaried Taxpayers
CBDT has notified that the individuals with total income up to Rs. 5 lakh for fiscal 2010-11 are not required to file their income tax returns. While this is a positive move by the government, this exemption from filing ITR is NOT applicable to most of the taxpayers. Especially for those who fully comply with the tax laws and declare all their income, this exemption will bring … [Read more...] about ITR Filing Exemption: Checklist for Salaried Taxpayers
Tax To-Do list: Deadlines matter – honor the due date to file your return
We all suffer from the habit of waiting till the very last hour to do any work. Waiting for the last due date to pay our bills, waiting for the last moment to reserve our tickets and so on. The application of this habit while filing your tax return can be quite harmful. The most important drawback of filing the ITR post its due date is that your refund gets delayed. Also, any … [Read more...] about Tax To-Do list: Deadlines matter – honor the due date to file your return
IT Department Set To Act upon Tax Evaders
The Finance Ministry has taken its campaign against the tax evaders to the next level. It has asked the Income Tax department to take strict prosecution decisions in cases of tax evasion where tangible assets have been stashed in foreign countries. Earlier, before the department could initiate any legal action, it had to seek permission from the higher authorities. Now, … [Read more...] about IT Department Set To Act upon Tax Evaders
