Not reporting your exempt income i.e LTCG, PF amount, Dividend etc. is also a common practice among taxpayers. The income from such sources is considered as exempt under the Income Tax laws and no tax is levied on income from such sources. This is one reason that most taxpayers do not think it necessary to report income from these sources. It is important that taxpayers … [Read more...] about Tax To-Do list: If it’s exempt, why hide it?
Tax Saving not limited to Exemptions, There’s More
View quick summary Most taxpayers have the knowledge of the exemptions under the Income Tax Act which help in reducing their taxable income. They are aware that they can claim deduction upto Rs. 1 Lakh under section 80C through investment in NSC, PF, PPF, Life insurance policies, repayment of housing loan, tuition fees. However, what they miss on, are the small but important … [Read more...] about Tax Saving not limited to Exemptions, There’s More
Tax Changes FY 2013-14: Investment in Rajiv Gandhi Equity Saving Scheme
To encourage the investment from small investors in the domestic capital market, year 2012 saw the introduction of a new section. This section of 80CCG offered tax benefit to new retail investors whose gross total income was less than or equal to Rs. 10 lakh and who wished to invest up to Rs. 50,000 in eligible securities. Under the amendment, new retail investors with a gross … [Read more...] about Tax Changes FY 2013-14: Investment in Rajiv Gandhi Equity Saving Scheme
Govt Goes Online to Discuss Anti-Tax Evasion Law
Following the differences between experts and the opposition regarding the government’s decision of making tax evasion a criminal offence, the finance ministry will be launching a portal to seek suggestions on the issue. Once the website to handle these suggestions is launched on Tuesday by the National Informatics Centre (NIC), the email id, blackmoney@nic.in will also be … [Read more...] about Govt Goes Online to Discuss Anti-Tax Evasion Law
Interest on Higher Education Loan is Fully Deductible
A higher education loan qualifies for deduction if it is taken from any financial institution or approved charitable institution. Personal loans from individuals, relatives and friends, are not eligible for this deduction, as is the case with home loan. Deduction for Interest on Higher Education Loan You can claim deduction for interest for up to eight years from the start of … [Read more...] about Interest on Higher Education Loan is Fully Deductible
