The Income Tax Department has launched a drive to ensure greater tax compliance. In recent months, thousands of taxpayers have been served notices after discrepancies were noted in their tax returns or their TDS details. This sudden rise in the number of tax notices is not because people have stopped paying tax or filing their returns. It's just that the tax authorities now … [Read more...] about Nine reasons for getting a tax notice
Tax Saving through Joint Investment with Spouse
Financial planners contend that couples should ideally start with making joint investments. When husband and wife make joint investments, they not only strengthen their household’s financial fiber, but are even closer to a comprehensive view of the real situation. Joint Investment with Spouse The tax man has set limits for the joint finances of the two spouses. He has no … [Read more...] about Tax Saving through Joint Investment with Spouse
Tax Changes FY 2013-14: Life insurance premium deductions
At present section 80C allows deduction on life insurance premium paid only when premium paid is less than 10% of the sum assured. However, said limit of 10% is applicable only for general category of taxpayers. To provide additional tax benefit to taxpayers suffering from severe disability or with specified ailment, the premium limit has been increased from 10% to 15%. Other … [Read more...] about Tax Changes FY 2013-14: Life insurance premium deductions
Investment in Post Office Instruments Becomes Taxable
The Central Board of Direct Taxes has recently issued a notification saying that all the incomes which will be earned from the post office savings schemes are going to be taxed from the ongoing financial year. This is being done in order to keep a track of all the deposits that are made under these schemes and at the same time bring them to the level of bank interest earnings. … [Read more...] about Investment in Post Office Instruments Becomes Taxable
Tax Changes FY 2013-14: Contribution to health schemes
Earlier no deduction was available under section 80D for the contribution made in other health schemes offered by the central and state government which were formulated in line with CGHS(Central Government Health Scheme). In order to bring such other schemes at par with CGHS, deduction with respect to the contribution made in such other health schemes has now been allowed. … [Read more...] about Tax Changes FY 2013-14: Contribution to health schemes
