Taxpayers can now breathe a sigh of relief. Instances of bullying of assesses by I-T officers during income tax surveys have been reported in the past. In case of a survey, the authority in the hands of the tax officials are limited and do not include seizure of cash, other assets, etc. However, junior officials often use the permission to survey for twisting the arm of … [Read more...] about CBDT Introduces New Measure, I-T Surveys To Be More Transparent
Buying House through Loan is Better than Renting
Buying a house is one of the most important decisions of your lifetime. If you have available down payment (typically 15% of house value), you can borrow balance 85% against the house you intend to buy. Buying House for Tax Saving The benefits of home loan interest deduction and repayment of principal will be more than the house rent allowance exemption. Buying a house using … [Read more...] about Buying House through Loan is Better than Renting
New Rules of Tax Filing for 2014: House Property
Additional deduction (u/s 80EE) of Rs. 1 lakh is available in respect of interest paid on loan availed (during the FY 2013-14) for acquiring new residential house property. The said deduction is subject to certain conditions mentioned below:• The loan sanctioned by the financial institution must be during the period 1st April, 2013 to 31st March, 2014. • Amount of loan … [Read more...] about New Rules of Tax Filing for 2014: House Property
Tax Changes FY 2013-14: A house abroad, more returns
According to recent judgments, anyone purchasing a property outside India is still eligible to avail deduction under section 54F. This is subject to the purchase being made using the net consideration amount arising from the sale of any long term capital asset other than the residential property, and provided all the conditions as laid down in the respective section have been … [Read more...] about Tax Changes FY 2013-14: A house abroad, more returns
Govt: DTC to Bring Back Black Money
With the implementation of the Direct Tax Code (DTC) in April 2012, the Government expects to bring black money back to India. The finance ministry has developed a comprehensive strategy to tackle this problem by outlining the provisions of the DTC which will increase its scope to include individuals’ bank deposits outside India and unreported bank deposits for other than … [Read more...] about Govt: DTC to Bring Back Black Money
