The idiom “The sooner the better” is also true for tax return filing. However, we Indians being serious procrastinators, don’t actually believe one bit in it. We enjoy completing things at the last moment without realizing the consequences. Most of the tax return filers have all the information required for filing their income tax return in the months of May-June itself. But … [Read more...] about Why you should eFile your return before due date!
Tax Changes FY 2013-14: Mismatch of TDS amount
In case you have a mismatch of TDS amount, you can get its benefit if you visit the assessing officer on your own instead of sending a representative. The CBDT vide instruction no 05/2013 dated 08.07.2013 has instructed that the assessing officer should give benefit of the TDS amount to the assessee on the basis of requisite details and particulars in the forms of TDS … [Read more...] about Tax Changes FY 2013-14: Mismatch of TDS amount
Shanti Bhushan Seeks Tax Deduction for Cardiac Surgery
Shanti Bhushan, a renowned lawyer and a member of the Lok Pal Bill drafting committee, is seeking approval from the Supreme Court of India for the allowance of income tax deduction for the expenses made on heart surgery. Though the plea made by Bhushan has been dismissed by the Delhi High Court on Wednesday, he has decided to move further with the same stand. Bhushan grounded … [Read more...] about Shanti Bhushan Seeks Tax Deduction for Cardiac Surgery
What is HRA Exemption?
Salaried employees usually face problems related to tax implications in claiming House Rent Allowance (HRA). HRA forms a part of the taxable salary of an individual residing in his own house or in a rented property. The basic idea behind the concept of HRA exemption is to provide the exemption of rent paid by the employees in their taxable salary. It is granted by the employers … [Read more...] about What is HRA Exemption?
New Rules of Tax Filing for 2014: Capital Gains, Commodity Trade and Purchase of Immovable Property
Changes in provisions related to Capital Gains: Tax rates for Short term capital gain have been bifurcated into 3 sections as per the Capital Gains Schedule: Short Term Capital Gain @ 15%, Short Term Capital Gain @ 30%, and Short Term Capital Gain @ applicable rate Similarly, tax rates for Long term capital gain have been bifurcated into 2 sections as per the … [Read more...] about New Rules of Tax Filing for 2014: Capital Gains, Commodity Trade and Purchase of Immovable Property
