Be it school fees, medical insurance, etc., only the member making payment can avail the tax benefits offered. Both the spouses cannot claim the same tax benefit. If you have 2 children then each spouse that are actually making the payment can claim tax benefits for one child. Here are the common reasons where you must cross-check before handing over your income tax return (as … [Read more...] about Tax evasion checklist: Both spouses claiming tax benefit on same expenses
Tax Refunds
Tax Evasion Checklist: Not Paying Wealth Tax on Second House
Owning a vacant second home can attract wealth tax. The tax will be charged on the notional rental income of the property, keeping the market rent of the property's locality as basis. Certain concessions are applicable with this regard. Loan pending against the house will be subtracted from the market value of the property. Also, if the house is rented for at least 300 days, no … [Read more...] about Tax Evasion Checklist: Not Paying Wealth Tax on Second House
Infra Bonds Exemption To Increase To Rs 1 lakh
View quick summary The Indian Government is likely to increase the tax exemption offered by Infrastructure Bonds, which stands at Rs 20,000 now, to Rs 1,00,000. Incentives are also being chalked out for corporates and PSUs by offering tax exemption of up to Rs 1,000 crore on investing in Infra Bonds. The estimated requirement to fund India’s infrastructure projects for the 12th … [Read more...] about Infra Bonds Exemption To Increase To Rs 1 lakh
Tax Evasion Checklist: Withdrawing PF Within Five Years of Joining a Company
When shifting to a new company, the PF account under the previous company can be transferred to the new company. This way, the PF amount contributes to retirement planning. By withdrawing the PF amount while shifting jobs, the individual is liable for tax on the amount withdrawn. The tax laws state that if the PF amount is retrieved before delivering 5 years of continuous … [Read more...] about Tax Evasion Checklist: Withdrawing PF Within Five Years of Joining a Company
Parliamentary Standing Committee Tabled Preferable Suggestions For Budget 2012
The Standing Committee on Finance, headed by BJP leader Yashwant Sinha, suggested the following amends for Budget 2012: Increase the exemption for personal income tax from Rs 1.8 lakh to Rs 3 lakh Linking tax slabs to consumer price indexes which would automate adjustment of tax rates. Considering exempting insurance policy dividends from dividend distribution tax. The … [Read more...] about Parliamentary Standing Committee Tabled Preferable Suggestions For Budget 2012
