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
Tax Refunds
Tax Evasion Checklist: Selling A House Bought On Loan Within Five Years
Buying a home on loan and selling it within 5 years since purchase will reverse the tax benefits gained on home loan principal repayment under Section 80C and make it taxable. Here are the common reasons where you must cross-check before handing over your income tax return (as published in ET Wealth on Feb 13, 2012): Ignoring income from investment in the name of spouse, … [Read more...] about Tax Evasion Checklist: Selling A House Bought On Loan Within Five Years
Tax Evasion Checklist: Not Including Interest Income In Your Tax Return
You have interest income if you have: Invested in FDs or bonds Purchased Infrastructure Bonds A recurring deposit account A savings bank account Invested in NSCs The interest earned must be reflected in your tax return as income from other sources. In some cases, TDS will be deducted before you're paid the interest amount. This, however, doesn't mean that the income … [Read more...] about Tax Evasion Checklist: Not Including Interest Income In Your Tax Return
Tax Evasion Checklist: Not Including Ornaments In Wealth Tax
Wealth Tax is payable if the market value of particular assets exceeds Rs 30 lakh. The tax to be paid is 1% of the combined value of the assets exceeding Rs 30 lakh. Assets that qualify for Wealth Tax are: Second house that's lying vacant for more than 66 days Gold and ornaments Art and artifacts Luxury cars, watches, yatches and aircrafts Over Rs 50,000 in cash By … [Read more...] about Tax Evasion Checklist: Not Including Ornaments In Wealth Tax
eFiling is Incomplete without ITR-V Submission
View quick summary Online filing of income tax returns (ITR) was introduced by the Government of India in 2007 as a step towards making the procedure easier for taxpayers. While the convenience of this solution has been embraced by people, it is important that assessees also ensure that they complete the process of eFiling their ITR. This completion is marked by the receipt of … [Read more...] about eFiling is Incomplete without ITR-V Submission
