Ensure details are filled correctly as it needs to be matched with the IT department’s database. Like every year, you must be preparing to file your income tax returns. Here is something that you should be careful about: ensure every detail is filled in correctly as it needs to be matched with the income tax department’s (ITD) database. Also, some norms have changed for you if … [Read more...] about Things to keep in mind before filing tax returns
Tax Refunds
Mediclaim Premium for Family is Deductible
When you pay mediclaim premium up to Rs. 40,000 during a financial year, for self, spouse, dependant parents or children, it is considered as a deduction from income. The payment of the premium should be made out of taxable income, by any mode except cash. Hence, the taxable salary reduces up to maximum of Rs. 40,000 (view table). This makes mediclaim premium a tax benefit that … [Read more...] about Mediclaim Premium for Family is Deductible
It’s not too late to make the RIGHT MOVE
View quick summary Waiting till the last minute to do your Tax Planning, can make you lose the Tax benefits you deserve. Here’s what you can still do. Financial security is the end goal of every individual. With the ever changing economical conditions, ensuring stability is a major concern. Better tax planning can help you achieve this goal in a comprehensive manner. However, … [Read more...] about It’s not too late to make the RIGHT MOVE
Govt: No Proof for Rise in Tax Evasion
In a written reply to the Upper House of the Parliament, Minister of State for Finance SS Palanimanickam said that there is no evidence suggesting rise in the incidence of evasion of tax payments over the last few years. He added that the collection of direct tax has increased by more than six times over the last 10 years (2001-02 to 2010-11). Further, he said that the growth … [Read more...] about Govt: No Proof for Rise in Tax Evasion
Tax To-Do list: Expand your investment portfolio
If you think 80 C is the section which can help you avail tax benefits. You are absolutely right. It has been a noticeable trend among taxpayers that their investment in public provident fund, national savings certificates and mutual fund schemes is most of the times less than the advised limit. These investment tools can help you maximize your return benefits to a very large … [Read more...] about Tax To-Do list: Expand your investment portfolio