Tax Refunds

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

Earlier no deduction was available under section 80D for the contribution made in other health schemes offered by the central and state government which were formulated in line with CGHS(Central Government Health Scheme). In order to bring such other schemes at par with CGHS, deduction with respect to the contribution made in such other health schemes has now been allowed. … [Read more...] about Tax Changes FY 2013-14: Contribution to health schemes

To encourage the investment from small investors in the domestic capital market, year 2012 saw the introduction of a new section. This section of 80CCG offered tax benefit to new retail investors whose gross total income was less than or equal to Rs. 10 lakh and who wished to invest up to Rs. 50,000 in eligible securities. Under the amendment, new retail investors with a gross … [Read more...] about Tax Changes FY 2013-14: Investment in Rajiv Gandhi Equity Saving Scheme

The Central Board of Direct Taxes has recently issued a notification saying that all the incomes which will be earned from the post office savings schemes are going to be taxed from the ongoing financial year. This is being done in order to keep a track of all the deposits that are made under these schemes and at the same time bring them to the level of bank interest earnings. … [Read more...] about Investment in Post Office Instruments Becomes Taxable

At present section 80C allows deduction on life insurance premium paid only when premium paid is less than 10% of the sum assured. However, said limit of 10% is applicable only for general category of taxpayers. To provide additional tax benefit to taxpayers suffering from severe disability or with specified ailment, the premium limit has been increased from 10% to 15%. Other … [Read more...] about Tax Changes FY 2013-14: Life insurance premium deductions