A higher education loan qualifies for deduction if it is taken from any financial institution or approved charitable institution. Personal loans from individuals, relatives and friends, are not eligible for this deduction, as is the case with home loan. Deduction for Interest on Higher Education Loan You can claim deduction for interest for up to eight years from the start of … [Read more...] about Interest on Higher Education Loan is Fully Deductible
Tax Refunds
Govt Goes Online to Discuss Anti-Tax Evasion Law
Following the differences between experts and the opposition regarding the government’s decision of making tax evasion a criminal offence, the finance ministry will be launching a portal to seek suggestions on the issue. Once the website to handle these suggestions is launched on Tuesday by the National Informatics Centre (NIC), the email id, blackmoney@nic.in will also be … [Read more...] about Govt Goes Online to Discuss Anti-Tax Evasion Law
CBDT Introduces New Measure, I-T Surveys To Be More Transparent
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
Tax Changes FY 2013-14: Contribution to health schemes
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
Tax Changes FY 2013-14: Investment in Rajiv Gandhi Equity Saving Scheme
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