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
Tax Refunds
Tax Saving through Joint Investment with Spouse
Financial planners contend that couples should ideally start with making joint investments. When husband and wife make joint investments, they not only strengthen their household’s financial fiber, but are even closer to a comprehensive view of the real situation. Joint Investment with Spouse The tax man has set limits for the joint finances of the two spouses. He has no … [Read more...] about Tax Saving through Joint Investment with Spouse
Nine reasons for getting a tax notice
The Income Tax Department has launched a drive to ensure greater tax compliance. In recent months, thousands of taxpayers have been served notices after discrepancies were noted in their tax returns or their TDS details. This sudden rise in the number of tax notices is not because people have stopped paying tax or filing their returns. It's just that the tax authorities now … [Read more...] about Nine reasons for getting a tax notice
Interest on Higher Education Loan is Fully Deductible
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
Govt: DTC to Bring Back Black Money
With the implementation of the Direct Tax Code (DTC) in April 2012, the Government expects to bring black money back to India. The finance ministry has developed a comprehensive strategy to tackle this problem by outlining the provisions of the DTC which will increase its scope to include individuals’ bank deposits outside India and unreported bank deposits for other than … [Read more...] about Govt: DTC to Bring Back Black Money