Tax Refunds

Claiming Under section 80 C

by

As a taxpayer, you are entitled to reduce your tax liability by making certain investments during the year. Section 80C is specifically meant for claiming deductions in respect of payments/investments such as contribution to Provident Fund, ULIP, ELSS, life insurance premium, and investments in NSC. The complete list of deductions is given below: You are entitled to reduce your … [Read more...] about Claiming Under section 80 C

Tax To-Do list: The Sooner the Better – File your return early

by

The idiom “The sooner the better” is also true for tax return filing. However, we Indians being serious procrastinators, don’t actually believe one bit in it. We enjoy completing things at the last moment without realizing the consequences. Most of the tax return filers have all the information required for filing their income tax return in the months of May-June itself. But … [Read more...] about Tax To-Do list: The Sooner the Better – File your return early

Impact of New Direct Tax code

by

Ministry of Finance rationalizes the strategy behind the New Direct Tax Code as: “...Any complex tax legislation increases the cost of compliance as well as administration. Given that the cost of compliance is essentially regressive in nature, this undermines the equity of the tax system. Similarly, high cost of administration is wasteful....” “....Any further rationalization … [Read more...] about Impact of New Direct Tax code

Are you a Smart Taxpayer? Check with this Tax To-Do List

by

Longer working hours, more travelling time, insufficient work force, exhausting deadlines and so on... There are so many things today’s working professionals endure just to ensure more income and the affordability of a good lifestyle. Each individual works smart and hard to achieve a fatter pay check, more profit on investment and greater savings. However as the financial year … [Read more...] about Are you a Smart Taxpayer? Check with this Tax To-Do List

Only one house can be claimed as self-occupied property

by

What if you own the property, but not the land: To be considered an owner, you need not own the land on which the property is built. For e.g., you can be the owner of a shop in the mall, but may not own the actual land on which the shop is built. Power of Attorney: If you are entitled to exercise all rights in relation to the property, such as selling and letting out of the … [Read more...] about Only one house can be claimed as self-occupied property