In the last five years, your tax slab has been raised only once. In 2014, your basic exemption limit for income tax, if you are not a senior citizen, was raised to Rs2.5 lakh from Rs2 lakh. Analysis of various…
Tax changes from last 5 years
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Tax Exemption on Capital Gains
Taxpayers can reap the benefit of tax exemption on capital gains if these are invested in various schemes introduced by the government. The Income Tax (I-T) Act grants total/ partial exemption of capital gains under various schemes. The benefit of…
ITR 1 Requires Taxpayers to give Interest Income Break-up
This year you will have to give a break-up of your interest income when filing the basic income tax return (ITR) form, ITR 1. This will make it difficult to claim wrong tax breaks relating to interest income as the…
7 Income Tax Rules effective from April 2019
Budget 2019 – your financial planning for the new financial year, i.e., 2019-20 should take into account the changes in the personal finance landscape that come into effect from April 1 this year. So here are the 7 Tax and…
ITR Filing last date – 2019
All persons with income above the exemption limit need to file the income tax return (ITR). Currently, the exemption limit is Rs 2.5 lakh in a financial year, while for those between 60 and 80 years, income up to Rs…
6 Best options to avoid last-minute Tax Saving rush
End of the Financial Year just around the corner, some of us would be in a hurry to make last-minute tax-saving investments. However, choosing the right tax-saver with such little time left is not easy. This is because there are…
Tax Deductions – Section 80
Tax Rebate 87A of Income Tax Act Rebate under section 87A of Income Tax Act is obtainable in the form of a deduction from the tax liability. It was first introduced in the Finance Bill of the year 2013 with…
Saving options with EEE Tax Benefit
Most of the tax savings investment schemes come with a mandatory lock-in period and are long-term in nature. People who are looking to invest in risk-free investment options can consider investing in government-backed investment schemes which are unaffected from the…
Tax Rebate 87A of Income Tax Act
Rebate under section 87A of Income Tax Act is obtainable in the form of a deduction from the tax liability. It was first introduced in the Finance Bill of the year 2013 with a view to provide benefits to the…
Section 80EE – Tax Deduction on Home Loan Interest
Section 80EE allows Income Tax benefits on the interest portion of the house property loan availed from any financial institution. The deduction allowed under this section is for the interest paid on a home loan for up to a maximum…