Typically, all salaried individuals contribute at least 12% of their salary to the Employees’ Provident Fund (EPF) account, and their employer matches the contribution. Employees can even voluntarily contribute up to 100% of their salary to EPF, but employers are…
Tax on EPF after Retirement
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Tax changes from last 5 years
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 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…
Start Tax Saving in April
You should not postpone your tax saving investments till the last few days of the financial year as you might not be unable to claim the tax benefit for the year despite making the investment. Financial Year 2019-20 that began…
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…
ITR Forms now needs more details to file your Tax
The changes have been made regarding disclosure of information and computation of income, among other things, and change in method to disclose salary income, property-wise disclosure of arrears/unrealised rent, and many more for business owners. Several changes have been made…
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…