The two physical asset classes of real estate and gold have for long been considered safe havens by Indian investors, and are usually a very large chunk of portfolios. While financial products are gaining ground with investors, real estate and…
Tax on Gold and Real Estate
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Post Office Deposits Income Tax Benefits
A post office offers various deposit schemes to investors. These are also known as small savings schemes. The USP of these schemes is their sovereign guarantee, i.e., it is backed by the government. Some of these schemes also offer tax-saving…
Report Other Income in Tax Returns
When you file your income tax return (ITR), Form 16 issued by your employer may not be the only document you need. The income from selling capital assets, house property and interest on deposits needs to be disclosed in your…
New Income Tax Rules: No escape just by Paying Penalty
The revised guidelines issued by the Income Tax department have made serious offences under the black money and benami laws generally non-compoundable. It means that an individual or an entity would not be able to get away by just paying…
Tax on EPF after Retirement
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 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…