The tax season is here again. It’s time to dust up your older investment files, call your tax consultant to quantify the tax-saving investments to be made and decide where you wish to invest this year. Instead of conducting a meticulous exercise, however, most people simply jump at the first product pushed by their neighbour, [...]
It is time to start working on your tax savings. With just 2 months away from March 31, it is time to execute some action. Infrastructure bonds are gaining popularity as a tax saving instrument because of the recently introduced tax benefit under 80CCF. Under this Section of the Income Tax Act, an investor can [...]
What are tax-saving infrastructure bonds ? These are special bonds issued by institutions such as Industrial Finance Corporation of India (IFCI), Infrastructure Development Finance Corporation (IDFC) and any non-banking financial company, also called infrastructure finance company by the Reserve Bank of India. In financial year 2010-11, the likes of Larsen & Toubro (L&T), India Infrastructure [...]
Who should file returns? If you are an NRI, you would have to file your income tax returns for 2010-2011 if you fulfil either of these conditions: Your taxable income in India during the year 2010-2011 was above the basic exemption limit of Rs 1.6 lakh OR You have earned short-term or long-term capital gains [...]
Making investments that enables one to save on income tax is one of the commonest and yet one of the least well-planned investments. Most of us are happy that the tax-saving investment we make has saved tax. Whether it suitable as an investment or not is generally not thought about. Why does this happen? The [...]
The Central Board of Direct Taxes (CBDT) has given a breather to individual tax payers from declaring high-value transactions with banks, mutual funds, credit cards, etc via the income tax return forms. The newly notified income tax return forms for the Assessment Year 2011-12 – including Sahaj, Sugam, ITR 2, ITR 3 – do not [...]
The wait for income-tax refunds is not as clueless an exercise as it used to be earlier. Now you can find out the status of your tax refund—whether it’s in process or has been despatched—at the click of the mouse. Individuals in the four metros and other bigger cities, including Ahmedabad, Hyderabad, Pune and Patna, [...]
Meaning of Advance Tax , Who is liable to Pay Advance Tax, Rates of Advance Tax, Instalment and Due Dates of Advance Tax, How to Deposit Advance Tax, Advance Tax Calculator in Excel , Complete Procedure of Advance Tax, Interest for deferment of Advance Tax , Waiver of Interest, Interest for non/short Payment of Advance [...]
Perhaps one of the most ignored challenges after retirement is to manage your benefits. Ironically, you are anxious about everything else: the sharp fall in income, life without colleagues, lack of drive, and so on. But for obvious reasons, you are excited about the benefits—provident fund, gratuity, leave encashment, superannuation fund, etc. However, not all [...]
Earning a salary? Looking to save tax the smart way? Then you have two options. First is salary restructuring and second is tax saving instruments. Here we take a look at both these options and how to use them effectively. Salary restructuring: As the term implies, salary restructuring allows you to redesign your salary, so [...]
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