The Truth of SIP+ Insurance

Recent media reports suggest that the ‘SIP (systematic investment plan) plus insurance’ phenomenon will shortly come to an end. Leading life insurance companies under the aegis of an industry association have taken a decision to that effect. An eminent personality from the insurance industry was quoted stating that insurers would not offer insurance cover on [...]

Read Full Post »

Know about TAX FREE Incomes

Some important items of income, which are fully exempt from income tax are discussed in this article.

The following are some important items of income, which are fully exempt from income tax and which a resident individual Indian assessee can use with profit for the purpose of tax planning.

1. Agricultural income
Under the provisions of Section 10(1) [...]

Read Full Post »

Tax Smart Ways for Salaried persons

1. Exemption on soft furnishing expensesSec. 10(14) [of the Income Tax Act] offers exemption for expenses (and not allowances) incurred wholly, necessarily and exclusively in the performance of the duties. There are two distinct arguments to render soft-furnishing non-taxable.The first one is to claim that the employee needs to entertain guests at his residence for [...]

Read Full Post »

Can Employees claim deduction for donation deducted from salary?

We have received one circular that the amount as donation will be deducted from our salary to pay to recognized charitable trust (which has 80G deduction number allotted by IT Department) for the hospitalization of cancer patient. Accordingly, amount is directly deducted from our salaries and the lump sum amount is paid by the Employer [...]

Read Full Post »

अगर घर संयुक्त नाम से हो तो क्या केवल पत्नी किराया प्राप्ति दिखा सकती है

I’m a Govt. Servant and my wife is a housewife. I have purchased a flat in joint name, i.e., I’m the owner and my wife is a co-owner. We are planning to rent the flat and need following clarifications:1. Can rent be paid in my wife name?2. In the Income Tax Statement can she show [...]

Read Full Post »

रिटर्न के साथ कुछ लगाने की जरूरत नहीं

CBDT has issued a circular to mitigate the problem faced by tax payers while filing return . That the Return is annexure less was made clear earlier , however because of an amendment in section 139(9) , it was amended that the TDS/TCS certificate should be attached with the return. This has created confusion. Fortunately, [...]

Read Full Post »

Filing taxes? Common FAQs answered

Here are answers to twenty questions that crop up frequently in the taxpayer’s mind:
1. Heard of New Year. What are financial year, previous year and assessment year?A financial year (FY) is a period of 12 months commencing on 1 April of a year and ending on 31 March the next year. An assessment year is [...]

Read Full Post »

रिटर्न आसानी से भरने के लिए

एक पुरानी कहावत है कि पुरुष से उसका वेतन और महिला से उसकी आयु नहीं पूछनी चाहिए। यह कहावत आपके टैक्स सलाहकार पर लागू नहीं होती। साल का वह समय आ गया है जब आपको आयकर रिटर्न भरने के लिए अपनी आमदनी की जानकारी देनी होगी। रिटर्न भरने को आसान बनाने के लिए आपको क्या [...]

Read Full Post »

File Your Tax Return Online

FIRST, there were two-minute noodles. Then there were 30-minute pizzas. And now you can file your tax returns, online, in 20 minutes! And here’s the icing on the cake: the government has done away with that long list of documents you had to submit, earlier.
Should I go the online way?Chartered accountant Sandeep Shanbhag offers [...]

Read Full Post »

Income Tax and ITR Forms

JULY is that time of the year. No I am not talking about promotions and bonuses but rather the other side of it — the taxes and deductions. If paying tax wasn’t depressing enough, the government, last year, withdrew the simple Saral and introduced a host of complicated forms which will discourage even the most [...]

Read Full Post »