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Financial food for thought
Every salaried taxpayer often wonders if the Income Tax Act allows him or her to claim a deduction for HRA and also for interest on home loan. The answer is that he or she can claim tax benefits on both home loan and HRA in the same financial year.
Are you one of them who rush into gathering resources in the last-minute to save tax? Often, many fail to plan their tax deduction and still many are not aware of the investments and expenses that can be claimed for tax deductions under various sections of the income tax act. To help you out, we have compiled 10 most overlooked tax deductions that can fetch you tax benefits.
With the financial year for 2017-18 just ending, you might have just declared your finances in your company for tax deductions. It is now time to declare your investments for the coming year. By knowing the tax rates, you can make sound financial investments that will give you the best returns and tax benefits.
Each year salaried individuals need to declare their investments to their respective companies to determine the TDS or Tax Deducted at Source. TDS is where your company based on your investments and tax declaration will deduct the funds from your monthly salary. Many people will declare a lot of investments which they might not go through with and pay tax in bulk at the end of the financial year. Those who invest only do it as another source of tax deduction and do not put in any real effort or thought into it.
The times have changed a lot where a person cannot pay the full cost of a home as the cost of properties have gone up so high. It used to be that if you can save money you can get a home but now it is not so. With the cost of rent also increasing with the owners looking at them as a source of retirement income many people are thinking it is better to buy a home through home loans and pay the EMI instead of paying rent which nowadays are almost equal.
It is that time of year where we start thinking of taxes or should I say that the companies you work for make you think about Income Tax
All You Need to Know About Tax RefundSwitching jobs has now become a common phenomenon unlike the yesteryear where sticking to one job was the norm, to gain stable income. However, it is wise to be conscious about claiming your tax refund and deal with multiple Form-16 when you lose your job or switch jobs.If you ever felt you had paid tax more than your tax liability, you can claim tax refund with an interest. Read on to know more about how to claim your tax rebate.
Common Sources of Interest Income You Are Likely to Forget to Include in Tax ReturnDisclosing all your earnings while filing income tax return is your basic obligation. Failure to furnish all your income sources may land you in trouble in the future. Many people might forget to include the incomes that accrue interest. Let's look at what are those sources of income that you tend to forget to include in in tax returnWhat Is Interest Income?Interest incomes
GST: How will it impact the property prices in India?The real estate industry amounts to 5% of India's GDP. It is considered the second largest employer in the country. It is also the area which had a complex tax structure prior to GST. Now that the rates for different industries has been announced and GST implemented, property buyers and developers are waiting to see how GST is going to aff
8 common mistakes while filing your tax returns and how to avoid them?It's the time of the year when the words Income Tax Returns are on everyone's minds. That's right it's time to file your tax returns. This article details about the common mistakes made by tax payers in their filings and how to avoid it.1. Selecting the right ITR formThere 7 types of forms based on the type of income a person has. For example, type 1 is for only a salaried person whi
Incomes that are exempted from taxIt is generally assumed that the more you earn, the more you are liable to taxation. But this is not completely true as certain types of incomes do not attract any type of income tax. Here we bring you 10 such type of incomes for your knowledge.1. Agriculture IncomeUnder the provision of the Indian Income Tax Act 1961, agriculture income is fully exempted from tax liability. But if the net income is more than INR 5000, it wi
Saving Vs Investing - What are the differences?A healthy financial status is a sign of prosperous life. To ensure that one must set his/her financial goals at the earliest. When it comes to financial goals, we are familiar with these two terms Saving and Investing. Knowing the subtle difference between the two will help you become financially prudent.Definition of SavingSaving could mean an amount l
Easy ways to raise money and make your travel dream come trueMany want to take a break from their busy schedule and unwind with a trip to a faraway exotic destination. However, lack of resources might play spoilsport against your ambitious trip.How can you overcome this little hiccup and raise funds for your travel? Read on to get the answers!1. Convert your Gifts into FundsOn ahead of your birthdays or festivals like Diwali, Christmas, Ramzan, you ca
Want to know how the changes in income tax rules in 2017 affect you?Don't have the time or inclination to plow through all the details? Do not worry – we have presented a quick summary of the specific provisions of this year's budget that affect you and your pocket. Provisions/changes in personal income tax are invariably the most eagerly awaited part of the Budget announcement. Following is an
How to Link Aadhaar Card with the PAN CardAccording to the Supreme Court ruling, it is mandatory for the taxpayers to link the Aadhar Card with the PAN Card and the deadline was set at 30th June. With the deadline already having expired, many might have failed to link the two documents. Have you not yet linked? You can relax! The date is further extended. Here are the procedures how you can link your Aadhaar card with the PAN card. How to link Aadhaar and PAN?
Impact of GSTBeing hailed as the biggest tax reform in India, the GST rollout is expected to redefine the entire tax system across all sectors. Unifying all taxes under one tax as ‘Goods and Services Tax', is truly a revolutionary step aimed to curb the impact of inflation on basic commodities. The GST slabs are fixed at 0%, 5%, 12%, 18% and 28%.Let's get a glimpse of how GST impacts real estate, automobile, personal loans and credit cards, and shopping. Impa
Income tax benefits on Personal LoanPersonal Loans are unsecured loans, which is ideal for situations when you need funds but don't have an asset to pledge as security. Generally, a personal loan is not taxable, as loans are not considered a part of your income when you are filing your IT returns.However, the personal loan must be from a valid source like a bank or other financial institution as loans from unknown sources may be considered as income while computing your t
Perusing the Union Budget in detail is certainly not everyone’s cup of tea. However, if you want to discuss this year’s budget over a cup of tea, here is a ready reference for your conversation! To get to speed on the 2017 Budget, read below for a quick and easy-to-digest analysis of the main aspects of this year’s budget.
Some general highlights include the fact that the Rail and Union budgets were combined for the first time. The total bu
Want to know how the Union Budget 2017 affects you, but haven’t had the time or inclination to plough through all the details? Not to worry – below is a quick summary on the specific provisions of this year’s budget that affect you and your pocket.
Income Tax – how do the new provisions affect you?
– If your total annual income is between Rs 2.5 - 5 lakhs, your tax rate is halved from 10% to 5%.
Tips on Using an Income Tax Calculator
In life only two things are certain – death and taxes, goes the saying! Since paying taxes is such a certainty, and civic duty, it is good to make sure that you calculate and pay them correctly. In India, the Income Tax department is responsible for all activities related to tax process. It is under the supervision of the Central Board of Direct Taxes (CBDT) which is in turn under the Ministry of Finance. The provisions gov
Filing an accurate income tax return and paying taxes on time is a necessary annual ritual that you need to undertake every year. However, you can also be the recipient of a pleasant surprise is the form of an income tax refund from the government! Sometimes, due to lack of knowledge, oversight or time, we could make errors on our income tax return and pay more tax than is due. This can be quickly rectified.
How to apply for an income tax refund
If you h
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