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Taxes

REC Bonds to Save Long Term Capital Gains Tax u/s 54EC

After NHAI, REC (Rural Electrification Corporation Ltd) too has come up with its fresh issue of Capital Gains Bonds (Series IX) of Rs 1,000 crores. REC Capital Gains Bonds – Significant Points: Offer Period: April 1, 2013 – March 31, 2014. So you can invest in these bonds for the entire financial year of 2013-14 Annual Interest Rates: 6% [...]

NHAI Capital Gains Bonds to Save Long Term Capital Gains Tax u/s 54EC

In case you are looking to save your long term capital gains, National Highways Authority of India (NHAI) has come up with its fresh issue of Capital Gains Bonds (Series XIV) of Rs 4,000 crores. NHAI Capital Gains Bonds – Significant Points: Offer Period: April 1, 2013 – March 31, 2014. So you can invest in these [...]

Tax Planning: How to Save Taxes for FY 2013-14 (AY 2014-15)?

Everyone wants to save taxes but don’t want to spend time to understand How they can do it! In fact saving and investing money is as important if not more than earning it. Keeping this in mind I have prepared a 43 slides presentation covering all sections under which you can save tax for this [...]

Advance Tax Payment Advertisement from Income Tax Department

Advanced Tax Payment by Salaried Employees

If you have paid attention to newspapers in last few days, there are lots of advertisements from Income Tax Department about paying your advance taxes before March 31, 2013. Most Salaried individuals are not aware about advance tax and there is a misconception that Advance taxes needs to be paid by businessmen or self employed [...]

Property Tax Rates in Delhi for FY 2013-14

The property tax is based on the annual value (AV) of covered space of buildings and vacant lands. The entire New Delhi area has been divided into 8 Categories from category A to H. Some colonies in these categories are: Category A: Anand Niketan, Friends Colony, Maharani Bagh Category B: Greater Kailash 1, R K [...]

Whose name can Tax Saving investment be done?

We know that we can save taxes by investing in various instruments. But a few days back I got queries on whose name can various investments eligible for tax saving investment be done. There are people who want to invest in their wife’s or child’s name or jointly and claim tax exemption on the same. [...]

Best Tax Saving Fixed Deposit Rates U/S 80C – March 2013

Its last month of the Financial Year and in case you have not yet invested completely for your 1 Lakh Tax exemption u/s 80C and looking for Tax Saving Fixed Deposit (FD) Schemes, here is the list of top 30 banks with their Interest Rates. The best Tax Saving Fixed Deposit Interest offered is 9.50% [...]

SBI Tax Saving Fixed Deposit - March 2013

SBI revises Tax Saving Fixed Deposit Rate to 8.75%

State bank of India (SBI) has revised the interest rate on its Tax Saving Fixed Deposit Scheme to 8.75% for General Public while interest rate for Senior citizens has remained the same at 9.00%. As I have pointed out earlier, if you see the advertisement by SBI, it promises annual yield of 17.39% for Senior [...]

Budget 2013: Are you eligible for Rs 2000 Tax Rebate under Sec 87A?

The highlight of budget 2013 for common man was the Tax Rebate of Rs 2,000 for people with income of less than Rs 5 lakhs. This has been made possible by inserting a new section 87A in the Income Tax Act of 1961. I posted the Income Tax calculator for FY 2013-14 and received a [...]

16 Personal Finance Changes in Budget 2013

Every budget changes lots of things in the personal finance space. Here is a list of 16 things that has changed for you. 1. Income Tax Slabs for FY 2013-14 The income tax slabs have largely remained unchanged for individuals. There are two major changes. People with income less than Rs. 5 Lakhs have to [...]

Budget 2013: Additional 1 Lakh exemption on Home Loan U/S 80EE

I have written earlier that this budget 2013 did not tinker much with income tax rates but thankfully has given incentive to buy your first house. The new section 80EE: Until now you could claim deduction on interest of your home loan to maximum of Rs 1.5 lakhs every year [under sec 24 of Income [...]

Income Tax Calculator for FY 2013-14 [Excel Download]

Income tax rates are one thing which every common man is worried about. The finance minister, P Chidambaram in his Budget 2013-14 kept the income tax rates unchanged. The table below shows the summary of tax slabs for FY 2013-14. There are two minor changes: Super rich have to pay more taxes. A surcharge of [...]

LIC Jeevan Sugam – Review

LIC (Life Insurance Corporation) has launched LIC Jeevan Sugam which is a non linked Single Premium Limited Period Plan. This is third plan launch from LIC in last two months. The last two launches were LIC New Jeevan Nidhi Plan [a pension plan] & LIC Flexi Plus Plan [Unit Linked Insurance Plan]. These launches are [...]

UTI Rajiv Gandhi Equity Savings Scheme NFO

Mutual Funds eligible for RGESS (Sec 80CCG)

Earlier I had written about details of Rajiv Gandhi Equity Savings Scheme (RGESS) under Section 80CCG and steps to invest in the same. Here is a list of Mutual Fund Schemes which are eligible for RGESS. Though there is no limit of how much you can invest in these schemes but the maximum benefit for [...]

How your wife can help you save taxes?

We all want to save taxes and thankfully we need not look too far. Did you know your wife can help you save your taxes? Income Tax Clubbing Rule: If your wife has no income and you invest in her name then the income earned on such investment is clubbed to your income. This is [...]

Income Tax Dept Extends Filing Deadline for AY 2012-13 ITR-V Forms to March 31, 2013

Income Tax Dept Extends Filing Deadline for AY 2012-13 ITR-V to March 31, 2013

Income tax Department in a recent notification has extend the time limit for filing ITR-V forms relating to Income Tax Returns filed electronically for A.Y. 2010-11 (filed during F.Y. 2011-12) and for A.Y. 2011-12 (filed on or after 1st April, 2011) and for A.Y. 2012-13. ITR-V forms for AY 2012-13 can now be filed up [...]

How to Download ITR V from Income Tax Website?

How to Download ITR V Form?

If you have filed your Income Tax Return electronically, your Income Tax return is incomplete until you send your ITR V to Income Tax Department in Bangalore. In case you are wondering where to find your ITR V, here are the steps: In your email: Once you file your income Tax return, Income Tax department [...]

What does Intimation U/S 143(1) of Income Tax Act mean?

One of my friends called me in a worrying voice telling me he had received an email from Income tax department with subject “Intimation U/S 143(1) for PAN ABCxxxxx4A AY:2012-13”. As with most of us, any communication from taxmen makes us worried and it was not much different for my friend. Are you in the [...]

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