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Income tax

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 [...]

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 [...]

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 [...]

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 [...]

HRA Declaration Form – If Landlord does not have PAN Card Number

January is the time when companies ask their employees to submit investment proofs and rent receipts for claiming income tax benefit/ exemption. Claiming HRA in case you pay a rent of more than Rs. 2,00,000 is cumbersome now. This is due to a new regulation last year from Income Tax Department stating that you need [...]

Mutual Funds – Tax on Equity, Debt and International Funds

Equity Mutual Funds are one of the best investments for long term while debt mutual funds are good instruments to park cash for shorter term. But as for any investment you should know about their returns, risk and the taxation. This post explains the tax on your mutual fund investments. Mutual Fund – Types: For [...]

8 Questions about Tax Exemption on HRA

Its time when companies ask their employees to submit their investment proofs, rent receipts for claiming HRA benefit, Home Loan proofs and all other related documents. And this is when many of us have related to Home Loan, HRA etc. In this post I have answered the following eight questions on HRA (House Rent Allowance). [...]

12 Changes in 2012 that impacts your Investment

Today is the last day of 2012 and thanks to SEBI, RBI, and Finance Ministry among others which made some significant changes in your personal finance and investment. I have listed 12 of them. 1. One Scheme One Plan for Mutual Funds: Mutual Funds till now had multiple version of the same scheme – one [...]

How to claim HRA if your Landlord does not have PAN Card?

Its time that companies have started asking for Income Tax Investment proofs along with your HRA (House Rent Allowance) proof. As most of you might be aware as per notification from Central Board of Direct Taxes (CBDT) made it mandatory for for anyone paying more than Rs. 1,80,000 rent per annum to provide rent receipts along with [...]

Tax Treatment for Various Financial Assets

Tax Treatment of Various Financial Instruments

Taxation on your investment is as important as the return on Investment. All financial instruments go through three stages Investment Earning Withdrawal The tax rules vary across the above three phases. This post would tell you how different financial Instruments are taxed in these three phases and what would be its impact on you. Based on [...]

Design Mascot Contest for Income Tax Department

Design Mascot for Income Tax Department and win Rs. 1 Lakh

Income Tax Department has come out with Mascot Design contest and offering Rs. 1 Lakh cash reward to the winners. Criteria For Selection: The Mascot should visually unify the vision and values that Income Tax Department wants to promote, such as: Payment of tax as a value norm in the society and a core duty [...]

Income Tax Department extends I-T returns filing date to August 31

The Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns ITR for assessment year 2012-13 to August 31 from July 31. This means, you can file your I-T returns for FY2011-12 till August 31, 2012. CBDT, in a notification said, “On consideration of the reports of disturbance of general life [...]

File your IT return Free with Cleartax.in

A few days back I had written about the various website options to file your tax return. Some readers find it inconvenient to file tax returns through income tax website and so there are several websites trying to simplify the process and charge for this. The good news is – cleartax.in a new website in [...]

Last Date for filing Income Tax Return is July 31

Income Tax department today published a advertisment in leading dailies informing about the last date of filing tax return is July 31, 2012. It also features the following: Its mandatory to e-file tax returns if the income exceeds Rs. 10 Lakh for FY 2011-12. A salaried employee with Rs. 5 Lakh income is exempted from [...]

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