Tax savings Beyond Sec. 80C All of us are almost clear about the Section 80C of the Income Tax Act, where we are getting deduction of upto 1 Lakh from the taxable income. But for most of us, the life insurance premium, PF, School fee etc will, exhaust the entire limit of 1 lakh. How […]
Tax Implications on sale of House property My friend Deepak sold his flat last month with a bumber profit of 20 lakhs. He purchased this flat for 30 lakhs in December 2009 and now sold at 50 Lakhs in Dec.2011. Cool profit of 20 Lakhs in just 24 months! He had the biggest shock in
The Central Board of Direct Taxes (CBDT) has exempted salaried employees with an income up to 5 lakhs from filing income tax returns this year. They have announced this last year also with lot of conditions. The conditions are such that almost nobody can avail the exemption. Let us see who will be exempted from
Don’t file Income Tax return if your income is upto 5 Lakhs! Read More »
I am sure, by the start of this new year, all of us started thinking about tax planning for this financial year. Ideally we should have started planning for this in April-2010, to get the optimum benefit. Let us discuss what we can do in the remaining 3 months of this financial year. Actually, tax
There was lot of expectation from Direct Tax Code (DTC), which is going to replace the Income Tax Act.1961.But when it was tabled in the parliament on 30th August.2010, the big reforms are missing. It can still undergo minor changes because, the date of implementation is 1st April.2012. There will be 3 slabs for the
