Among other expectations, finance minister may choose to increase the income tax exemption limit by Rs 50000.
You can use various deductions enlisted in the Income Tax Act to save your income tax liability.
Under section 234 C, you have to pay an interest at 1% rate of interest for one month
Union budget 2015 should bring increased tax exemption limit, increase deduction under section 80D and 80C. Finance Minister should also offer extension of section 80EE and 80TTA.
Some reasons for this fear being heavy tax and penalty payments, possible devastating impact on the business, mental harassment faced during such raids etc.
In an interview to CNBC-TV18, tax expert, Suresh Surana, RSM Astute Consulting Group spoke about saving capital gains tax.
As per the recent instruction of tax authorities, if the rent payment exceeds Rs 1 lakh and the employee is claiming house rent allowance exemption then he has to furnish the permanent account number of the landlord.
Purchase of residential property is one of the most important and long-term decision and there are several tax aspects, personal finance expert, Suresh Surana, RSM Astute Consulting Group said.
Dr. Suresh Surana, Chartered Accountant and founder of RSM Astute Group. The search and survey operations conducted by the Income tax department, commonly known as Income tax raids (‘raids’), has always been one of the worst nightmares of businessmen, high earners and corporates.
The issue of taxability of minor’s income is gaining importance in the current scenario mainly due to increasing number of child artistes, sportsmen and increasing trend of investing in the names of minors.
Budget 2011 – Budget to Augment Foreign Investments Dr Suresh Surana, Founder, RSM Astute Consulting Group