A taxpayer can claim deduction of the amount paid towards repayment of the home loan from his income. Such loan must have been borrowed from specified entities like the government, bank, LIC, entities engaged in housing finance or specified employers.
Expressing concerns over rising instances of revenue authorities treating IT-enabled services, including BPOs and KPOs, as 'intermediary services', Nasscom Senior Director and Public Policy Head Ashish Aggarwal said there is an urgent need to address the outstanding issue.
Payments made towards health insurance premiums are also eligible for tax deductions under section 80D of the Indian Income Tax Act
It is not mandatory to save tax ‘only via’ insurance. Combination of other investment products (PPF, ELSS, etc.) will produce better results for you and your portfolio.
Do timely submit the proof of any tax saving investment you have made or deduction you are eligible to, so that excess deduction of taxes doesn’t take place.
While return from an investment is an important consideration for making an investment, tax benefits form equally important criteria for the taxpayer to select a sound investment
Understand the conditions attached to make the most of it.
"Lower than budgeted indirect tax revenues and weak divestment proceeds are a source of worry," wrote Radhika Rao, economist at DBS Group Research, in the commentary.
During the period, 8,917 cases of evasion of central excise, service tax and GST were detected, Minister of State for Finance Shiv Pratap Shukla said in a written reply to the Rajya Sabha.
In Switzerland, those who wish to get a pet need to pay taxes, which has to be paid annually and varies in each municipality.
The TDS amount that is deducted must be deposited with the government within a period of seven days from the end of the month in which the deduction is made.
For the salaried class, the months from January to March spell chaos as there is a rush to complete last minute tax saving measures.
One NRE savings account, one NRO savings account and one demat account in case you still hold shares from when you were resident, are typically enough for most NRIs.
The standard deduction of Rs.40,000 meant that a pensioner who is at the highest tax bracket of 30% would save Rs.12,000 of taxes.
On the eve of the last GST Council meet of the year, Chaiti Narula talks to Moneycontrol's Shreya Nandi to discuss the impact of a rate cut on different sectors, and also the ramifications of lower tax collections for the economy at large.
The Council will also likely discuss a proposal to lower the cess on plug-in hybrid cars to bring down effective tax incidence for such vehicles from 43 percent
While doing tax planning, it is imperative to keep in mind the key changes which were introduced in this year’s Union Budget.
Ramesh Abhishek, Secretary in the department of industrial policy and promotion (DIPP), said that the ministry is already taking up the matter with the department of revenue.
Several startups have raised concerns on taxation of angel funds under Section 56 of the Income Tax Act, which provides for taxation of funds received by an entity.
Much would depend on precise facts of the case. Nonetheless, the royalty payable by HUL for the usage of the brand would be taxable in India and also entail withholding tax obligations for HUL.
According to government estimates, this would cost Centre close to Rs 2,840 crore in FY20.
The tax receipt figures indicate net direct tax collection, which is arrived after adjusting refunds. The government has met 48 percent of the total budget estimate, for which the mop-up target is Rs 11.50 lakh crore.
Personal finance expert, Amol Joshi, Founder of PlanRupee Investment Services, will help you find out how tax efficient is it to invest in insurance products.
A couple can choose to split the rent or housing loan installment in any proportion depending on the salary structure to reduce the burden of the tax.
Government spokesman Benjamin Griveaux, a close ally of Macron's, said all policies involving taxation needed to be reevaluated from time to time and, if deemed not to be working, should be changed.