Tax threshold limits increased in Budget 2014 but no changes to tax rates

In budget 2014, our honorable finance minister has increased tax threshold limits for the financial year 2014-2015. Below this tax threshold limit, income for the financial year starting from 1st April 2014 to 31st march 2015 is not taxable in India. We have three different threshold limits divided based on the age group. Budget 2014 … Read More » "Tax threshold limits increased in Budget 2014 but no changes to tax rates"

Tax deduction ceiling limit for section 80C hiked in budget 2014

Tax deduction under section 80C is available to an individual or HUF who has invested in certain specified investments like PPF, life insurance and/or have incurred certain expenses like tuition fee. In budget 2014, the earlier maximum tax deduction limit of section 80C has been increased from Rs. 100000 to Rs. 150000 by keeping the … Read More » "Tax deduction ceiling limit for section 80C hiked in budget 2014"

How to transfer money from NRO Account to NRE Account

Now, RBI allow non resident Indians to transfer funds from their NRO account to NRE account within the overall ceiling limit of $ 1 million per year subject to payment of taxes as applicable to the NRI in India. Earlier to this notification, RBI only allow fund to be transferred from NRE account to NRO … Read More » "How to transfer money from NRO Account to NRE Account"

PPF ceiling limit hiked to Rs 1.5 lakhs in budget 2014

Our honorable finance minister in budget 2014 has hiked the maximum ceiling limit of Public Provident Fund scheme or PPF from last year figure of Rs. 1 lakh to Rs. 1.5 lakh. Now with a notification, government of India has changed the maximum ceiling limit of Public Provident fund Act, 1968 to increase the maximum … Read More » "PPF ceiling limit hiked to Rs 1.5 lakhs in budget 2014"

Benefits and drawbacks of investing in Kisan Vikas Patra or KVP

Kisan vikas patra or KVP is reintroduced by our honorable finance minister in budget 2014. Kisan Vikas Patra was discontinued since November 2011 by earlier UPA government. With its reintroduction, many small investors will be benefited by getting higher interest rate. For the benefit of our readers we will be discussing benefits and drawbacks of … Read More » "Benefits and drawbacks of investing in Kisan Vikas Patra or KVP"

How to apply for CA membership with ICAI – for a newly qualified CA

After passing out CA final examination of ICAI you must be thinking to apply for membership of ICAI. Please remember that passing out CA final course is not enough to get ICAI membership. To become a member of ICAI you are required to apply for it with all the documents and registration fee as required … Read More » "How to apply for CA membership with ICAI – for a newly qualified CA"

How to claim income tax deduction on interest on home loan

Various tax benefits are available on payment of interest and principal portion of home loan. Principal amount paid during the financial year can be added to section 80C tax deduction limit and the interest component is available as a deduction under section 24 of IT act. In this article we will be discussing how to … Read More » "How to claim income tax deduction on interest on home loan"