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 has increased the basic threshold limit … [Read more...] about Tax threshold limits increased in Budget 2014 but no changes to tax rates
Income tax
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 list of investments and expenses … [Read more...] about Tax deduction ceiling limit for section 80C hiked in budget 2014
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 investment limit to Rs. 1.5 lakh for the financial year … [Read more...] about PPF ceiling limit hiked to Rs 1.5 lakhs in budget 2014
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 claim income tax deduction on interest on home loan or … [Read more...] about How to claim income tax deduction on interest on home loan
What is Portuguese civil code in income tax return form or ITR forms
From assessment year 2013-2014 onwards you are required to fill out a column “are you governed by Portuguese civil code” with your answer as yes or no. Without answering this question, the ITR form fill not allow you to proceed. Same thing is required for assessment year 2014-2015 income tax return forms. In this article we will let you know income tax provisions for … [Read more...] about What is Portuguese civil code in income tax return form or ITR forms
How to file income tax return for a deceased person
In case of a deceased person, the spouse or the legal heirs of the deceased person can file income tax return for the financial year. Income tax computation and procedure of filling income tax return will be same as it’s normally applicable to a person who is alive. In this article you will come to know those extra measures that are required for filling income tax return for … [Read more...] about How to file income tax return for a deceased person
Tax deduction for a sole proprietor business man in India – For AY 2014-2015
Sole proprietor business means a business entity which is run by one individual and for which there is no difference between the owner and business. Sole proprietor is also called a self employed person or an individual. IT act offers various tax deductions for a sole proprietor or self employed person. If you are a self employed person or sole proprietor then you can take … [Read more...] about Tax deduction for a sole proprietor business man in India – For AY 2014-2015
Income Tax deductions or benefits for a disabled person
Disabled persons are allowed certain tax benefits as per the present tax laws of the country. Below in this article we have mentioned few benefits that are available specifically to a disabled person. Deduction for Specified Diseases – Section 80U An individual being a disabled person with specified diseases can take benefits of section 80U. To claim tax deduction the person … [Read more...] about Income Tax deductions or benefits for a disabled person
3 best Traditional investment plans for higher tax deductions
Are you looking for an investment plans to get higher tax deductions on your income. If yes, then read this article to know 3 best investment plans that can help you in your tax planning. Public Provident Fund Public provident fund or PPF is a long term investment plans in India which will give you 8.7% interest per year. Section 80C of income tax act, allows tax … [Read more...] about 3 best Traditional investment plans for higher tax deductions
Recurring Deposits – Tax provisions on Interest and Principal amount
Recurring deposits are the best investment option when you do not have a lump sum amount to invest. In a recurring deposits scheme, you can invest a fixed amount periodically to get a good return at the end. In our previous article we have discussed income tax provisions on fixed deposits and various drawbacks. Today in this article we will discuss income tax provisions on … [Read more...] about Recurring Deposits – Tax provisions on Interest and Principal amount