Income tax

We have seen many changes in budget 2014, out of which some benefits are extended to individual tax payers like hike in section 80C, section 24 deductions etc. Today, in this article we will show you how one can avoid tax by taking advantage of various new amendments in IT act as passed in budget 2014. Let us first discuss these changes. Hike in Section 80C deduction … [Read more...] about Individuals need not pay tax on income up to Rs. 620000 – Impact of budget 2014

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

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

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

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

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

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