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Buying a house continues to be tax saving

The Direct Tax Code Bill approved by the Cabinet has proposed to continue the tax benefit on home loans.

Query Corner: Tax

Our expert helps you understand the complexities of tax in this column.

New direct tax code to alter ‘resident’ status

Our expert offers tips on various tax-related issues in this column

Impact of deductions

Let us study the impact of these deductions on one's tax liability:

Query Corner: Tax

Our expert helps you understand the complexities of tax.

Decoding the goods and services tax

Our expert offers tips on various tax-related issues in this weekly column

Welcome to the world of e-filing, it’s smart, easy and a lot fast too

Too bogged down by routine work to file your taxes? Try e-filing and discover how income-tax dept has made filing tax returns real Saral. ET tells you how to get the right clicks.

Tips to speed up your return filing process

Tips to speed up your return filing process

Query Corner: Tax

Our expert Vaibhav Sankla, Executive Director, Adroit, helps you understand the complexities of tax.

e-filing I-T returns: Get your maths right

As the last date for filing income tax return for individuals approaches, it is time to scurry around to arrange for the requisite documents and make several calls to their tax consultants.

Specified bonds can spare you capital gains tax

Our expert offers tips on various tax-related issues.

Query Corner: Tax

Our expert helps you understand the complexities of tax.

Query corner: Tax

Vaibhav Sankla, Executive Director, Adroit helps with your tax planning.

DTC: Sops galore for home buyers

In its revised discussion paper on direct tax code, govt has given a number of sops to house buyers. Impact of revised DTC on your budget | Impact on common man

Get a fix on the recent changes in TDS rules

Our expert offers tips on various tax-related issues in this weekly column.

Query corner: Tax

Vaibhav Sankla, Executive Director, Adroit helps with your tax planning.

Learn to claim deductions for education loan

Our expert offers tips on various tax-related issues.

Query corner: Tax

Vaibhav Sankla, Executive Director, Adroit helps with your tax planning.

Keep in mind valuation rules while gifting property

Our Expert offers tips on various tax-related issues in this weekly Column.

Query corner: Tax

Vaibhav Sankla, Executive Director, Adroit helps with your tax planning.

How to avail tax deduction on house rent allowance

You can claim exemption on HRA under I-T Act if you stay in a rented house and get HRA from your employer. Deemed owner liable to tax I Capital gains tax on property

Nuances of home loan tax benefits and HRA exemption

Here are various situations an individual can find himself in and understand what the I-T Act permits him to do. Tax incentive for loan borrowers | Choosing a loan scheme

Query Corner: Tax

Our expert helps you understand the complexities of tax in this weekly column.

Capital tax exemption can be claimed on purchase of a new property

Vikas Vasal, partner, KPMG India says that capital tax exemption can be claimed on purchase of a new property.

Home is where the money is

Tax exemptions can be used to save taxes on housing loans & HRA.

Towards more collaboration: Evolving relationship with large taxpayers

Is the relationship between large corporate taxpayers and tax authorities more confrontational than collaborative? Perhaps yes. But, an improved and healthy relationship is not a complete pipe-dream.

Education loan for your child? Here is some relief for you

You can get a tax benefit for educational loan taken for pursuing higher education personally or for spouse and children. Managing personal finance

Got an I-T notice? No need to panic

The income tax authorities for various reasons may issue a tax enquiry notice. Sometimes you may also receive a notice despite filing your returns.

Deferred tax under MAT?

For a taxpayer, the determination of correct tax liability is as important an exercise as the legitimate tax planning. In today’s scenario, the determination of correct tax liability poses several challenges. The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-Tax Act is one such case.

On a foreign assignment? Check out net-of-tax salary

A recent decision by the IT Appellate Tribunal can impact those who receive net-of-tax salaries while on international assignments.

Web site's just virtual asset for tax net

How does a company show the expenses on developing its Web site? Can it book the amount to claim a deduction, thereby lowering the tax outgo?

The dividend gold rush may not always be worth it

March was action-packed as many companies declared dividends. The main reason was that they wanted to make use of the benefit of lower dividend distribution tax (DDT) on dividend payouts.

Hard times for the aged on tax front

Senior citizens will now find it tough to escape from TDS net. ET offers some tips.

What to pick: HRA or office flat?

Shalini Jain & Chander Talreja from E&Y evaluate 2 options before many office-goers.

Dummies guide to filing tax returns

Here are some tips to all taxpayers on what they need to keep in mind when it comes to personal income tax.

Computing tax exempt portion of your HRA

The exemption applicable to house rent allowance (HRA) is covered under Section 10 (13A) of the Income-Tax Act. Normally, it is a part of the salary package over and above your basic salary and dearness allowance (if any).

Don't count on exemptions

What if you are told that every penny you earn will be taxed - either now or later! You may argue that this statement is incorrect as recently you have invested Rs 1 lakh in Public Provident Fund and Life insurance policies, which not only give you a tax break under Section 80C, but even the interest/returns thereon and the withdrawals/maturity amounts are tax free.

It's an open & shut case

There has been talk of doing away with open-ended tax exemptions. We explain what this means for individuals.

Defining moments: Profit from I-T

Tax-free income and deductions have to be considered separately for the purpose of tax benefit. Read on to know why.

Beyond tax: Leave behind an asset not a liability

Please start to think beyond tax. Whether you can buy insurance or not for your children/grandchildren is a secondary matter.

The best bondings

Investors should distinguish between tax-free and tax-saving bonds to arrive at their actual tax liability.

Here are few ways to refine transfer pricing regime

Initial positions by a tax authority tend to evolve towards ‘globally accepted best practices’ over a time frame and India is no exception to this rule. Some of the key areas to address the concerns and move towards the global practices are discussed below:

Income Tax: All about it

Income tax is a tax levied directly by the central government on the incomes earned by the individuals and other non-individual entities such as Hindu Undivided Family (HUF), partnership firm and so on during a financial year. These various sources of income include salary, pension, capital gains, sale of financial investments, interest income, other incomes and so on.

Unlike the Goods and Services Tax (GST) Council where the Union Finance Minister and State Finance Ministers decide the rates, the income tax rates are announced by the Finance Minister during the year’s Union Budget.

The rate at which your total income earned during the year will be taxed depends on the slab in which your income falls. Over and above the income tax, a cess and surcharge is levied. The cess is payable by all taxpayers. For those earning more than Rs 50 lakh a year, a surcharge is levied between 10 percent and 37 percent.

The total income earned by a taxpayer during a financial year has to be reported to the government in the assessment year by filing income tax return (ITR).

Financial year is the year in which income is earned by a taxpayer; a financial year is between April 1 and March 31. Assessment year is the year immediately following the financial year for which the return is to be filed.

Income earned from various sources such as salary, pension, interest from fixed deposits (FDs), savings account, capital gains from sale of house, equity mutual funds, debt mutual funds and so on have to be reported in ITR.

1. What is the basic exemption limit for individuals aged below 60 years?
According to income tax laws, it is mandatory to file ITR if your income exceeds the basic exemption level. The basic exemption level depends on the age of the individual during the financial year.

Currently, for individuals below 60 years of age, the maximum income exempt from tax is Rs 2.5 lakh in a financial year. This can change depending on the announcements made in the Union Budget.

2. What are the tax rates at which income is charged?
The income tax slab rates are 5 percent, 20 percent, and 30 percent.
Also Read: Latest income tax slabs

3. How to file income tax return
An individual can file income tax return by registering himself on the incometaxindiaefiling.gov.in or via private e-filing websites.

4. What is the difference between gross total income and net total income?
Gross total income refers to the total income earned by the taxpayer. Income tax laws allow an individual to claim certain tax-exemptions (such as house rent allowance) and deductions under various sections such as section 80C for investments made in Public Provident Fund, equity mutual funds etc. of up to Rs 1.5 lakh.

Gross total income minus tax-exemptions and deductions would result in net total income. The tax liability of the person will be calculated on the net total income.

5. What is the last date to file income tax return?
The last date to file income tax return for individuals is July 31, unless extended by the government.


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