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ITR filing FY18-19

Budget 2019: No tax on rent you don’t get from 2nd home

The interim Budget has given relief to second home-owners by exempting the second property from tax on notional rent.

Budget 2019: Tax scrutiny goes digital; refund in a day

Within the next two years, almost all verification and assessment of returns selected for scrutiny will be done electronically through an anonymised back office.

Budget 2019: Sell a house and buy 2, with LTCG blessings

Under the new Budget provisions, if a taxpayer has LTCGs of up to Rs 2 crore arising from the sale of a residential house, she can avail the deduction by investing in two residential houses in India.

Budget 2019: Lenders hope you’ll bank on FDs again as TDS limit raised 4-fold

The Budget proposes to exempt TDS on interest income up to Rs 40,000 against Rs 10,000 earlier on FDs.

Budget 2019: Josh is high, but tax savings are low for the middle class

Budget 2019: Josh is high, but tax savings are low for the middle class

The increase in standard deduction will translate into a minor saving for those in the upper tax brackets.

Budget 2019: Here's how much tax low, middle and high income groups save

Piyush Goyal’s budget gifts full rebates to those earning up to Rs 5 lakh a year.

Budget 2019: Income tax on deemed rent from second house removed

Home owners will no longer have to pay tax on notional rent for second occupied homes.

Income tax rebate of Rs 12500 to those who earn up to Rs 5 lakh from April 1: CBDT Chairman

People having taxable income of Rs 6.5 lakh per annum too can avail "tax rebate" provided they invest Rs 1.5 lakh in specified investments such as PPF, GPF and insurances.

Plan to maximise tax benefits? Ensure tax-saver investments are aligned to your financial plan

Financial planners recommend keeping long-term financial commitments and goals, and not just tax breaks, in mind while carrying out this exercise.

Budget 2019: Income tax highlights

Budget 2019: Income tax highlights

The interim budget had a lot of good news for many taxpayers. So, here is a rundown of the most important tax changes announced in the Budget.

TDS threshold raised to Rs 40,000 from Rs 10,000

This is only a rise in TDS ceiling, not in tax exemption limit on interest incomes.

How a salaried person with income up to Rs 7.75 lakh can now pay zero tax

As per Budget, individuals with annual income up to Rs 5 lakh will get full tax rebate under section 87A.

Budget 2019 gives little to the rich, a lot to low income group: Here’s who gains and how much

The bigger gainers are all individuals with net taxable income up to Rs 5 lakh who will not have to pay any tax as per Budget 2019 proposals.

Propose to hike TDS threshold on rent income to Rs 2.4 lakh: FM

Among other measures, he said benefits under Section 80(i)BA were being extended for one more year for all housing projects approved till the end of 2019-2020.

Budget 2019: LTCG from sale of house can be invested in two houses

Budget 2019: LTCG from sale of house can be invested in two houses

Once the budget proposal is passed by the Parliament, this would mean that a taxpayer can save tax by investing the gains in two residential propert

Budget 2019 proposes to abolish tax on deemed rent from 2nd vacant house

As per the current income tax laws, notional rent is payable if one has more than one self-occupied house.

Budget 2019: Tax relief to spur spending on affordable homes

Affordable housing projects registered up to 2020 would have tax exempted under 80 I B. This one year exemption would benefit new projects.

Budget 2019: Only those with income up to Rs 5 lakh to pay no tax, rates remain same for all others

Anyone with net taxable income above Rs 5 lakh will not be able to avail this tax benefit.

Budget 2019 hikes TDS limit for rent paid by non-individuals, move to help rental income earners

This limit has now been increased to Rs 2,40,000 per annum. Essentially, this gives tax-related convenience relief to those who depend on rental income.

Interim Budget 2019 proposes to raise TDS limit to Rs 40,000 on bank and post office deposits

Interim Budget 2019 proposes to raise TDS limit to Rs 40,000 on bank and post office deposits

This will be a huge relief to those taxpayers who invest their money largely in bank fixed deposits and various post office deposit schemes.

Budget 2019: Standard deduction limit hiked to Rs 50,000

This move will bring more tax savings for the salaried class. Prior to the Budget, there were rumours that the Narendra Modi government was looking at options to give income tax benefits to the middle class.

Budget 2019: No income tax on individuals with income up to Rs 5 lakh

In the previous budgets also, the Narendra Modi led-government provided tax relief to taxpayers. In Budget 2014, the minimum tax-exemption limit was raised from Rs 2 lakh to Rs 2.5 lakh.

Have an ELSS SIP? Here's how to claim tax break when switching jobs

Form 12B contains details of your income from your previous employer as well as any tax saving deductions and exemptions claimed by you from that income.

When to take help of accountant for filing income tax return

Equity transactions may create short-term capital gains that are taxable. There may be capital losses that are eligible for set off.

Tax saving guide for FY 2018-19

Tax saving guide for FY 2018-19

Bookmark this page as we will be updating it with stories regularly to help you through the tax-saving season this year.

Do I need to pay income tax on the plot I sold to the government?

"If the plot was not rural agricultural land, you will have to pay long-term capital gains (LTCG) tax. "

What is a Tax Deduction Number?

Just as in case of a PAN, it is illegal to hold more than one TAN.

Why you should choose your tax saving options wisely

Some tax saving instruments may not be suitable for young professionals. Here's why.

These new tax laws allow you to save more tax in FY2018-19: Here's how

Here's a look at the new rules introduced in Budget 2018 and how much tax you would be able to save this financial year due to them.

Does a housewife need to file ITR for the money received from her husband?

Does a housewife need to file ITR for the money received from her husband?

"The income that you earn by investing this money will be clubbed with your husband’s taxable income. "

Tax optimiser: Salaried Prakash can save Rs 60,000 tax via NPS, tax-free perks

You can reduce taxes significantly with a few tax-free perks and the NPS benefit from your employer in addition to investing in the NPS on your own.

Tax queries: My wife is currently studying. Can I claim I-T deduction on tuition fee that I pay for her?

Deduction under Section 80C is allowed only for the tuition fee of only up to two children, provided their educational institution is situated within India.

Best tax saving option for FY 2018-19: Here's a comparison of top 10 instruments

Best tax saving option for FY 2018-19: Here's a comparison of top 10 instruments.

Here's how you can claim tax benefit on a top-up home loan

Some of us who want to renovate or repair our homes take a top-up over the home loan due to the long tenure of our mortgage (usually 15-20 years).

Tax Queries: Long-term capital loss can only be set off against LTCG

Tax Queries: Long-term capital loss can only be set off against LTCG

Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.

How LTCG tax will be calculated on shares where STT is not paid

You will need to justify the cost and purchase date of these shares through documents like physical share certificates, bank statements, demat account statements, etc.

Tax optimiser: Chandramouli can cut tax by Rs 83,000 via NPS, tax-free perks

Bangalore-based IT professional T. Chandramouli pays a very high tax because his pay structure is not very tax friendly. A good 15% of his income goes up in tax.

Time to save tax: 5 ELSS funds you could consider under 80C

Wealth managers recommend ELSS funds over other forms of investments under Section 80C due to the shortest lock-in period of three years.

Tax queries: DTAA can give tax relief if payable in multiple jurisdictions

Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.

Tax changes in 2018 that have affected your personal finances

Tax changes in 2018 that have affected your personal finances

Here are some of the important tax changes directly impacting your personal finances that came into effect this year and the dates when they became

Tax optimiser: NPS investment, medical cover can cut Mishra's tax outgo by Rs 66,000

You can reduce tax significantly if some taxable allowances in your salary are replaced with tax-free perks.

7 lesser-known investments, expenditures eligible for tax breaks

Did you know you that can claim tax deduction on stamp duty? Here are other tricks that can help you cut tax.

No tax benefit on house sale if new flat is in wife's name: ITAT

The sole reason for the denial was that the taxpayer bought the new house in his wife and adult daughter's names.

NPS withdrawal made 100% tax free

The government has made the NPS more tax-friendly by offering complete tax exemption to the 60% of the corpus that an investor can withdraw on maturity.

How to save tax on capital gains arising from selling a house

How to save tax on capital gains arising from selling a house

One can save capital gains tax by investing sale amount to purchase a house within 2 years from date of sale or construct a house within 3 years fro

No TDS on interest income up to Rs 50,000 for senior citizens

It has been brought to CBDT's notice that some TDS deductors and banks are wrongly deducting TDS even when the interest income does not exceed Rs 50,000.

How senior citizens can avail tax break on interest income under Sec 80TTB

Through section 80TTB, a senior citizen will be able to claim a deduction of up to Rs 50,000 from the total interest income earned during a financial year.

Tax savers start hunting for best ELSS ahead of tax-saving season

Traditionally, January to March is known as the tax-saving season.

Tax Optimiser: How Wahi can cut tax by Rs 94,000 via education loan, NPS

Wahi can reduce her tax by over Rs 94,000 if her organisation offers her the NPS benefit and few allowances are replaced with tax-free perks.

How to avoid tax saving traps set by unscrupulous wealth managers, bank officials

How to avoid tax saving traps set by unscrupulous wealth managers, bank officials

An average investor neither has the time or the inclination to go into the finer details of the policy.

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