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Does Budget 2019 make 2nd house mandatorily 'self-occupied'? Experts differ

The question now arises that whether the second house of a taxpayer will be mandatorily treated as self-occupied or can still be treated as deemed to be let out.

Income tax dept to issue only e-refunds from Mar 1, 2019; bank account-PAN linking must

The income tax refunds will be credited only to bank accounts (savings/current/cash/OD) which are linked to PAN, w.e.f. March 1, 2019.

Tax optimiser: How salaried Manjunath can save Rs 70,000 tax via perks, LTA

If the company offers various perks like LTA, etc., your tax can surely reduce by a good amount. These are tax-free against submission of bills and actual usage.

Pre and post-Budget 2019: How tax benefit changes for individuals with 2 home loans

At present, if you have more than one property for self-occupation, then only one of those, would be considered as self-occupied property for taxation purposes.

Budget 2019: No marginal relief for taxpayers whose taxable income exceeds Rs 5 lakh

Budget 2019: No marginal relief for taxpayers whose taxable income exceeds Rs 5 lakh

The marginal increase in income above Rs 5 lakh will result in more tax outgo than the incremental increase in income

Tax queries: How much of my gratuity amount is tax-exempt?

The maximum limit amount of gratuity under the Payment of Gratuity Act, 1972 has been enhanced from Rs 10 lakh to Rs 20 lakh vide notification dated 29 March, 2018.

The impact & significance of tax changes

The only sector that saw substantive changes in the Finance Bill was real estate.

Medical expenses that can be claimed as tax break under section 80DDB

The deduction under section 80DDB can be claimed irrespective of whether you have paid a premium for a health insurance policy or not.

Selling multiple flats to buy one? You can get tax benefits: ITAT

This recent ITAT decision will benefit taxpayers in Mumbai and in the absence of any contrary jurisdictional order will strengthen the case of other taxpayers.

Your parents, wife and children can help you save taxes. Here's how

Your parents, wife and children can help you save taxes. Here's how

Salaried individuals can save tax by paying rent to their parents and availing the HRA exemption benefit.

How to make payment of TDS on sale of property

PAN of the buyer and the seller is mandatory to make e-payment of TDS on sale of property. However, the TAN (Tax Deduction Account Number) is not required to make this payment.

Your employer can help you reach zero-tax income level of Rs 5 lakh: Here's how

Here are six benefits that can help the salaried bring down the taxable component of income from the employer.

How reachable is zero-tax income level of Rs 5 lakh using deductions, exemptions?

For Rs 9.75L earners it will be difficult to claim deductions without drastic cuts in lifestyle.

Cabinet approves abolition of Ombudsman for direct, indirect taxes

The approval comes against the backdrop of people preferring online grievance redressal mechanism.

Want to reduce your taxable income to Rs 5 lakh? Here's a list of all deductions you can claim

Want to reduce your taxable income to Rs 5 lakh? Here's a list of all deductions you can claim

If your gross total income is in the range of Rs 6-11 lakh, you could try and claim tax deductions to reduce it to Rs 5 lakh.

Tax queries: Gifts received from a relative are tax-exempt

"According to Section 56(2)(vii) of the Income-Tax Act, gifts received from relatives are not taxable. The specified list of relatives includes grandparents and grandchildren as well. "

Tax optimiser: How salaried Tushar can save Rs 1.3 lakh tax via perks, NPS

Not only should you ask your employer/company for the NPS benefit, but you should also invest in the scheme on your own. You can reduce your tax outgo significantly.

Budget 2019: Tax break for Rs 5 lakh earners is huge tax planning incentive for middle income group

Taxpayers very close to the threshold limit will have to ensure their income does not exceed Rs 5 lakh.

Tax rebate on Rs 5 lakh income: Helping the poor but surgically striking out the rich

The virtuous cycle is completing itself. The payoffs of GST and tax reforms are being reaped by those who need it.

Budget 2019: Income up to Rs 5 lakh can pay zero tax but still need to file ITR

Budget 2019: Income up to Rs 5 lakh can pay zero tax but still need to file ITR

If you are earning anything above these exemption limits annually, then you need to file your ITR.

How much money this Budget can help you save

The change in standard deduction from Rs 40,000 to Rs 50,000 for salary earners will benefit even those with annual incomes above Rs 5 lakh.

Budget 2019: Nine things you need to know about personal tax

If you are a resident taxpayer earning taxable income (after all applicable deductions) up to Rs 5 lakh, you will get full tax rebate.

Budget 2019: What happens to your taxes now

What about the others, I.e., those earning more than Rs 5 lakh? Do they stand to gain anything? ​Pick the case study nearest to your annual salary to determine the Budget impact.

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

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

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

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

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

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

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

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 properties.

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

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

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

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

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

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?

What is a Tax Deduction Number?

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

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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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