This year filling details under the head 'Income from other sources' in ITR-1 form will be different from last year as you are required to give detailed break-up.
Not only should you ask your employer for the NPS benefit, but you should also invest in the scheme on your own. You can reduce your tax outgo significantly.
The CII of 2019-20 has yet not been announced. To arrive at the capital gain, you will have to reduce the indexed cost of acquisition from the selling price.
You will not be eligible for a one-time exemption for investment in two houses as this is available on the sale of properties on or after 1 April 2019.
Not only should you ask your employer for the NPS benefit, but you should also invest in the scheme on your own. You can reduce your tax outgo significantly.
Earlier, employers were mandatorily required to download only Part-A of Form-16 from the TRACES portal and Part -B was issued using third-party software.
The amount is not subject to tax and there is no specific disclosure required for this amount, you are not required to disclose it in your tax return. Here's why
Not only should you ask your employer for the NPS benefit, but you should also invest in the scheme on your own for up to Rs 50,000. You can reduce your tax outgo significantly.
Among other things, the revised Form 16 will also include details of deductions in respect of interest on deposits in savings account, and rebates and surcharge, wherever applicable.
SEBI in a notification dated June 8, 2018, restricted the transfer of equity shares in physical form after December 5, 2018. This deadline was further extended to March 31, 2019.
Section 80C and 80D of Income-tax Act entitles specified taxpayers to claim deductions for the entire amount paid to the insurance company for specified insurance schemes.
The medical and transport allowances in Sharma’s pay are now taxable. If these are replaced by reimbursements for telephone expenses and food coupons, he stands to save more in tax.
Sometimes, a taxpayer may have to pay tax on the income of another person. Clubbing provisions in the I-T Act include reporting such income as the taxpayer's income.
Instead of relying on the group health cover provided by your employer, buy a separate health insurance for your family. This will cut your tax significantly.
