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Tax queries: LLP not eligible to avail of presumptive tax benefits

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

Budget 2018: Tax exemption limit may be raised from Rs 2.5 lakh to Rs 3 lakh

The proposals before the ministry is to hike the tax exemption limit from the existing Rs 2.5 lakh per annum to at least Rs 3 lakh if not 5 lakh.

4 expenses that can help you save tax under section 80C

If you have incurred any of the below-mentioned expenses in the FY 2017-18, then you can claim deduction for it up to a maximum of Rs 1.5 lakh.

Tax-saving fixed deposits: 10 things you should know

The interest earned is taxable as per the investor's tax bracket. The interest on deposits is payable on either monthly/quarterly basis or can be reinvested.

10 dos and don'ts to ensure your claim of HRA tax exemption against rent paid is not rejected

10 dos and don'ts to ensure your claim of HRA tax exemption against rent paid is not rejected

What you must remember while claiming tax exemption of HRA or while filing income tax returns.

CBDT caps losses from house property for TDS at Rs 2 lakh

If an employee has declared a loss higher than Rs 2 lakh, the excess is to be ignored for calculating the amount of TDS, which is deducted monthly from salary income, CBDT has said.

ET Wealth ratings: Comparison of 10 tax-saving investments under Section 80C

Comparison of 10 tax-saving instruments on 8 parameters: returns, safety, flexibility, liquidity, costs, transparency, ease of investment and taxability.

Tax Optimizer: How salaried Vinayak can cut tax outgo by rejigging pay structure

Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.

You can cut tax via these 3 expenses and interest income also: Find out how

Here are a few more breaks available under 80C and various other sections of the I-T Act that you can make the most of to further reduce your taxable income.

HRA Exemption Rules: How to save tax on House Rent Allowance

HRA Exemption Rules: How to save tax on House Rent Allowance

The benefit is available only to a salaried individual who receives HRA as a part of his salary and is staying in a rented accommodation.

View: Benefits of zero tax on LTCG outweigh the possible revenue loss to the exchequer

The urban middle class faces risk of high inflation. Hence, a hedge is needed to offset this. It is time India’s future is built on domestic sources of capital.

Tax queries: You need not pay tax on sale of inherited shares

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

Your guide to tax saving investments for FY17-18

If you want to make the right decisions this tax-saving season, here’s a handy guide with stories that touch upon every aspect to help you manage your tax.

New helpline for income tax e-filing

The department issued an advisory, "Attention taxpayers: e-Filing help desk number has been changed. New Help desk number is: India Toll Free- 18001030025. Direct Number-+918046122000."

Tax Optimizer: How salaried Kumar can reduce his tax outgo by 23%

Tax Optimizer: How salaried Kumar can reduce his tax outgo by 23%

Many of the taxable allowances in Kumar’s pay structure should be replaced with tax-free perks. He gets a holiday allowance which is taxable in his

To avoid paying excess TDS submit tax saving proofs to your employer on time

Staff need to submit proof to back-up their investment declarations. These are papers you need to gather.

Tax queries: Who can claim tax benefit if more than one person pays the home loan EMI?

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

Booking under-construction flat not a purchase, merits tax relief

Under section 54 of the I-T Act, the period prescribed for investing the LTCGs in a new house is two years from the date of sale of the old house.

How to calculate taxable portion of gratuity

Currently, maximum tax-exempt gratuity is Rs 10 lakh. The government has tabled the Payment of Gratuity (Amendment) Bill, 2017 to raise the limit to Rs 20 lakh.

Tax Optimizer: How salaried Gupta can further reduce his tax outgo by 28%

Tax Optimizer: How salaried Gupta can further reduce his tax outgo by 28%

Taxspanner estimates that Gupta can reduce his tax further if his company offers him the NPS benefit and he invests more in the pension scheme himse

Tax queries: Contribution to NPS can lower tax liability

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

Tax dept's felicitation of highest tax payers makes HNIs nervous

With income-tax offices across India set to invite up to top 100 tax payers in their regions for felicitation, several individuals have red-flagged data-privacy.

Tax queries: Can I avail of any benefit of pension schemes to reduce tax liability?

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

How to save tax under Section 80C using mutual funds

You can save tax by investing up to Rs 1.50 lakh in equity-linked savings scheme (ELSS).

Tax Optimizer: How salaried Maniar can save tax via NPS investment, interest on study loan

Tax Optimizer: How salaried Maniar can save tax via NPS investment, interest on study loan

Sudhir Kaushik of Taxspanner.com advises readers on how to restructure their income, investments and expenses to optimise their tax.

Tax queries: Contact employer to get Form 16 error rectified

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

Tax queries: Is interest on KVP, post office MIS, term deposit taxable for senior citizens?

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

No tax relief on EPF interest if not employed: ITAT

I-T laws provide that interest credited to EPF account after an individual ceases to be in employment is taxable in his hands in the year of credit.

RBI questions dealings under liberalised remittance scheme on laundering suspicion

Last week, many who figured in the Panama list received notices from Enforcement Directorate which has the power to arrest under antimoney laundering laws.

Tax optimizer: How salaried Ahuja can cut tax outgo by 75%

Tax optimizer: How salaried Ahuja can cut tax outgo by 75%

Sudhir Kaushik of Taxspanner.com advises readers on how to restructure their income, investments and expenses to optimise their tax.

Tax queries: How is an NRI taxed on income from investments in India?

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

Relief for PE, pension funds from multiple taxation

CBDT said these rules will not apply to investment made by non-residents through the multilayer structure if the fund’s income is already chargeable to tax in India.

How NRIs can avoid tax troubles

The tax rules for NRIs are quite different from those that apply to resident citizens and are subject to very elaborate tax reporting.

Tax optimizer: Salaried Ghosh should use NPS, home loan to save more tax

Ghosh can save nearly Rs 74,000 in tax if he avails of the NPS benefit offered by his company, invests in the pension scheme on his own and takes a home loan.

Tax queries: How is LTCG tax on property/land bought on borrowed money calculated?

Tax queries: How is LTCG tax on property/land bought on borrowed money calculated?

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

Routine functions won’t make MNCs liable to pay Indian tax

The Finance Act, 2015, provided that a company would be considered a resident in India in any previous year if it is an Indian company or its place of effective management in that year is in India.

Tax optimizer: Salaried Joshi should opt for NPS, tax-free perks to save on tax

Sudhir Kaushik of Taxspanner.com advises readers on how to restructure their income, investments and expenses to optimise their tax.

Income tax department launches 'online chat' service to answer taxpayers' queries

A window has been hosted on the main page of I-T dept's site -- www.incometaxindia.gov.in/ -- with a prominent icon stating 'Live Chat Online- ask your query'.

Tax queries: You can appeal against assessing officer after he rejects your claim

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

Know how gold is taxed before investing in it this Diwali

Know how gold is taxed before investing in it this Diwali

Gold jewellery is taxed both at the time of buying and selling.

Should India reintroduce inheritance tax? Here are 4 expert views

Known as the estate tax, it is levied on the value of assets passed on to legal heirs through inheritance. Here is what four experts have to say on the subject.

How to check income tax refund status

If you have filed your income tax returns with a refund request, here is a step by step guide for you to track the refund status due to you.

Tax queries: Deductions not claimed in returns can be admitted

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

Mutual funds have multiple tax advantages over bank fixed deposits

In three years, falling interest rates have knocked off around 40% from the annual income that a FD would yield. That’s a shocking decline.

Tax Optimizer: Perks, NPS can help salaried Chowdhury cut tax outgo

Tax Optimizer: Perks, NPS can help salaried Chowdhury cut tax outgo

Taxspanner estimates that Chowdhury can reduce his tax outgo by almost 50% through tax-free reimbursements and investing in NPS.

How to check income tax return status

During processing the department checks if there are any discrepancies between the income declared and the tax paid by you and the data available to them.

Interest on refunds from builders adds to tax burden

Those hoping to get I-T deductions on investments in a new house are now at a complete loss. If they don't get possession, these claims will be denied.

Tax queries: Do I need to pay outstanding tax demand if amount is less than Rs 100?

The Government has issued a press note dated Jan 5, 2012, wherein it is clarified that demand of less than Rs 100 will not be collected from the assessee.

You can now access I-T return filing account without updating contact, profile details

The advisory issued on September 22 said, "New Registration process to facilitate effective communication between the tax payer and department is enabled.

Should agricultural income be taxed?

Should agricultural income be taxed?

ET Wealth reached out to experts to see if they feel the government should bring agricultural income under the tax net.

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