Benefit of house rent allowance is not available if you are the owner of the house. Any profit or loss from dealing in futures & options have to be reported under the head “Profit and gains from business or profession”....
The last date for filing income tax return is July 31, 2023. If you have not done it yet, you should do it now
Capital loss reported in income tax returns (ITR) can be carried forward to set off capital gains in the future as per Income tax rules
The deadline for individuals to file their income tax return for the assessment year 2023-24 was July 31, 2023. In case you missed filing your return by the due date, here are the consequences
Each such reinvested dividend will have a lock-in period of three years. You will get a standard deduction of 30 per cent of the rent received, while the balance 70 per cent will be taxable. Bank will not give any grace...
ELSS funds come with tax saving benefits and a 3-year lock-in period. Here’s how they performed over a one-year and three-year investment tenure and how you too can exploit the twin benefits of tax-saving along with equity...
As per the Income Tax Act, a minor’s income must be added to the parent’s income; however, if the child earns it from his special talent, it is taxed in the hands of the minor.
You should furnish details of salary received from your first employer to your second employer for correct calculation of your tax liability. Gift received from father will not be considered as income. Buyer has to deduct...
Filing taxes in India can be challenging, especially without Form 16. However, you can easily navigate the process with the right approach and proper...
Your unused leaves can turn into additional income. Learn about the leave encashment rules, limits, and taxation for the salaried class.
There is an overall limit of Rs. 1.50 lakh prescribed under Section 80CCE for Section 80C, 80CCC and 80 CCD (1) taken together. Construction of house has to be...
A recent survey indicates that a majority of non-resident Indians (NRIs) believe India offers better investment returns. Read on to know how NRIs overcome the...
ELSS mutual funds are a popular investment option among investors who wants to save tax. Here’s how these funds have fared in the last few years
The government-backed Sukanya Samriddhi Yojana is aimed at helping Indian parents build a corpus for their daughters towards for their education and other...
Rental income would be computed by deducting 30 per cent of the rent received from the gross rent received. In case of gifts made by cheque, the transaction...
The iSecure policyholder has the choice to select the payment option and the policy term, depending on their personal requirement and preference at affordable...
Choosing the right tax regime can be confusing, especially if you have a home loan. Therefore, it's important to evaluate all options carefully to maximize tax...
Banks normally lend about 75-90 per cent of the value of the property as loan. Persons of Indian Origin above 18 years of age can invest in NPS. If stamp duty...
Legalising same-sex marriage can offer financial advantages to LGBTQ couples, such as joint property ownership and inheritance and other rights and privileges...
The State Bank of India on April 12, 2023, reintroduced its 400 days fixed deposit scheme ‘Amrit Kalash’ till the end of June 30, 2023. Previously, it had...
Insurance coverage for OPD treatments may come with higher premiums, exclusions, and limited availability, so evaluate the terms before deciding
If you are planning your taxes and health insurance for the coming year, here’s what you should know
For calculating exemption under Section 54, you will be entitled to take into account all the costs incurred in connection with the purchase of the new...
Tax benefit for contribution to Tier-II available under Section 80C only for government employees. All profits earned on intraday trading and delivery-based...
In an effort to give relief to small taxpayers from the tedious job of maintaining books of accounts and getting them audited, the Income-tax Act, 1961 has...
