The deadline for filing income tax returns is 31st of July for years when the financial year ends on 31st March. Despite this deadline being an extremely familiar and well known one, many people still miss it for a variety of reasons. Reasons may be genuine problems or simple procrastination for missing this deadline. In… Read More »
Nisha and Narain bought two houses and is paying Equated Monthly Installments (EMI) for both. She wants to know how to get maximum tax rebate on it.
The most significant advantage of a joint home loan is the increase in home loan eligibility. Incomes from all joint home applicants are pooled in to enable the applicants to obtain a higher loan amount towards purchasing their dream home. All the joint home applicants are eligible for tax rebates under Section 80 C for… Read More »
Empirically, the percentage of investments just before 3-6 months of tax filing climbs up while it becomes a bit subdued post the tax filing season. Why such a scenario? What is the relationship between tax filing and investment?
If you and your spouse earn similar incomes, then its best to opt for an equal co-ownership of the property and split the tax benefits of the home loan equally as well. In case one of you fall under a smaller tax bracket, it is good to let the partner with the higher pay make… Read More »
Leave Travel Allowance (LTA) is granted by the employers to the employees as part of the remuneration to provide for travel expenses incurred during the year. Leave Travel Allowance also covers such expenses of the spouse, children as well as dependent parents and siblings. However, there is a restriction. The allowance is restricted to two… Read More »
The finance minister Mr. Pranab Mukherjee is facing one of the toughest challenges of his long and distinguished career as the man at the helm of financial planning for the nation. This year’s Union Budget comes a time when the ruling coalition faces multiple challenges from almost every quarter and the frustration of the masses… Read More »
Government of India has outlined a plan to spend $1 trillion in next 10 years on infrastructure development. This development is needed because infrastructure needs to support and sustain the projected growth rate of Indian economy for next few decades. To fund this initiative, the Government is trying to tap the various sources at its… Read More »
Any monies that you receive from your company for the purpose of travel to any place in India along with your family for the purpose of leave. The claim can be made two times in a bucket of 4 years. Family includes Wife and children and also parents, brothers or sisters if they are dependent… Read More »
Since the start of your professional life, your well-wishers including family members and friends might have told you, “Work Hard and Earn More”. You possibly made it the mantra of your life but the day you received your pan card and approached the income tax department, the mantra started to sound like a myth after… Read More »