No income tax return will be accepted without the PAN and incorrect PAN can result in a fine being levied. Communication address should be correctly stated as all notices or other communication from the IT department will be sent to the provided address. Also make sure that the MICR code is correct if you want… Read More »
The place of residence is significant in HRA calculation as for a metro the tax exemption for HRA is 50% of the basic salary while for non-metros it is 40% of the basic salary. This holds true especially when you work at a metro and reside at a non-metro. In this case, your city of… Read More »
When errors crop up due to lack of awareness you could end up evading tax unknowingly! That could turn out to be a costly mistake somewhere down the road! So be wise, get your tax facts right! Here is a quick sample checklist for you!
Until now, Equity Linked Service Scheme (ELSS) has been one of the first-choice mutual funds for investors. It has two benefits as it helps you save on tax and at the same time helps you invest in the stock market. The 3 year lock-in period ensures that the investment is long-term and also is protected… Read More »
Filing returns electronically is eco-friendly as it reduces the usage of paper which is a step in the direction of protecting the environment. Also, in case you have made an error while filing the returns, like you have provided information on one particular head of income, in that case you can re-file your returns using… Read More »
Every year the Government opens up new options for tax savings to encourage the tax payers utilize their monies better! However, most of the time, tax payers tend to put off saving plans to the last minute and miss out the right investment opportunities. Here is a list of tax saving options that will meet… Read More »
The Income Tax Act treats HRA and home loan deductions under separate sections independently. The two are not interconnected to each other. HRA is dealt with in section 10(13A) Rule 2A while home loans are entitled for tax benefits under section 80C (tax benefit on principal repayment) and Section 24 (tax benefit on interest payment)… Read More »
Real estate sector is one of those important sectors which directly or indirectly affect us. This article briefs you about the post budget impact on Real estate sector. So, if you are an investor looking to invest in the real estate sector stocks then you should read through this article to understand the post union… Read More »
Budget 2011-12 has given a marginal benefit on the tax slab for individuals. However the benefits for very senior citizens are higher. However the expectations that there will be changes in the investment avenues and their slabs have not been met.
Last year our Finance minister experimented with the direct transfer of subsidies for a few agricultural fertilizers excluding urea. This has been found to be very successful in ensuring that the benefits are accrued by the actual farmer who ultimately uses the fertilizers and not the intermediaries.