Due to the effect of the FBT many companies started tightening the screws on the benefits given to the employees. Sometimes reasonable and sometimes highly unreasonable! In many professions especially like sales and marketing where the employees are motivated to work at lower salaries because the benefits made up for a lower salary, the hurt… Read More »
The banks are fighting tooth and nail to get the government to agree to reduce the interest rates on the savings account which is already a measly (at least from the common man’s perspective!) 3.5%. The savings account rates are dictated by the Reserve Bank of India which is an indirect indicator of the government’s… Read More »
The Securities Transaction Tax (STT) was introduced by Chapter VII of the Finance Act (No.2) Act, 2004. STT is a tax being levied on all transactions done on the stock exchanges. Securities Transaction Tax is applicable on purchase or sale of equity shares, derivatives, equity oriented funds and equity oriented mutual funds.
Though we have a lot of options for investments and one expense item (school fees) too, the limit to which the tax benefit can be got is only Rs.1 L. The investments can be in any proportion and there is no minimum amount that needs to be shown.In case the tax payer has invested cumulatively… Read More »
The New Pension Scheme is an investment option which will help an individual, plan for his or her retirement. The key difference between the old government pension scheme and the New Pension Scheme is that the old pension scheme was based on a defined benefit principle and the new pension scheme is based on a… Read More »
As per RBI circular dated 14th May 2009. There are 926 branches all over India that have been entitled to accept the advance tax payments. Of these, 862 branches belong to public sector banks, 35 branches belong to HDFC, 19 are AXIS bank and 10 are ICICI branches. So you can walk into any of… Read More »
A refund banker is a scheme in which a particular bank has been sanctioned to issue refunds on behalf of the income tax department. State Bank of India is the authorized banker to this scheme. The refunds are issued in the form of cheques/drafts or ECS.
In this instance, as it is an interest free loan, the tax rebate on interest repaid on the home loan does not arise at all. Also, if a relative gives the loan, the principal repaid on such loan does not qualify for the tax break under Section 80C.