Budget 2014 Highlights

Direct Taxes (Income TAX), Tax Saving Plans & Insurance Sector •Relief to individual tax payers •No change in tax rate •Personal Income Tax Rebate Increased to Rs. 2.5 Lakhs for all tax payers under age of 60 •Personal Income Tax Rebate Increased to Rs. 3.0 Lakhs for Senior Citizens •Investment … Continue reading

Rajiv Gandhi Equity Saving Scheme – Key Highlights

  Rajiv Gandhi Equity Saving Scheme is new tax saving device for Individuals whose eranings is below Rs 10, 00,000/-. RGESS is allowed only for first time investors in equity market. RGESS allows  income tax deduction of 50% to new retail investors (whose annual income is below Rs 10 lakh), … Continue reading

Section 80TTA Deduction – Interest on deposits in savings account is exempt from tax

Deduction in respect of interest on deposits in savings account (Section 80TTA): Section 80TTA has been introduced from this Financial Year [2012-13] and it allows to an Individual or HUF from his gross total income if it includes any income by way of interest on deposits (not being time deposits) … Continue reading