How to maximize tax benefits on a joint home loan

Generally all of us think that taking a loan to buy a residential property is not a good idea and so, they start saving some amount from their monthly income into recurring investment or a Systematic Investment Plan (SIP) offered by mutual funds. But the financial planners recommend that for … Continue reading

Before filing Income Tax Return some points to be Kept in mind

SELECTION OF RETURN FORM TO BE USED The first step in filing of a income tax return is to select the correct Form of income tax return. It should be noted that the Forms of income tax return may be changed in the middle of the year. The taxpayer, therefore, need … Continue reading

Income tax rates for Financial year 2015-2016

1). Individual resident aged below 60 years (i.e. born on or after 1st April 1955) or any NRI / HUF / AOP / BOI / AJP* Income Tax : Income Slabs Tax Rates i. Where the total income does not exceed Rs. 2,50,000/-. NIL ii. Where the total income exceeds … Continue reading

Highlights of Union Budget for 2015-16

INTRODUCTION: Credibility of Indian economy has been re-established in the last nine months. Indian economy about to take-off on a fast growth trajectory. Most growth forecasts have upgraded Indian economic growth while downgrading global economic growth. Economically empowered States are equal partners to Indian economic growth. Round the clock, round … Continue reading

Five rare benefits of filing regular ‘Income Tax Returns’

What is the benefit of filing income tax return. This is the first question comes in the mind of a person who has to get his return filed. Here are the some benefits which the taxpayer can avail by paying the taxes on the income he earned…………..  1. For job … Continue reading

Govt relaunches Kisan Vikas Patra investment scheme

In view of popular demand, the government will on Tuesday relaunch saving instrument Kisan Vikas Patra (KVP), wherein the invested money will get doubled in 8 years and 4 months. The KVP will not only provide safe and secure investment avenues to the small investors but will also help in … Continue reading

Seven ways your family can help you save taxes

A family is there for support always not only emotionally, physically but also financially. The member of family can be useful to save taxes. However, the investments and spending done for your family are not eligible for tax rebates. But there are some perfect legal ways by which your family … Continue reading

ATM use over 5 times per month will attract fee now

In a month beyond five times, using ATM’s to withdraw money or for other purposes like balance inquiry will attract a levy of Rs. 20 per transaction. From Saturday the new guidelines that comes into force as per the Reserve Bank’s (RBI), in six metros – Delhi, Bangalore, Hyderabad, Kolkata, Chennai and Mumbai to withdraw … Continue reading

Income Tax Slabs & Rates for Assessment Year 2015-16

1). Individual resident aged below 60 years (i.e. born on or after 1st April 1955) or any NRI / HUF / AOP / BOI / AJP* Income Tax : Income Slabs Tax Rates i. Where the total income does not exceed Rs. 2,50,000/-. NIL ii. Where the total income exceeds … Continue reading

EPF Limit increased to Rs. 15000 from Rs. 6500

At the thought of social security the first thing that comes in mind for most of the employees that is Provident Fund. It is a fund of the employee which contributes each month 12 per cent of their salary and hope for their old age of saving money. Under the … Continue reading