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

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

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

PAN Card of Landlord is compulsory for HRA benefit

If you are claiming HRA deduction and Rent exceeds Rs 15000/- pm then you are required to give PAN number to your employer. This is a recent requirement as per Circular No. 05-2011 Dated 16-8-2011. In absence of PAN of landlord, you will be required to submit the appropriate declaration … Continue reading