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

Budget 2014 Salaried can save upto 40k

Change in Income Tax Slab Increase in the threshold limit from Rs. 2.50 lakh to Rs. 3 lakh for senior citizens and from Rs. 2 lakh to Rs. 2.50 lakh for others. Investment Under Section 80C increased to 1.5 lakhs Increase in the limit towards deduction under section 80C from … 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

How to calculate arrears or advance salary under section 89

How to calculate your Income tax liability if in current year you get salary arrears for previous years. Lets take an example Mr Suresh is working with private firm and during year 2013 he receives salary for current year Rs 3 lac and for also receives arrears of salary for … Continue reading

Banks need to issue acknowledgement slip while receiving form 15G and 15H

Customers whose total income is less than total taxable limit, submit form 15H and 15H to bank. Banks submit a copy with income tax department and do not deduct income for the year. There has been cases where bank have lost these form 15G / or 15H and theier TDs … Continue reading

PPF rate of interest is 8.7 per cent with effect from April 1, 2013

  The Reserve Bank on Thursday notified a 0.1 per cent reduction each in interest rates on the Public Provident Fund (PPF) and the Senior Citizen Savings Scheme (SCSS), to be effective from the financial year beginning April 1. The rate of interest on PPF has been lowered from 8.8 … 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 80CCG Rajiv Gandhi Equity Savings Scheme-RGESS

Rajiv Gandhi Equity Saving scheme was introduced in the budget (2012-13) this year by the Finance Minister. This scheme allows the retail investor to invest upto Rs.50, 000 directly into equity shares and avail tax benefit on 50% percent of investment made directly into equity shares. Some of the conditions … Continue reading

RBI ask banks to allow customers intra-bank account portability

“Banks are advised that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC has been done for the concerned account,” RBI said in anotification What does it mean for bank customers: 1) The facility would enable … Continue reading