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Taxes
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What is Section 80C? For those who are oblivious to Indian taxation, certain investments notified by the government are eligible for tax deduction from gross total income upto a maximum of INR 1 lakh per annum. This tax deduction is available across individual...
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The PPF or Public Provident Fund is one of the most popular long-term investment options offered by the Central Government for Indian residents. PPF is one of the rare investments that enjoys the EEE status (exempt on investment, interest earned and maturity...
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Tax slabs for FY 2008-09 Tax slabs for FY 2009-10 Tax slabs for FY 2010-11 Tax slabs for FY 2011-12 Tax slabs for FY 2013-14 We present to you a snapshot of Income Tax Rates for FY 2012-13 along with Capital Gains tax on Mutual Fund redemptions, Dividends...
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The Central Board of Direct Taxes (CBDT) has extended the deadline for E-Filing Income tax returns to up to 31 st August, 2012. The move comes as a result of the recent massive power outage in the northern and eastern parts of the country...
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Every salaried person must obtain Form 16 from the employer before the end of a financial year. Form16 contains the details of salary earned by the employee and tax deducted from it by the employer. In other words, it can be explained as the details of...
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The task of filing Income Tax returns could be quite daunting for many, owing to the plethora of forms the process involves. But in reality it isn’t as complex as it seems. Here is a quick guide to help you understand the typical documents and forms required...
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For most salaried people tax is usually deducted at source(TDS) by the employer and deposited with the tax department. It is important to understand what TDS rates apply to you so that a better tax planning is done. The TDS Rates chart is provided below...
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The New Pension scheme got a big boost as a tax saving and investment option with the new DTC regime, which will come in to effect from April, 2012. Till now provident fund benefits were available only to Govt employees and those working for large corporate...
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Lot of people miss the deadline every year due to lack of time or plain laziness. Did you miss it too? In case you have, do not worry, you can still file the belated return. As a tax payer, you are likely to fall under one of these 4 categories. The associated...
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Leave Travel Allowance (or LTA in short) is an allowance granted by employers to meet the employees travel expenses during the year. So if you are the kinds who often go on holidays with family, it pays to use your LTA and avail of the various tax exemptions...
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An apt statement for the DTC is “Better late than never”. DTC which is supposed to replace the old Income Tax Act 1961 is delayed by one year. The discussion on easing the tax filing process and forms has been going on for quite some time and finally...
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For all those investors who desire a low risk investment option with decent returns, here is a NCD issue available in the market. India Infoline Investment Services Ltd. is out with its public issue of Non convertible Debentures (NCD) to the tune of Rs...
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There are certain situations where you are liable to pay taxes for someone else’s income as well. This is called clubbing of income. It takes place in the following cases: Transfer of income without transfer of Asset If any person transfers...
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If an individual has already filed the income tax return and subsequently discover any omission or wrong statement therein, he can re-file the return with necessary modification. This re-filing of the income tax return is referred to as Revised Return...
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Buying a house is one of the top most priority for modern professional and it is bought for living as well as investment reasons. But do you know that it also offers tax benefits which you should be aware of. Tax exemption on home loans means you can...
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