Section 80EE Additional Deduction of Interest upto Rs.1 Lakh on Home Loan for First Home Buyer

In Budget 2013, New Section 80EE, has been introduced. Benefit of section 80EE is available for new home loan buyer Highlights of Section 80EE are: Additional deduction is available to only Individuals. Benefit of Section 80EE available only, if you have no existing house, in your name. You have bought a new house, … Continue reading

Budget 2013 – Highlights

Today on 28th Feb 2013 Finance Minister P. Chidambaram presented 82nd Union Budget  in India’s history. Below are the key highlights of Union Budget 2013. Budget will be applicable from 1st April, 2013. Here are some of the salient features and highlights of the Budget 2013: 1. Direct Taxes -Budget 2013: A) Income Tax … Continue reading

LIC new pension plan- Jeevan Nidhi

LIC Jeevan Nidhi is deferred Pension Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting. Jeevan Nidhi has two phase – Accumulation Phase and Vesting Phase. In accumulation – the premium goes into … Continue reading

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

Increase in Employees Contribution in Provident fund will reduce take home salary

EPFO (Employee Provident Fund Organisation) as issued a circular on 30.09.2012. According to Circular, EPF (Employees Provident) should be deducted on total salary. Total Salary for purpose EPF calculation will be Basic Salary + DA + Conveyance Allowance + House Rent Allowance+ Education Allowance+ Travel Allowance + Medical Allowance+ Night … Continue reading

Rajiv Gandhi Equity Savings Scheme, 2012 -Section 80CCG – Notification

  Rajiv Gandhi Equity Savings Scheme, 2012 (RGES) Notification No. 51/2012 [F.No. 142/35/2012-TPL]/SO 2777(E), dated 23-11-2012 In exercise of the powers conferred by sub-section (1) of section 80CCG of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, namely:- Short title, commencement and application … Continue reading

Missed the deadline of 31st July, Don’t worry, you can file tax returns till 31st March

Every Individual whose income exceeds maximum taxable limit is required to file Income tax Return on or before the due date. Due date for Individuals getting salary and who are running their own business or profession or working as free lancer are required to file tax return on or before … Continue reading

No Need to file income Tax Return

Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head is exempt from filing Income tax return. Conditions prescribed are: 1. Total income for the relevant assessment year does not exceed five lakh … Continue reading