Budget 2019 has made some changes to Income tax for individual – the highlight being full tax rebate for individuals earning below Rs 5 Lakhs. There has been no changes in the income tax slab. We highlight the changes and give you the new tax calculator for FY 2019-20 [AY 2020-21]. Changes in Income Tax Rules: […] Continue reading →
How to Save Income Tax – a question that is often asked by my friends, family and blog readers. The problem is there are multiple sections for people to know and if they have heard about it to check if its applicable to their case or not? To help both salaried and professionals to plan their tax, we have come up with the eBook “How to Save Tax for FY 2019-20”. This is a short 41 slide power point presentation (in pdf) which covers all the tax saving sections and investments applicable for tax payers. Continue reading →
Budget 2019 among many things also notified following 3 changes in NPS – which would make it more attractive to investors. NPS withdrawal becomes Tax free
NPS Tier II now under 80C (only for Central Govt employees)
Contribution increased in NPS to 14% for Government Employees Continue reading →
Section 80EEA would give additional tax exemption of 1.5 lakh on home loan taken for purchase of affordable house 🏠🏡🏘️🏚️🏢. This together with Rs 2 lakh exemption u/s24 would take home loan interest exemption to Rs 3.5 lakh Continue reading →
Budget 2019 has taxed super rich more, made PAN & Aadhaar interchangeable, additional tax exemption on purchase of home and electric vehicle and some changes related to ITR & NPS Continue reading →
In the full Budget, presented on July 5, 2019 a new section 80EEB was introduced which would give tax exemption up to Rs 1.5 Lakhs on interest paid for purchase of electric vehicles provided it fulfills certain conditions. Continue reading →
Your income from salary, business or other income like income from fixed/recurring deposits etc are taxed as per income tax slabs. Full Budget 2019 presented on July5, 2019 has made NO changes in the tax slab. The announcement that individuals with income up to Rs 5 Lakh would get full rebate is through Section 87A. There […] Continue reading →
We all hate paying taxes, but like death taxes too are unavoidable! You may not know this but not very long ago (FY 1991-92) the minimum tax rate in India was 20% and the maximum 56%. So if you were in highest tax slab, you would more than half of your income to government, giving […] Continue reading →
Budget 2018 along with many changes to tax laws also introduced a new Section 80TTB. According to this Senior citizen can claim tax exemption up to Rs 50,000 on interest income from bank/ post office fixed deposit, recurring deposit or savings account. Also, if a senior citizen opts to take advantage of Section 80TTB, he […] Continue reading →