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 →
Salaried class have always complained of raw deal year after year in income tax laws. But the good news is you can still manage to pay Zero (NIL) income tax on salary of up to Rs 20 lakhs (Salary here means cost to company). All you need to have is right salary structure and invest […] Continue reading →
Sukanya Samriddhi Yojana is a very popular deposit scheme for girl child guaranteed by Government of India. Download excel based sukanya samriddhi calculator which would help you calculate the maturity value and plan investment for your girl child accordingly Continue reading →
A few days back (on April 16, 2018) Income Tax Department issued cautionary advisory to Salaried Taxpayers about under-reporting of income and inflating deductions/exemptions while paying taxes. This was prompted by some of the recent cases of salaried caught by income tax officials. You can read the advisory below: Also Read: Everything you need to […] 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 →