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Tag Archives for " Tax planning "

Reverse Mortgage-?

Reverse mortgage means a mortgage on which the borrower need not have to repay the loan amount (principal and interest) taken against a residential house property of a senior citizen. Reverse mortgage was introduced to address the financial needs of senior citizens owning residential house property. It enables them to receive a regular income on fixed installments like pension. The home owner

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Portability of NPS Lite/Swavalamban to NPS-ALL Citizen Model

Portability of NPS Lite/Swavalamban Accounts to NPS-ALL Citizen Model (UOS) and other sectors Pension Fund Regulatory and Development Authority (PFRDA) which is responsible for maintaining retirement funds, has approved shifting/porting of NPS/Lite/Swavalamban Permanent Retirement Accounts (PRAN) to NPS- All Citizen model and other sectors through an Inter platform shift process Approval has been given in […]

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SURAKSHIT-CBEC’s Information Security Newsletter

Central Board of Excise and Customs (CBEC) the custodian of the country’s central indirect tax data, launches “SURAKSHIT”, an information security newsletter. Surakshit is a bi-annual newsletter, published for the purpose of exchange of ideas and information related to the field of information security like emerging issues, security tips, interesting news snippets, etc… CBEC has […]

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Fixed Deposits or Recurring Deposits?-benefit analysis

Fixed deposit or Recurring deposit, which yields more?

Financial planning is important in the current economy, where expenses run over income and savings are relatively small or nil. Financial planning will reap rewards in future.

There is always a doubt zone where to invest your surplus fund in fixed deposit or in Recurring deposit. Both FD (fixed deposit) and RD(recurring deposit) has more growth

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Tax benefit on house loan

Repayment of principal amount of loan taken from any bank, state/central government, LIC, NHB, etc. for the purpose of construction or purchase of a residential house property, the income of which is chargeable to tax under the head income from house property.A deduction of amount paid as repayment of principal amount on loan taken for the purpose of construction or purchase of residential accommodation is allowed

Deduction is allowed only to individuals and HUF

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Deductions Permissible u/s 80C

Deductions on Life Insurance Premium, contribution to Provident   Fund, etc. (sec. 80C) Any sum paid or deposited to keep in force insurance on the life on an individual or his spouse any child of such individual and any member of HUF. Deduction is allowed only where the premium paid does not exceeds 20% of the […]

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Taxability of HRA and interest on housing loan

You can claim both HRA and Interest on housing loan even both the properties are in the same place.HRA can be claimed even, if your residential property is let out, or self-occupied or it remain vacant due to employment/business/profession carried on at any other place and he has to reside at other place in a house not belonging to him. it should be noted that employee should not be the owner of the property, for which he is paying rent [10(13A)].

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Weighted deduction allowed on in-house research and development extended

In order to mobilize funds for in-house research and development, weighted deduction allowed under section 35 (2AB) has been extended to 31st march, 2017 which was previously limited to 31st march, 2012.

Expenditure (not being in the nature of cost of any land or building)incurred by companies on in-house research and development approved by prescribed authority is allowed as weighted deduction at the rate of 200 %. Previously, expenditure incurred after 31st March, 2012 was not allowed as deduction.

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Tax to be charged on payments in excess of Rs 10,000

Payments made in respect of donations to specified funds and institutions as specified in section 80G and donations made for the purpose of scientific research or rural development to research associations, universities, colleges or other associations or institutions subject to specified conditions (80GGA), any payment made in excess of Rs 10,000 in cash will not be allowed as deduction.

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