Category: Tax savings
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Deductions not allowed according to finance act 2013
Finance Act 2013 enlargened section 40 to exclude certain expences/payments under income from business/preofession-it includes privilege fees,service charge, service tax,etc…
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Find Out-Professional Tax &Professional Tax Slab Rate
Professional Tax is the tax charged by the state governments in India. Professional tax is levied from salaried employees or practicing professionals or persons engaged in any trade etc. Employers are liable to deduct professional tax from salary/wage and depositing the same to the concerned local body/authority and in other cases, persons themselves shall pay…
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How to become an Investment Adviser
Investment adviser means any person, who for consideration, is engaged in the business of providing investment advice to clients or other persons or group of persons. By virtue of (INVESTMENT ADVISERS) REGULATIONS, 2013 SEBI has made registration compulsorily to act as investment advisor. It is a step towards Investor protection. It aims to prohibit unqualified…
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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…
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Is saving account interest is taxable?
With effect from assessment year 2013-2014,a new section 80TTA hasbeen introduced for providing deduction for interest income.sec. 80TTA provides that, any interest income derived from deposits in a savings account (not time deposits) will be allowed as deduction. Interest income up to Rs 10,000 in aggregate shall be allowed as deduction while computing Total Income.…
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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…
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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…
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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…
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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…
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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…