income tax slab rates

Tax Benefit on Home Loan: Section 24, 80C, 80EE

Tax Benefit on Home Loan: Section 24, 80C, 80EE

A very important criterion to be kept in mind while taking a Home Loan is the Tax Benefit on Home Loan. To explain the Tax Benefit on Home Loan, we would be dividing the Repayment of Home Loan into 2 components:- Repayment of the Principal Amount Repayment of the Interest on Home Loan As the repayment comprises of 2 different ...

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Budget 2013: Tax Impact of Budget on Common Man in India

Budget 2013: Tax Impact of Budget on Common Man in India

The Indian Finance Minister P. Chidambaram presented the India Budget 2013 on 28th February 2013 and the following are the major tax changes that would impact the Indian Common Man:- 1. TDS of 1% on Property With an aim to curb the Black Money that is being circulated in the Real Estate Market, the Finance Minister in his Budget 2013 ...

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TDS on Property @ 1% under Section 194IA

TDS on Property @ 1% under Section 194IA

The Indian Finance Minister P. Chidambaram while announcing the Budget 2013-14 introduced TDS on Property @ 1% on all Immovable Property Transactions over Rs. 50 Lakhs under Section 194IA. Reason for Introduction of TDS on Property P. Chidambaram while introducing TDS on Property said that Transactions of Immovable Property are usually undervalued and under-reported. Almost half of the Transactions don’t even ...

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Advance Tax Payment: Due Dates and Interest on Late Payment

Advance Tax Payment: Due Dates and Interest on Late Payment

If the Income Tax Liability of any assessee is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in instalments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called “Advance Tax” or “pay as you earn tax” ...

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ITR Form AY 2012-13: Which Income Tax Form should you submit?

ITR Form AY 2012-13: Which Income Tax Form should you submit?

ITR Form have been released by the Income Tax Department for Financial Year 2011-12 i.e. Assessment Year 2012-13. There are Different ITR Forms (Income Tax Forms) for Different Classes of Assesses and the same has been explained below. Each type of ITR Form is in 2 Formats – Excel File and PDF File. Assessee’s opting for efiling of Income Tax ...

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Computation of Short Term & Long Term Capital Gain Tax in India

Computation of Short Term & Long Term Capital Gain Tax in India

At the time of Sale of any Asset, Tax is liable to be paid on the Gains earned on the sale of Asset. Such Gains could either be Short Term Capital Gains or Long Term Capital Gains. The basis of such Classification in the Income Tax Return has been given below:- Short Term Capital Gain (STCG): If the Asset is ...

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Income Tax Slabs: Rates for Financial Year 2012-13 (A/Y 2013-14)

Income Tax Slabs: Rates for Financial Year 2012-13 (A/Y 2013-14)

Income Tax Slabs Rates for Financial Year 2012-13 i.e. A/Y 2013-14 as announced in the Union Budget 2012 by the Finance Minister Pranab Mukherjee can be divided into following Categories A.INDIVIDUALS & HUF For Male Individuals below 60 Years of Age and HUF For Female Individuals below 60 Years of Age For all Senior Citizen above 60 years of Age ...

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