Arbitrage Mutual Funds have started gaining lot of popularity since 2014 and have become the “Apple of Investor’s eyes” who are seeking a risk free return on their investment. In this article, we would be focussing on What are Arbitrage...
Inheritance Tax in India & other Taxes on Ancestral Property Read More
Inheritance Tax (also referred to as Estate Tax) is a tax which is levied at the time of inheriting any asset. Inheritance Tax is not levied in India as any amount received under a Will or by way of inheritance...
Form 15G & Form 15H to Save TDS on Interest on Fixed Deposit & Recurring Deposit Read More
Form 15G & Form 15H are self-declaration forms required to be furnished by the Assessee to his Banker for Nil Deduction/Lower Deduction of TDS on Interest on Fixed Deposit/ Recurring Deposit. As per Section 194A of the Income Tax Act,...
Section 80CCC: Tax Deduction for Contribution to Pension Funds Read More
Section 80CCC was introduced so as to encourage taxpayers to invest in Pension Funds and secure their future. Section 80CCC provides for Income Tax Deduction for contribution to Pension Funds under Chapter VI-A from the Gross Total Income of a...
Income Tax & TDS on Interest on Recurring Deposit (RD) Read More
When you have a lump-sum amount to invest, it is always advisable to invest in Fixed Deposits. But when you don’t have a lump-sum amount to invest, and can save a defined amount from your income every month, Recurring Deposits...
Section 80D: Deduction for Medical Insurance & Health Checkup Read More
Section 80D provides for tax deduction from the total taxable income for the payment (by any mode other than cash) of medical insurance premium paid by an Individual or a HUF. This tax deduction is available over and above the...
Section 80CCD: Deduction for NPS Contribution (Updated) Read More
Income Tax Act provides for various deductions under Chapter VI-A for Contribution to Pension Plans. These Deductions are available under Section 80C, Section 80CCC & Section 80CCD and can be claimed at the time of filing of the income tax...
All about Kisan Vikas Patra (KVP) | Interest Rate @ 7.3% Read More
Kisan Vikas Patra (KVP) which was discontinued in Dec 2011 has been again reintroduced in the Budget 2014 which was presented by Arun Jaitley. This instrument was earlier discontinued due to fears of Money Laundering as it was a Bearer...
Section 80C: Deduction for Children School/Education Fee Read More
To promote education in India, the govt allows for Income Tax Deduction under Section 80C & Section 80E. Deduction under Section 80C is allowed for payments made by self and deduction under Section 80E is allowed for Loan taken for...
Income Tax Deductions for expenses incurred on Children Read More
An Individual incurs various expenses for proper upbringing of their children. Some of these expenses can also be claimed as an expense under the income tax act and will help a taxpayer save his income tax. The taxpayer would be...