Tag Archives: Tax
Deduction under Section 80C and Tax Planning
Deduction under Section 80C is a new section which was introduced from the financial year 2005-2006. As per this section, deductions up to Rs.1, 00,000 are allowed from the taxable… Read more
Income Tax Rebates – An Overview
The total income of an assessee is determined after deductions from the gross total income are made as discussed in the previous chapter. It is on this total income that… Read more
Income Tax filing – Which Form is right for you?
Through Latest Amendments, the Central Board of Direct Taxes (CBDT) has prescribed new return of income tax forms for the assessment years 2008-09 onwards, as shown below. ITR-1 Individuals having… Read more
Assessment of income from House Property
Every money receipt by a person is not chargeable to tax. Section 14 of the Act specifies five heads of income on which tax can be imposed under the Income… Read more
Highest Income Tax Rate Countries – Top 10 List
In this world, nothing can be said to be certain – except death and taxes. —> Benjamin Franklin This sardonic proverb is well known and appreciated all over the world, especially… Read more
Wealth Tax Basics
Wealth tax is a direct tax (that is, the tax is paid by the person on who it is levied), just like Income Tax. In India, wealth tax is managed and regulated… Read more
Retirement Benefits in Indian Tax System
Income tax incidence is a major factor that affects the financial aspects of retirement planning. Financial security and stability is a chief concern post retirement, and the income taxes have… Read more
Broader Aspect of the Union Budget
The Government’s annual budget is always a much awaited report for the common man, the entrepreneurs andthe politicians alike. Household budget, industrial productivity, business, even the future of the political… Read more
Income from House Property
Under the Income Tax Act what is taxed under the head ‘Income from House Property’ is the inherent capacity of the property to earn income called the Annual Value of the… Read more
Income Tax on Capital Gains
The Income Tax Act specifies that gains/profits that result from the transfer of capital assets are liable to be taxed as income. To understand the concept of tax on capital… Read more
