The following post is a sponsored post. Filing income tax is a procedure which requires individuals to be aware of latest income tax slab and various tax saving investment options as well. Filing ITR without paper is possible only for individuals with digital signatures. Taxpayers without a digital signature need to post a physical copy […]
Stumbled upon this really handy mutual fund taxation reference sheet (2012 — 2013). I also took the liberty of creating this easy-to-print PDF version.
The following is a guest post by Mr. Aashish Ramchand. Aashish is a Chartered Accountant by qualification and the co-founder of makemyreturns.com, an online tax advisory and filing site. He is very passionate about Indian taxes and loves to write articles about the Indian tax system. He has worked with KPMG and JRC advisory both […]
If there was one thing I really sucked at in the last financial year, it was to plan for in advance for paying the self-assessed portion of my income tax liability. The result — I ended up paying a big chunk of of money as income tax due plus penalty plus interest just before filing […]
A few years back, in the good old bull run, someone advised D to invest in a couple of Equity Linked Savings Schemes (ELSS) in order to avoid having to pay income tax. Taking the advise in good faith, D invested Rs 75,000 in two ELSS mutual funds. Today, after about four plus years, their […]
The recent Sodexo Meal Coupon fiasco seems to be causing a whole bunch of stress and heartburn to employees everywhere. Read through this FAQ issued by D’s office to see the kind of thought’s running through employees’ minds — Why are you changing the existing agreement? Why can’t we continue with the same? The Law […]
The following is a guest post from reader Nikhil Shah and deals with the intricacies of investing in the soon to close investment opportunity in PFC’s Tax Free Bond Issue along with the income tax angle. Nikhil’s analysis also contains a very interesting perspective on how you can plan for major financial goals through this […]
The following is a guest post from reader Nikhil Shah and deals with the intricacies of investing in the soon to close investment opportunity in L&T’s Infrastructure Bond issue along with the income tax angle. Earlier this year, Nikhil had also put-up a detailed analysis of the previous L&T bond issue. Dear All, The year […]
(I’d been meaning to write this post for quite some time but only got around to doing it now.) During the process of filing my Income Tax Returns for the last financial year, I discovered that the TDS (Tax Deducted at Source) Certificate — commonly known as Form 16A — issued by my Bank had […]
You already know that I’ve made an extremely stupid mistake due to which I’m now looking at an income tax liability in the upper five figures! This means I’ll simply be unable to meet all of my financial goals over the next three months (because I really won’t have much to call as a salary). […]
I simply can’t believe that I made such a stupid mistake. Recently, when I changed my job, I ensured that I obtained the final salary settlement statement from my previous employer well before I joined my new job. That was good thing because I was able to submit this statement during the joining formalities at […]
Though I advocate against it now, early in my career, I made a couple of investments purely with the objective of reducing my income tax liability. These investments simply don’t fit in with any of my financial goals. That led me to this thought: a “for income tax savings only” investment portfolio. You could put […]
Going purely by the numbers I recently highlighted, both D and I ought to put our money into these infrastructure bonds. But, in my case, I don’t want to invest my money just for the purpose of lowering my income tax. I’d rather pay a marginally higher income tax, improve my cash flow, and invest […]
Here’s what I suggest. Ignore all those complicated analysis (an example) of yields and returns and comparisons with other fixed-return financial products. Buy these bonds if and only if: Your objective is to lower your income tax, and You fall in one of the highlighted cells below. In such a case, opt for the Series […]
It’s time to file your income tax returns — by July 31, 2010. You might find these links useful. Why you should file your Income Tax Returns every year? File your Income Tax Returns on your own this year. How to find the ward and circle number for filing your Income Tax Returns? Do you […]
In an article on taxation, Outlook Money — June 16, 2010, suggests: Buy your car in your spouse’s name. Then lease it to your company, which in turn can let you use it as an employer-provided vehicle. [Due to certain deductions, you reduce the amount of income tax that you need to pay.] I’ve also […]
Here’s an interesting tip I read in Outlook Money, June 16, 2010: A married and working couple can plan and claim Leave Travel Allowance (LTA) in all four years of a prescribed block. The husband can claim LTA in two out of four years and the wife in the other two. Have you done this […]
Each Monday morning, I plan to post my thoughts on Organizing Your Finances. Through this series, I hope to share a tip or two that address a common problem that many of us face in our daily lives — that of organizing our finances. I’d love to hear your thoughts on this initiative and would […]
There was a recent circular issued by the Central Board for Direct Taxes (CBDT) that reads: The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fringe benefits as contained in Chapter XII-H (sections 115W to 115WL) of Income-tax Act, 1961. By the Finance (No. 2) Act, 2009 […]
As a follow-up to my wayback post on calculating the income tax exemption on house rent allowance, here’s a simple calculator that tells you how much income tax exemption you can get through the house rent allowance component of your salary. You can also use this calculator to test various scenarios and ask your employer […]