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HOW TO ENSURE NO TAX DEDUCTION?

All you wanted to know about TDS on Interest in Simple FAQs Section 194A of the Income-tax Act provides for tax deduction at source (TDS) at 10% out of interest payments exceeding Rs.10,000 in a financial year.  However, with a view to grant relief to persons who are not under liability to pay any income-tax, special provisions have been made under Section 197A, which permit the benefit of no tax deduction even on...

INDEX YOUR GAIN AND REDUCE YOUR TAX PAIN!

Availing the Benefit of Indexation, you can Inherit Today, Sell Tomorrow & Still Keep Away your Tax Sorrow!   If your grandfather had acquired a plot of land for Rs.10,00,000 in late 1981, which you received by way of inheritance on his death in 2010 and you were planning to sell the same in early 2011 for a consideration of Rs.71,00,000, what would be the income-tax you would be required to pay on your capital...

TAX SUPPORT FOR DISABLED & AILING!

Income-tax Act provides for Liberal Deductions in the Computation of Taxable Income in such Special Cases The Income-tax Act provides for special deductions in computing the taxable income of a taxpayer who is disabled or who is required to incur expenditure for the medical treatment, training or rehabilitation of a disabled dependent or any amount deposited for the maintenance of such disabled dependent. Similarly...

TAX FREE RETIREMENT BENEFITS!

Retirement Benefits that can be claimed as fully tax exempt: Gratuity upto Rs.10,00,000 Leave Encashment upto Rs.3,00,000 VRS Compensation upto Rs.5,00,000 Entire PF Balance, without any ceiling INCOME-TAX EXEMPTION FOR GRATUITY Under the provisions of Section 10(10) of the Income-tax Act, gratuity received by an employee from his employer, on retirement, or becoming incapacitated before retirement, or expiring, or...

YOUR WILL IS SIMPLE, BUT SO IMPORTANT!

Execution of Your Will should figure on the top of Your New Year Resolutions! The importance of executing a Will has yet not been appreciated to its fullest extent in the Indian society. It is, therefore, not surprising to come across several cases where in pursuance to the death of an individual, there are several family disputes and practical problems in the absence of the Will by the deceased. The execution of a...

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