Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: cpt :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARD :: VAT RATES :: due date for vat payment :: form 3cd
 
 
Indirect Tax »
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory
 Nearly 15 pct growth in direct tax collections for fiscal 2017-18
 Transformation of indirect taxation landscape

Looking for tax breaks? Here are few less-known options
March, 11th 2014

Many individuals typically wit till the last moment to finalise their tax savings plan, say experts. In the haste to exhaust the 1-lakh deduction limit available under Section 80C, these individuals tend to overlook certain tax deductions already earned during the course of the year. The deadline for making tax-saving investments is March 31.

"Those who are investing for reducing their tax outgo should first determine the actual tax benefits they would get before making investments in haste. For example, some of those in the 10% tax bracket might be better off by paying 10% income tax and keeping the rest of the money at their disposal rather than locking the money away for many years in a tax-saving investment, just to save on that 10%," says Vaibhav Sankla, director, H&R Block, a tax consultancy firm.

First-time Home Buyers

If you have purchased a house in this financial year, you will be entitled to a deduction of up to 1 lakh on interest paid under Section 80EE. This is in addition to the deduction under Section 24 on home loan interest. Moreover, if the interest paid during the year is less than 1 lakh, the unclaimed deduction can be used in the following year.

A Few Little-known Exemptions

Most home loan borrowers know the benefits available for the interest and principal payments under Sections 24 and 80C respectively. However, many of them are not aware of certain extra benefits. "You can claim deductions on interest paid on loan taken from friends and relatives too. Similarly, processing fees paid to your housing finance company would also be eligible for deductions," says Sankla.

Preventive Health Check-ups

Introduced during financial year 2012-13, this deduction is part of Section 80D exemption, which allows deductions on health insurance premium. If you have undergone health check-ups this year, you can claim a deduction of up to 5,000. Bills from diagnostic centres can be submitted either to your employer or claim the deduction at the time of filing returns. If you haven't undergone any tests this year, it would be a good idea to do so before March 31.

Deductions on Donations

Donations made to charitable organisations and government-approved funds qualify for deductions under Section 80G. Apart from donations to specific funds, which are eligible for a 100% deduction, most are restricted to 50%.

Disability-related Expenses

If you have been taking care of a family member who suffers from physical or mental disabilities, one can avail relief up to 50,000 . In case of severe disabilities (80% or more), the eligible amount is 1 lakh. Dependants could include spouse, children, parents, brothers and sisters of the tax-payer. Differentlyabled tax-payers can claim a similar exemption for themselves under Section 80U.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions