Tag: Tax

FM APPROVES RAJIV GANDHI EQUITY SAVINGS SCHEME FOR RETAIL INVESTORS.

| September 21, 2012 | Reply

PRESS INFORMATION BUREAU GOVERNMENT OF INDIA * * * * * FM APPROVES RAJIV GANDHI EQUITY SAVINGS SCHEME FOR RETAIL INVESTORS New Delhi, Bharapada 30, 1934 September 21, 2012 The Union Finance Minister, Shri. P. Chidambaram approved a new tax saving scheme called “Rajiv Gandhi Equity Saving Scheme“(RGESS), exclusively for the first time retail investors in […]

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Income tax return: Avoid these common errors while filing your returns

| July 24, 2012 | Reply

Your date, a crucial one, with the tax authorities is just a week away. You have to file your taxes and file the returns before July 31. Sure, you can outsource the task to your tax consultant. However, if you prefer doing it yourself, go ahead. Take it from us, the process is not as complicated as […]

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Filing tax returns: If you miss deadline

| July 22, 2012 | Reply

The deadline for filing income tax returns is July 31 for the last financial year. Despite this deadline being an extremely familiar and well known, many people still miss it for various reasons. Reasons may be genuine or simple procrastination. In case you miss the deadline, there are ways to retrieve the situation by filing […]

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New rules of filing tax returns: What they mean for you

| July 9, 2012 | Reply

A week may be a long time in politics, but when it comes to filing tax returns, some people may find that even four weeks aren’t enough. As the deadline for filingtax returns approaches, thousands of Indians who have worked abroad will be scrambling to gather the information required to be filled in the new tax […]

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Do not forget to claim these lesser-known tax deductions

| July 9, 2012 | Reply

For most individuals tax deductions are all about investing in Public Provident Fund or life insurance policy. However, there are a host of other deductions which many taxpayers are eligible to claim but don’t do so because they are not aware of them. “Many tax payers buy health insurance, but many are not aware that they can seek tax […]

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Income tax return: 9 deductions to claim

| July 9, 2012 | Reply

Most taxpayers are aware of the deductions available under Section 80C, the tax benefits of medical insurance and the advantages of a home loan. But there are also some inconspicuous sections of the Income Tax Act, which offer further savings to taxpayers. If you satisfy certain conditions, you can use these to bring down your tax liability. The […]

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Income tax exemption limit raised to Rs.2 lakh

| March 17, 2012 | Reply

Income tax 2012-13 The tax exemption limit for individuals has been hiked to Rs.2 lakh from the current Rs.1.8 lakh, while the tax slabs have been re-jigged to provide relief to tax payers. Presenting the union budget for 2012-13 in the Lok Sabha, Finance Minister Pranab Mukherjee said the upper limit for the 20 percent […]

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Applicable Income Tax Slab For Assessment Year 2013-14

| March 15, 2012 | Reply

Applicable Income Tax Slab For Assessment Year 2013-14 Normal Rates of tax Where the total income does not exceed Rs. 2,00,000/-. Nil Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/- 10 per cent of the amount by which thetotal income exceeds Rs.2,00,000/- Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 30,000/- plus 20 per cent […]

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Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13

| February 21, 2012 | Reply

Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13 Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are […]

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