Government takes big decision about Income Tax Exemption.

EPFO Latest News: Income Tax exemption! Modi government takes big decision - Check what it is and how it will impact youIn a major development,  Modi government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax exempt. This would be applicable to those cases where no contribution is made by employers to the retirement fund.In her Budget presented to Parliament on February 1, Finance Minister Nirmala Sitharaman...

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5 Things i.e. LPG Cylender Price, Income Tax, EPF, Cheque Book and Banking Rules to TDS will change from 1st April, 2021

Top 5 things that will change for you from April 1, 2021 - LPG cylinder price, income tax, EPF, Cheque book, banking rules to TDSFinancial Year 2020-21 is about to end and new Financial Year 2021-22 is going to begin from 1st April 2021. With the arrival of the new financial year, there are some major changes taking place which are going to affect an earning individual's money matter to a larger extent. Changes in LPG cylinder price, banking rules due to merger of banks, income tax rule changes...

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Top 5 ways to save tax without investment in Fin. Yr. 2021-21

The deadline (31st March 2021) for investment declaration to claim tax deduction for FY 2020-21 is fast approaching. Hence, earning individuals are busy finding ways to save their hard earned money meant for income tax outgo. While some people are busy buying insurance policies some are found investing in Section 80C investment options like Public Provident Fund (PPF), Post Office Saving Schemes, etc. However, for information to such earning individuals, one can save income tax without making any...

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First Time Home Buyers can't afford to lose out Up to Rs 5 lakh tax benefits

Buying a house means you have to pay home loan EMI on time. However, there are monetary benefits given by the Income Tax Department that the home loan applicant just cannot afford to miss claiming. As per the Income Tax Act, first time home buyers can claim income tax benefit of up to Rs 5 lakh under various sections. But, to claim these benefits, one has to be aware of these benefits too.Speaking on the income tax benefits for the first time home buyers, Ravi Singhal, Vice-Chairman, GCL Securities...

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Tax Computation for Asstt. Year 2021-22

Sec 115BAC – New Regime for Tax ComputationThe government has been looking at avenues to make income tax provisions simplified and lessen dependencies on consultants. A step towards it came through the introduction of Sec 115BAC- Tax on Income of Individual/ HUF in the Budget of 2020, as an alternate to the existing regime.Effective AY21-22 (FY 20-21), every individual and HUF has the option to either continue with existing tax rate where exemptions and deductions can be claimed or opt for the...

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Taxpayer must complete 7 Tax Task before 31st March, 2021

7 tax tasks to complete before 31 March 2021There are certain tax tasks which we need to complete by the 31st March 2021. Here we are taking a look at some of them.As we are approaching the end of the financial year 2020-21, there are certain tax tasks which we need to complete by the 31st March 2021. Let us discuss those tasks in detail.1. Submitting the details of salaries received from earlier employerIf you are a salaried person and were employed with more than one employer in the current year,...

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