NEW DELHI: The govt-appointed committee to rework the Income Tax Act has sought public inputs and suggestions in four categories for simplification of language, steps to reduce litigation, ease compliance requirements, and identification of redundant or obsolete provisions, clearly indicating the direction in which it is working.In her budget speech finance minister Nirmala Sitharaman had…
Gift deed: Want to give your loved ones a special gift? A gift deed in India can make sure the transfer is smooth and secure, whether it’s a family heirloom or a valuable property. Here’s how you can make use of gift deeds to transfer your wealth: What’s a gift deed? A gift deed is…
Section 80DDB of the Income Tax Act provides individuals with a valuable tax deduction for expenses incurred in treating certain specified illnesses. This provision allows for a deduction on medical treatment expenses incurred for dependents suffering from specified diseases. Eligible dependents for coverage include spouses, children, parents, and siblings.Here are five essential things to know…
Public Provident Fund: The Public Provident Fund (PPF) is popular because of its attractive interest rates and tax benefits, especially for small savers. You can deposit as little as Rs 500 or up to Rs 1.5 lakh annually in a PPF account.PPF provides tax exemption under section 80C of the Income Tax Act, and its…
Advance tax allows taxpayers to spread out their income tax payments throughout the year. Today, March 15, 2024, marks the final deadline for taxpayers in India to settle their fourth and final installment of advance tax for the financial year 2023-24. Missing this deadline can result in penalties and interest charges. Advance tax allows taxpayers…
Fixed deposits: Tax-saving fixed deposits (FDs) enable senior citizens to avail a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income-tax Act, 1961. The interest earned on fixed deposits typically incurs taxes. However, senior citizens have the opportunity to generate tax-exempt returns from tax-saving FDs. To understand how it works…
Penalties for not depositing in PPF, SSY, NPS: Investors in Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and National Pension System (NPS) must deposit a minimum amount in their accounts each year to keep them active. If they miss this deposit, their accounts can be frozen, and they may face penalties. The deadline for…
Senior citizen tax-saving FDs: As you age, it’s best to pick safer investments, experts say. That’s why many senior citizens like putting their money in stable options like bank fixed deposits (FDs). Plus, investing in five-year tax-saving bank FDs gives you tax perks. However, it is important to note only those who stick with the…
