How to save taxes by Gifting or spending money for Family

How to save taxes ? Well most of us look into alternate ways to save the amount of tax we pay to the government. We search through exemptions and rebates. But have you ever thought your family members can help you in saving taxes. Yes there are certain exemptions in tax rules through which you can gain exemption over the money you spend for them. However there are rules and regulations governing them so make sure you read through it with attention.   HOW to SAVE TAXES by Gifting Or Spending money for your Family Members   Pay rent...

Read More

32 Income tax rules applicable for FY 2016-17

There are huge changes in income tax rules applicable for FY 2016-17 due to budget 2016-17 changes. In this post, I have covered all the changes in short. Income tax rules applicable for FY 2016-17: No change in income tax slab for FY 2016-17. Basic exemption limit is same Rs.2,50,000 for non senior citizen and Rs.3,00,000 for senior citizen. There is no change in income tax rate for fy 2016-17. Additional deduction of Rs.3000 is available u/s 87A. Now,  Section 87A will provide Rs.5000. Rate of surcharge is increased from 12% to 15% for income more than Rs. 1...

Read More

6 Changes in income tax return form ( ITR form) for FY 2015-16

Income tax return filling for FY 2015-16 has been started. Some major changes in income tax return form for FY 2015-16  have been introduced by government of India. It increases burden on Taxpayers on some extent but will increase transparency We will cover all these changes in this post.   Changes in income tax return form for FY 2015-16:   Introduction of NEW  ITR 2A form : New form ITR 2A is introduced for individual / HUF to report income other than capital gains, business income, foreign income or foreign asset or who is not claiming relief under section...

Read More

Form 10E: claim relief in tax for salary arrears u/s 89(1)

Form 10E submission is required to claim relief in tax for salary arrears under section 89(1) from financial year 2014-15. In this post, you can get insight about how to submit form 10E online. Form 10E submission and Relief under section 89(1): Before learning procedure to submit form 10E online, Lets understand concept of relief under section 89(1). What is relief under section 89 (1)? Tax is calculated on salary received during the year. Some times employee receives salary in advance or in arrears. When salary is received in arrears, tax rate is higher and you need to pay...

Read More

Search Tax Masala

Custom Search

Subscribe to Blog via Email

Join 3,268 other subscribers