For a better Compliance
A formal Memorandum of Understanding (MoU) was signed today between the CBDT and SEBI, via video conference, for exchange of data between the two organisations.Many retail investors trade in equities on a regular basis, resulting in small capital gains or losses. But many of them used to casually ignore mentioning the details in their Income... Continue Reading →
Things to be noted by NRIs: NRIs are considered resident if their stay in India in all visits during an year exceeds 120 days. this limit was earlier 182 which is reduced to 120 now. This means NRIs need to plan their visits to India to restrict their stay to 120 days to avoid being... Continue Reading →
Finance Minister has given food for thoughts to the salaried Individuals who plan their tax and investments. A puzzling year with options given on choosing a tax rate. Union budget has been an attempt and a step towards simplifying the tons of rules and sub rules in tax. The new tax regime as per the... Continue Reading →
Tax rate and Rebate Individuals whose total income (after deductions and exemptions) is not more than INR 5 lakhs will get a rebate(i.e., reduction) of total tax liability. Thereby resulting in a Zero tax liability on income upto INR 5lakhs. NRIs are not eligible for this rebate. Surcharge on Individuals 10% on total income in... Continue Reading →
Tax Rebate: Individual with taxable income up-to INR 5 lakhs will get full tax rebate. Which means if your taxable income after all the investment deductions and eligible income exemptions is up-to INR 5 lakhs, there is no tax to be paid If the taxable income of individual is beyond 5 lakhs ( after claiming eligible deductions... Continue Reading →
In the year of election, an Interim budget is prepared with which the existing government has right to spend as per the interim budget only till March 2019. However, government can take vote on account to make expenditure as per the interim budget until the new government presents the full union budget. The outgoing Government... Continue Reading →
Medical Insurance: Currently if premium is paid towards medical insurance of your Sr citizen parents, an income deduction upto INR 30,000 was eligible. This has been increased to INR 50,000 from Financial Year 2018-19 Medical Treatment for specified diseases: Currently if you incur any medical expenditure for treatment of specified diseases suffered by your parents,... Continue Reading →
