This article explains how you can save income tax under section 80E if you have availed of an education / study loan. It also tells you the nitty gritties: what is the process, how much you can save, who can benefit from this, etc.[This article has been inspired by queries from readers Ravi … [Read more...]
Income tax treatment of leave travel allowance / concession (LTA / LTC)
January 8, 2009 by ·
The government wants to encourage us to travel more and explore our country, and wants to assist us. That’s why it gives a favourable income tax treatment to allowance given to us for travel. We actually get income tax benefit for tourism! Read on. … [Read more...]
Advantages and disadvantages of home loan in joint names
December 14, 2008 by ·
A home loan can be taken in your individual capacity – in your single name. Or it can be taken in joint names, usually along with your spouse.There are pros and cons of doing this. Read on. … [Read more...]
Income Tax (IT) treatment of House Rent Allowance (HRA)
October 3, 2008 by ·
Most of the salaried people get an allowance for taking care of the rent that they pay for their home. This is called House Rent Allowance, or HRA.HRA gets special treatment in income tax laws, and is exempt from income tax to a certain extent. Here are the rules explained in simple terms. … [Read more...]
Permanent Account Number (PAN) for an NRI and a PIO
August 30, 2008 by ·
If you are a Non Resident Indian (NRI) or a Person of Indian Origin (PIO), you would definitely be faced by this question: Do I need a PAN card? Can I transact in the stock market / shares without a Permanent Account Number? Can I buy or sell property without a PAN card? How do I get a PAN card, … [Read more...]
Missed the income tax return (ITR) filing deadline of 31st July?
August 1, 2008 by ·
The deadline for filing income tax returns for an individual assessee is 31st July. In spite of your best intentions and efforts (or, out of plain laziness!), you couldn’t file your income tax return on time. You missed the due date!What happens if you do not file the income tax return by the … [Read more...]
Set Off and Carry Forward of Losses – Capital Gains and House Property
July 26, 2008 by ·
This article talks about the complicated matter of set off and carry forward of losses. It explains what set off and carry forward means, and talks about the treatment of the most commonly encountered losses - Capital loss and loss from house property. … [Read more...]
How to save / avoid Long Term Capital Gain (LTCG) Tax on Sale of a House
July 23, 2008 by ·
So, you’ve sold your house and have earned a hefty amount in profit. But you don’t want to pay any income tax on this profit! Is there any legitimate way to do this? Yes, there are more than one ways!This article explains how income tax can be totally avoided (of course, totally legally!) on … [Read more...]
Long Term Capital Gains (LTCG) on Sale of a House – Calculation and Income Tax
July 20, 2008 by ·
Sale of a house often results in long term capital gains. But its calculation is not very simple – the cost of acquisition has to be indexed using the cost inflation index numbers. The cost of improvement also has to be added before calculating the capital gain.This article guides you through … [Read more...]
Long Term and Short Term Capital Gain – Income Tax Calculation
July 17, 2008 by ·
We often hear the term “Capital Gains”. What is capital gain or loss? How is it classified into long term and short term? What is its treatment as far as income tax goes? Read on... … [Read more...]
0 
2 
7