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Make donations, save income tax – Section 80G

Are you interested in philanthropic activities? Do you donate money to charities? If yes, you could be saving income tax. You could save tax even if you contribute money for public purposes. Read on. … [Read more...]

Income Tax (IT) Slabs / Brackets and rates

This article gives you the details of the most recent, currently applicable income tax slabs / brackets and the applicable income tax rates. The slabs for women and senior citizens are also covered.The article also covers some historic slabs and tax rates. One of the most basic … [Read more...]

Income Tax (IT) benefit of an education / study loan – Section 80E

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)

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

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)

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

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?

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

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

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...]