Yes we all love surprises but of the pleasant kind of course! When on the topic of surprises, do remember to check out the new AY2019-20 forms released by the Income Tax Department unless you want surprises of an unpleasant kind! It always pays to be well informed about changes in income tax filing so […]
Legal & Taxation Planning
Post 2019-20 Union Budget, will second home be compulsorily perceived as self-occupied?
The 2019-20 Interim Union Budget contained several interesting measures that promise to bring major relief to citizens. The Union Budget has announced a proposal for exemption of taxation on notional rent assumption from a second home that is self-occupied. The Minister Piyush Goyal has already stated income tax is payable on notional rent in case […]
Can home loan tax benefits and HRA be claimed together?
There is a prevailing doubt amongst several individuals regarding the viability of claiming HRA and home loan tax benefits together. More often than not, it seems problematic when it comes to claiming house rent allowance and home loan tax deductions at the same time. However, there are some situations in which you can claim both […]
Income Tax Act Section 80 C allows reversal of deductions
Section 80 C of the Income Tax Act permits you to deduce up to Rs 1.50 lakh in regard of specific things of speculations and costs. These deductions are liable to a few limitations regarding the people for whom you can guarantee these and the secure period for which you have to hold the ventures. […]
Want your income tax refund early? Follow these 10 steps while filing returns
It is that time of the year again and soon one would have to file their IT returns for the past financial year. If one has paid excess tax throughout the year through TDS, or there have been tax saving investments that have not been taken into account, then one is entitled for a refund. […]
