Last updated : 18th May, 2019 Cost Inflation Index is used for Calculating Long term Capital Gain. Every year, Income Tax department notifies Cost Inflation Index. CII is very useful to calculate Long Term Capital Gain Tax. Capital Gain = Sales Consideration – Indexed Cost of Acquisition Indexed Cost of Acquisition
Last updated : 16th March, 2019 Over the years, property is one of the high ticket items in one’s investment portfolio. Now the buying / selling are more frequent with good appreication. However, the investor needs to consider taxation aspects when buying & selling properties. Any profit earned on sale
Last updated : 6th March, 2019 Section 80EE allows you to claim additional deduction of Rs 50000 per year for interest payable on housing loan. This deduction is available for individuals subject to following conditions: Value of residential house does not exceed Rs. 50 Lakhs Loan sanctioned does not exceed
Last updated : 6th March, 2019 Hopefully, you are claiming deduction upto Rs 1.50 Lakh under Section 80C by investing in various eligible options. If not, please read the article here about 80C tax deductions. After exhausting the limit of Rs 1.50 Lakhs u/s 80C, you must be thinking –
Last updated : 14th March, 2019 In the month of March, most tax payers rush to invest their money in tax saving instruments. Though it is better to do the tax planning at the start of year & plan your investments over the whole year. Many salaried taxpayers has to
Last updated : 8th February, 2019 Finance Minister Piyush Goyal presented the Budget for 2019-2020 in Parliament on 1st Feb 2019. Following are the highlights of his speech: Personal Taxation No income tax for those who earn up to Rs 5 lakh annually! (increased from current Rs 2.5 lakh)
Last updated : 27th July, 2018 The government on Thursday extended the deadline for filing income tax return for assessment year 2018-19. The deadline of July 31, 2018 has been extended by a month to 31st August 2018 Assessee can now file their income tax return (ITR) for financial year
Last updated : 20th July, 2018 Many income tax changes are applicable from 1st April 2018 that you need to know: 1. Penalty on late filing of Income Tax return (applicable 01 April 2018) Penalty of upto Rs 10000 will be charged if you file your ITR after the
Last updated : 20th July, 2018 As the due date for income tax is 31 July, you need to make sure that te returns are file on time. From April 2018, tax rules have changed and a penalty of upto Rs 10000 will be levied if the return is
Last updated : 20th July, 2018 You can file ITR 1 & ITR 4S online (without using the excel ITR file). In this post, I am providing step-by-step guide to file these returns on Income tax efiling website. As the due date for income tax is 31 July, you need to