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How to avail tax benefits under Section 10

Income Tax Act provides multiple tax exemptions to every individual. A lot of such exemptions fall under section 10 of the Income Tax Act. Following are the tax exemptions provided under Section 10:Income received from agriculture is totally exempt from tax if it is the only source of income in the financial year. However, if it is accompanied by income from other sources, it is taxable.LTA is exempt...
Source : Ndtv |
Category : Others

Form for senior

am now 73-years-old and in the current financial year my total income, including pension, bank fixed deposit and savings deposit, will be nearly Rs 2,65,000. Should I have to submit Form 15H in the bank and file the income tax return?Normally, if the income from interest is above Rs 10,000 in a fiscal, a 10 per cent tax is deducted at source. To avoid TDS, Form 15H can be submitted by senior citizens....
Source : Telegraphindia |
Category : Business | City : Mon

Higher-income Americans hit hardest by tax changes

Thursday, Jan. 9, 2013 photo, shows a 2013 1040-ES IRS Estimated Tax form at H & R Block tax preparation office in the Echo Park district of Los Angeles. “The United States income tax is a pay-as-you-go tax, which means that tax must be paid as you earn or receive your income during the year,” the IRS says. “You can either do this through withholding or by making estimated tax payments.”Photo: Damian...
Source : News Times |
Category : Science N Technology | City : National

3 Stealth Retirement Savings Moves For The Wealthy

High income earners can easily pay half their income at the margin in taxes. The top federal income tax bracket now stands at 39.6%. Add to that payroll taxes, state and local income taxes, alternative minimum tax, and loss of the value of deductions and exemptions, and many keep less than they pay in taxes above certain income levels.As a result, it’s never been more important to shield as much income...
Source : Forbes |
Category : Personal Finance

Panel formed to check frivolous I-T dept appeals

central government has formed a committee to study appeals filed by the income-tax (I-T) department and to suggest steps to reduce the number of litigations.The circular follows the government's decision last week to reduce frivolous appeals against income tax orders that went in favour of tax payers. The first appeal is before a commissioner, followed by the income tax appellate tribunal (ITAT) before...
Source : Times Of India |
Category : City | City : Thane

GOP tax plan lowers rates, imposes surtax on rich

simplify the tax code would cut income tax rates but impose a new surtax on some high-income families.The plan, which is to be unveiled Wednesday, would lower the top income tax rate from 39.6 percent to 25 percent, said a GOP aide who spoke on condition of anonymity. However, the plan would impose a new 10 percent surtax on some earned income above about $450,000.The aide was not authorized to speak...
Source : News Times |
Category : Business

Exploring your tax bracket

News about presidential nominee Mitt Romney enjoying an effective tax rate of 13.9% and billionaire investor Warren Buffett paying a lower tax rate than his secretary, often leads to outcries of a broken tax system. But did you know that your effective tax rate may be even lower?from 2013, you will notice that your total income is subject to many reductions before it is taxed. All forms of taxable...
Source : Fox News |
Category : Headlines

Filing Tax Returns: You'll Have to Share Mobile, E-Mail Details

Taxpayers filing their Income Tax (I-T) returns this year will now have to share their email-id and mobile phone number with the tax department.The Central Board of Direct Taxes (CBDT), the administrative authority of the Income Tax department, has introduced a new column in the I-T returns forms asking for the tax filers personal email-id and mobile number."This is a step taken to communicate better...
Source : Ndtv |
Category : Others | City : New Delhi

Taxpayers to Share Their Personal Email-Id, Mobile Phone Number While Filing Returns

Taxpayers to Share Their Personal Email-Id, Mobile Phone Number While Filing ReturnsTaxpayers filing their I-T (Income Tax) returns this year will now have to share their email-id and mobile phone number with the tax department.The Central Board of Direct Taxes (CBDT), the administrative authority of the Income Tax department, has introduced a new column in the I-T returns Forms asking for the tax...
Source : Ndtv |
Category : Others

Now, share email-id, cell number in I-T returns form

Income Tax department has introduced a new column in the I-T returns form asking for the tax filers personal email-id and mobile number.NEW DELHI: Taxpayers filing their I-T returns this year will now have to share their email-id and mobile phone number with the tax department.The Central Board of Direct Taxes (CBDT), the administrative authority of the Income Tax department, has introduced a new column...
Source : Times Of India |
Category : Headlines
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