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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

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

Tax dept slaps final order claiming Rs 3,700 cr on Vodafone

income-tax department has slapped a final order on the Indian unit of Vodafone on the transfer pricing tax case, seeking Rs.3,700 crore including tax and interest.Quotes...
Source : Yahoo Finance |
Category : Personal Finance

Britain's top earners paying almost 30 per cent of all income tax

Britain's top earners are now paying almost 30 per cent of all income tax while their income equates to just 10 per cent of the national salaryBritain's top one per cent are now paying almost 30 per cent of all income tax - despite only earning 10 per cent of all income.Research shows the share paid by the highest earners, those who make £160,000 a year or more, jumped to almost a third from just 11...
Source : dailymail |
Category : International

Tax Guy: 7 changes to tax form 1040

Time marches on, and you’ll soon be receiving your 2013 W-2 and 1099s. So it’s not too soon to start thinking about putting together your Form 1040 for last year. As you do, please take note of the following key federal income tax changes that took effect in 2013.For most individuals, the 2013 federal income tax rates are the same as for 2012: 10%, 15%, 25%, 28%, 33%, and 35%. However, the American...
Source : Marketwatch |
Category : Personal Finance

Top 25% of earners pay 75% of ALL income tax

25% of earners pay 75% of ALL income tax while half of the country contributes less than 10%A quarter of workers will pay three-quarters of all income tax this year, as the government rules out easing the burden on high earners.Chancellor George Osborne will use next week’s Budget to reject calls from Tory MPs to cut taxes for the millions dragged into the 40p tax band.Official figures show that in...
Source : dailymail |
Category : International

MP attacks income tax powers 'trap'

Shadow Welsh Secretary Owen Smith has criticised the income tax powers UK ministers are proposing for Wales.The Labour MP said the Welsh government had not asked to be able to vary income tax and would not seek that power.He said allowing Welsh ministers to vary income tax by up to 10 pence in the pound was a "trap" to force them to raise more of the money they spend.Conservatives said Mr Smith had...
Source : BBC |
Category : International