Tax, Investments and Retirement

Here is how a person can cut down the tax outgo to zero for income up to Rs 10 lakh. 1) Basic income of Rs 2.5 lakh per annum is exempted from income tax. 2) You can claim ded...

The main purpose of income tax is to reduce income disparity. I.e. To reduce gap of maximum and minimum income and to support poor who do not have income from those who have more income. Hence, inc...

Dear Sir/Madam, I seek your suggestion regarding LTCG. I sold my Flat for Rs. 49,00,000-00 in this month-JULY-2016. It was bought in JULY-2009 for Rs. 31,08,750-00 (Break-up is Cost of premises-Rs....

Please clarify whether Capital Gain ( LT or ST as may be applicable) in case of switch out from one scheme to other scheme of mutual Fund.

It is a well known and established fact that the Root Cause of generation of Black Money is high rate of personal income tax. To avoid paying tax people carry out cash transactions. All efforts by ...

PAN and TAN to be issued in a day

if you did high value transaction without pan card, you will get a notice. good luck friends. this will be tax harrassment.

Is there any chance income tax date will be extended this year from July 31 to Aug 31? I know localcircles has many Govt officials and departments as members so trying to find?

When we buy a property from the developer which is worth more then 50 Lakhs, 1% TDS is to be deducted from the developers payable amount & the same needs to be remmitted to the government by th...

Is the amount received from critical illness insurance ( a lump sum received on contracting a disease like cancer) exempt from income tax? If so, under what section/clause? It appears Sec 10(10D) ...