Page 2 - Tax Benefits

How you use a loan determines tax benefit

Interest paid on even a loan against property is tax deductible if you can prove that the loan was utilised for your child's higher education

Traditional policies' tax benefits must go

The tax exemption encouraged retail investors to buy traditional policies, which, in turn, invested in G-Secs. But now there are many other buyers for G-Secs

Remember to avail of tax benefit on health check-up under Section 80D

If your health insurance premium is low, this provision can help you enjoy a higher deduction

ELSS funds: Tax benefits and factors to consider before investing

Why should investors invest in ELSS? Is there any down side to investing in ELSS? How should one select the right fund? In this podcast, we discussed how to go go about investing in ELSS funds

FPIs will have to furnish residency certificate to avail treaty tax benefit

At present, the withholding tax provisions do not allow Indian companies to apply lower treaty rates while deducting tax at source (TDS) on dividends paid to FPIs

PSU divestment, LIC IPO, fiscal deficit: How brokerages read Budget 2021

Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation, notes analysts at Jefferies

Budget 2021: PF interest, Ulip gains now taxable beyond a certain limit

Reduction of time span for reopening assessments will reduce fear of the taxman

Raise tax deduction limit under Section 80D in Budget: Non-life insurers

Under Section 80D, one can get tax deduction of up to Rs 25,000 for health insurance premiums for individuals below 60 years

UKIBC for tax parity between domestic and foreign companies in Budget

The reduction in the corporate tax rate for domestic firms, creates significant disparity between the effective tax rates applicable to foreign companies

Tax benefit on health insurance policy varies based on family size

Amount of insurance purchased should, however, depend on your requirement, and not just the tax benefit

Exporters seek extension of tax benefits for cross-border e-commerce

Exporters on Wednesday suggested to the government a series of steps, including extension of fiscal benefits to SEZ units, presumptive tax for cross-border e-commerce and free trade pacts with countries like the US and UK, to boost domestic manufacturing and outbound shipments. These recommendations were made by the Federation of Indian Export Organisations (FIEO) at a meeting of the Board of Trade (BOT) which was chaired by Commerce and Industry Minister Piyush Goyal. Other suggestions included permitting duty free import of equipment required for R&D and product development; setting up of a Niryat Vishwavidyalay; extension of interest subsidy scheme in the new foreign trade policy; and immediate release of GST and drawback funds. Further, the federation recommended refund of GST to foreign tourists, RoDTEP (Remission of Duties or Taxes on Export Products) scheme covering all products; and amnesty scheme for schemes prescribing export obligation. FIEO Director General Ajay Sahai .

PHDCCI chief Sanjay Aggarwal wants highest income tax rate cut to 25%

His comment was in contrast to economist Joseph Stiglitz's, who wanted the rich to be taxed more under the current circumstances

Covid, income fears see shift to single-premium plans. How good are they?

Those buying these plans should bear in mind that gains at maturity may not be tax-free

Tourism industry seeks reduction in GST rate, tax benefits to revive sector

According to them, the Covid-19 pandemic has wreaked havoc on the travel, tourism and hospitality industry, resulting in a loss of Rs 15 trillion and putting up to 40 million jobs at risk

IT refunds worth Rs 88,652 cr issued to over 2.5 million taxpayers

The Income Tax department on Friday said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal. This include personal income tax (PIT) refunds amounting to Rs 28,180 crore issued to over 23.05 lakh taxpayers and corporate tax refunds amounting to Rs 60,472 crore to over 1.58 lakh taxpayers during this period. "CBDT has, so far, issued refunds of over Rs 88,652 crore to more than 24.64 lakh taxpayers from 1st April, 2020 onwards. Income tax refunds of Rs 28,180 crore have been issued in 23,05,726 cases & corporate tax refunds of Rs 60,472 crore have been issued in 1,58,280 cases," the Income Tax department tweeted. The Central Board of Direct Taxes (CBDT) is the apex decision-making body in direct tax matters, administers personal income tax and corporate tax. The government has emphasised on providing tax related services to taxpayers without any hassles during COVID-19 pandemic and to that end has been clearing up pending tax refunds.

Sovereign wealth funds to get tax relief on infrastructure bets: CBDT

CBDT notifies changes that will also apply to pension funds

Sebi panel bats for tax sops for social stock exchanges to take off

Besides abolishing STT and CGT, the panel has also recommended philanthropic donors be eligible to claim 100-per cent tax exemption

Ensure you have taken these steps before March-end for tax benefits

If you have some laggards in your portfolio, then this is the right time to book your losses and reduce your tax burden

Financial groups: Focus shifts to their ability to boost parent's valuation

While lack of clarity on outlook of insurance business has weighed on valuations of parent firms, retail loan growth and fee income need to be closely watched

Indexation benefit to advance tax: Expert answers all taxation queries

If you receive Rs 30 lakh in cash during marriage, is it taxable? Read to find out