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      Tax Deductions Available Under Various Sections For Assessment Year 2014-15

      Saturday, February 8th, 2014 Amritesh 2 responses

      Individuals whose Annual Income is above `2,00,000/ p.a- will be liable to pay Taxes on the earnings above the prescribed amount. However those earning below `5,00,000/ p.a- will get a Tax Credit of `2000/- on the Tax payable. Now we will look at the Tax Deductions available under the Income Tax Act and Sections applicable. We would also find out Investment and Saving options which could be availed. DEDUCTIONS U/S 80CDeductions are available to the Individuals under Section 80C, 80CCC & 80CCD up to the extent `1,00,000/-. These are now effectively clubbed under Section 80C with the aggregate deduction ceiling of `1,00,000/-.  SAVING/INVESTMENT SCHEMES RETURN ON INVESTMENT LOCK IN PERIOD Contribution to Employee’s Provident Fund (EPF) Varies year to year (Generally…

      Tax Planning

      Thursday, February 6th, 2014 Amritesh no responses

      The evaluation of Financial affairs and Investments to reduce the burden of Tax on an individual is known as Tax Planning. It is quite a board term and includes Tax Management with it. Tax Management merely looks into the compliance with the Statutory Tax Laws with regard to disclosure of Income and filing within specified time. While Tax Planning looks at the legitimate ways by which the Tax liability could be brought down to minimum. It steers clear from the unfair practices such Tax Evasion and Tax Avoidance. Tax Planning involves strategic planning to avail the deductions and reliefs provided under the Income Tax Act. Thus it is a long term planning which one needs to adopt. You have to…

      Income Tax Slabs & Rates for Assessment Year 2014-15

      Sunday, February 2nd, 2014 Amritesh no responses

      INCOME SLABS (INDIVIDUALS BELOW 60 YRS) TAX RATES 1.) Total Income not exceeding `2,00,000/- Nil 2.) `2,00,001 but not exceeding `5,00,000/- 10% of Amount above `2,00,000/-* 3.) `5,00,001-`10,00,000/- `30,000/- Plus 20% of the amount exceeding `5,00,001/- 4.) Above 10,00,001/- `1,30,000/- Plus 30% of the amount exceeding `10,00,001/-** NOTE: *A Tax Rebate of 10% (`2000/- maximum) is available to individuals whose earning is in the range of 2,00,001-5,00,000/-. However if the income exceeds `5,00,000/- the rebate is withdrawn.**Surcharge of 10% if the Total Income exceeds 1 Crore.Education Cess of 3% is payable on Total Income Tax and Surcharge.Individual Residents who are above 60 yrs of age but below 80 yrs the Tax on Total Income is exempted upto  `2,50,000/-.Individual Residents who…