Among the ULBs, the Greater Visakhapatnam Municipal Corporation could collect only ₹202 crore property tax against the target of ₹921 crore. Similarly, the Vijayawada Municipal Corporation collected only ₹87 crore out of ₹269 crore target and the Guntur Municipal Corporation collected only ₹58 crore out of ₹191 crore target. … [Read more...] about ULBs in State could collect only 36% property tax so far this fiscal
The Shetty clan is the latest Bollywood family to see more members join the fraternity. Following in father Suniel and sister Athiya’s footsteps is Ahan Shetty. The 23-year-old is all set to make his Bollywood debut this year, and will star opposite last year’s debutante Tara Sutaria, in a remake of 2018 Telugu film ‘RX 100’. Titled ‘Tadap’, the action-thriller is being directed by ‘The Dirty Picture’-maker, Milan Luthria.(Image: Instagram/AhanShetty) … [Read more...] about Maharashtra cabinet gives nod to make ‘Tanhaji’ tax-free in the state
MUMBAI: The taxman may knock on your door if you bought gold immediately before or after high denomination currency notes were withdrawn even if you paid for the precious metal by cheque or credit card. Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion demand to fall sharply in the days after the notices were issued last Friday. Surendra Mehta, chartered accountant & secretary of IBJA, has said that the tax notice to 600 jewellers on November 11 asks them to furnish not just the quantity and value of gold they've purchased but also quantity and price details of sales to customers. Where the value and quantity of sales are high, excise authorities could simply ask jewellers to furnish customer details, irrespective of whether they (customers) … [Read more...] about Income Tax men may come calling on gold buyers
By Sudhir Kaushik of TaxspannerYet to complete your tax-saving investments? Many taxpayers are not aware of the investments and expenses that are eligible for tax deduction under Sec 80C and Sec 80CCD1b. Use this tax planning calculator to know how much more you need to invest to save tax this year. Saving or expense What’s eligible for deduction Example Your figures PF and NPS Your contribution to the Provident Fund or the NPS as part of the mandatory retirement savings are eligible for deduction under Sec 80C. Rs 48,000 Note: Don’t include the matching contribution by your employer. Voluntary PF Additional voluntary contributions to Provident Fund get the same tax benefit. NPS Under Sec 80CCD(1b), up to Rs 50,000 put in NPS is deductible. This is over and above the Rs 1.5 lakh deduction under Sec 80C. Rs 50,000 Note: This additional deduction is only for NPS. Insurance policies, pension plans and SIPs in ELSS funds Premiums of existing life insurance policies, … [Read more...] about Want to know how much you need to invest to save tax? Use this calculator to find out
By Sudhir Kaushik of Taxspanner If the net taxable income after all deductions does not exceed Rs 5 lakh, the taxpayer won’t have to pay any tax. Find out if you are eligible for any of these tax deductions to lower your income below the threshold. 1. Savings account interest Sec 80TTA Up to Rs 10,000 interest earned on a savings bank account balance is exempt from tax. 2. Medical insurance Sec 80D Up to Rs 25,000 premium for medical insurance of self and family and Rs 25,000 for parents (Rs 50,000 if they are senior citizens). 3. Education loan Sec 80E Interest paid on education loan for self or dependant. Deduction can be claimed for a maximum of eight financial years. 4. House rent without HRA Sec 80GG If taxpayer doesn’t get HRA, he can claim lowest of the following three: Rs 5,000 a month, 25% of income or rent paid minus 10% of income. Also read: Find out how much you need to invest to save tax 5. Donations Sec 80G Donations to eligible organisations … [Read more...] about Can these deductions make you tax free?