Salaried employees get several benefits under Sections 80C, 80D, 80G and others.Rediff.comFor many salaried employees, this is the time of the year they dread. And, for good reason. When the human resource department, at the start of the financial year, ask them about investments that will be made under Section 80C and other tax benefits they intend to take, many have the tendency to just put some numbers there without bothering to have a proper plan for the investment. This is the time of the year when those numbers come back to haunt them. Unless they provide evidence of the investments, they can expect little or no salary or in a worst case scenario, might have to even pay the employer to reconcile the numbers.Before you start worrying about the tax, do some basic calculation. 80C benefits Salaried employees get several benefits under Sections 80C, 80D, 80G and others. While the Section 80C exemption of Rs 1.5 lakh focuses on provident fund and other investments and insurance … [Read more...] about How you can get up to Rs 7 lakh+ tax exemption
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The Australian Taxation Office (ATO) has issued an urgent warning about the overseas scam calls, which manipulate caller identification to appear as if they are coming from a real ATO phone number. Scammers have adopted “robocall” technology to send prerecorded messages demanding payment of a tax debt and threatening immediate arrest. If the recipient answers the phone, at the end of the message they will get an option to speak to a human, who will attempt to keep the caller on the line until payment is made and may become rude or aggressive. “I think scammers are trying different techniques,” ATO assistant commissioner Gavin Siebert said. “This particular technique is called caller ID spoofing. What we are seeing is people will get a missed call, they’ll call us back and it goes through to an ATO officer, which almost legitimises the scammer,” The ATO has received 40,225 reports of impersonation scams since January, compared with about 30,000 … [Read more...] about ATO issues urgent phone scam warning
Still have not linked your PAN (Permanent Account Number) card with Aadhaar? Do it right away as the Central Board of Direct Taxes (CBDT) is expected to declare PAN cards which are not linked to Aadhaar as “invalid” if not linked till December 31, 2019. The income tax department has extended the deadline of linking PAN cards with Aadhaar for the seventh time to December 31, 2019, from September 30, 2019. The income tax department said, “In case of failure to intimate the Aadhaar number, PAN allotted to the person shall be deemed to be invalid and other provisions of this Act shall apply, as if the person had not applied for allotment of PAN.” The Finance Bill says that all PAN cards that will not be linked with Aadhaar by December 31, 2019, will become “inoperative”. There is a possibility that the income tax department might allow revival of the “inoperative” PAN cards when they are linked with Aadhaar. … [Read more...] about What happens if you don’t link PAN card with Aadhaar by December 31
Next Amit Sethi Stuck with multiple Form 16s from a number of employers you switched during the course of a financial year and don't know how to file your income tax return? Here's help Every salaried person must obtain Form 16 from the employer before the end of a financial year. Form 16 contains the details of salary earned by the employee and tax deducted from it by the employer. In other words, it can be explained as the details of tax deducted by the employer on behalf of an employee. Form 16 is certificate of deduction of tax at source under section 203 of the Income Tax Act, 1961. Employers provide TDS certificate to the employees on Form 16. If the employer has not deducted any tax at source, then it is not compulsory for the employer to issue Form 16. Investmentyogi.com is a one-stop personal finance website which helps in managing finances, investments and taxes through services like financial planning, online tax filing, budgeting and 'Ask the … [Read more...] about Filing IT return with multiple Form 16s
Your bank increased your home loan period (tenure) whas interest rates started moving up. Can the banks do this without your permission? For every one per cent increase in interest rates, by how much should your loan tenure increase?What should you do if the bank increases the tenure even when the agreement you had signed with the bank does not allow it to do so? In a chat with Get Ahead readers on July 31, home loan expert Harsh Roongta answered these and several other queries related to home loans. For those of you who missed the chat, here is the transcript. Part II -- Why step-up home loans are ideal for young professionals sanjay asked, Hi I want to take a Rs 6 lakhs housing loan for 15 years. What will be my monthly installment? Harsh Roongta answers, Based on an interest rate of 11 per cent, the EMI for a 15-year loan of Rs 6 lakhs will be Rs 6,820. You can use the EMI calculator on this link for this purpose: … [Read more...] about Problem with your home loan?