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Rebate under Section 87A can help you have Zero Income Tax

Rebate helps taxpayers to reduce their tax liability. It comes under section 87A of Income Tax Act. Resident individuals having a net taxable income less than or equal to INR 5,00,000 will be able to claim a tax rebate of a maximum of INR 12,500 or the amount of tax...

Before Buying Insurance Policy to Save Income Tax

Premiums paid towards these insurance plans buys you protection . What’s more – you can also get tax benefits on the maturity amount/returns from insurance plans. For employees Jan-Feb is season of submitting income tax proof.  Many people buy insurance...

LIC Jeevan Labh : Is it profitable for you? Should you buy it?

LIC is offering a New Year gift to the public in the form of a limited-premium, non-linked and with-profit endowment assurance plan Jeevan Labh from 4 Jan 2016. The highlight of the plan is that premium is payable for a limited period while risk is covered for the...

Income Tax Proof Submission to the Employer

“Please submit your investment declarations by 15 Dec…” said the mail from Finance Department. During December or January, employers start asking employees to submit documentary proofs of investments and expenses that qualify for tax deduction and...

What is Form 15G? What is Form 15H?

What is Form 15G? What is Form 15H? Who can Fill Form 15G? Who can fill Form 15H? Does income tax department knows about 15G or 15H submission? If no TDS is deducted is tax liability over? if TDS is deducted then is there some tax liability? from where can one...

Gift and Income Tax Return

My Father has gifted me some money Rs 1,00,000. Do I have to pay tax on it? Do I have to show it in Income tax return. What happens when you decide to gift money, assets to your family or some other persons? Or you get Gifts. Say You are buying a house and your family...
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