Personal Income Tax Archive
Long Term Capital Gain (LTCG) Tax proposal on Shares and Units of Mutual Fund
Long-term capital gains (LTCG) refer to the gains made on any class of asset held for more than a specified period of time. In India, in case of equity shares and units of equity oriented mutual funds,
Short Term Capital Gains Tax (STCG)
Short term capital gain is the gain (profit) arising from transfer of a capital asset that the assessee was holding for period less than 36 months. However, in select cases, the upper ceiling of period is 12
Long Term Capital Gains Tax (LTCG)
Long term capital gain is the gain (profit) arising from transfer of a capital asset that the assessee was holding for more than 36 months immediately prior to its date of transfer. However, in select cases, the
Tax Free Incomes ( FY 2017-18, AY 2018-19)
Tax free income is the Income that is not subjected to taxation. The individual or corporate deriving the income may be a tax assesse and tax payee. However, there are certain legitimate incomes received by the tax
Budget 2018-19: Direct and Indirect Tax Proposals
Direct and Indirect Tax Proposals contained in the budget 2018-19 presented by Finance Minister Mr. Arun Jaitley indicate that the central government is not willing to pursue populism even in a pre-election budget. Direct and Indirect Tax
Rates of Income Tax – Financial Year 2017-18 (Assessment Year 2018-19)
Rules of Income Tax Act are subjected to periodical revisions. Accordingly, the rates of income tax also undergo periodical changes. Different tax rates have been stipulated for various categories of taxpayers and for different sources of income.
Health Insurance Premium and Deduction u/s 80D
Section 80D covers payment of Health Insurance Premium for keeping alive a health(medical) insurance policy or on account of preventive health check-up. Deduction u/s 80D is allowed only if payment of health insurance premium is made by
Rajiv Gandhi Equity Saving Scheme (RGESS)-Section 80CCG
Section 80CCG of the Income-tax Act is related to Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS). RGESS was introduced to encourage participation of small investors in the equity markets. Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS) stipulates
Deductions under Section 80 CCD – NPS
Section 80 CCD of IT Act,1961 provides for deduction in respect of contributions made by 1. an employee and /or 2. employer to the New Pension Scheme (NPS) during a Financial Year, as follows: a. Employer’s contribution
Investments – Section 80 C of Income Tax Act, 1961
Section 80 C of Income Tax Act, 1961 specifies qualifying investments/ payments eligible to be considered for deduction from gross income. Main among them are contributions/ investments in: Provident Fund account (PF account) Voluntary Contribution to PF