Category Archives: Income Tax

Income Tax related blogs

Does the senior citizens savings scheme qualify for section 80C benefits?

Does the senior citizens savings scheme qualify for section 80C benefits?
I am a retired government employee. In June 2017, I deposited Rs 15 lakh in the post office senior citizens saving scheme. Does it qualify under section 80C tax benefits? If so, do I need to save Rs 1.5 lakh as equity-linked savings scheme

Provision Under Section 44ADA for computing profits and gains of Profession

Provision Under Section 44ADA for computing profits and gains of Profession
Provision Under Section 44ADA for computation of profit of Profession on Presumptive basis introduced in Finance Act,2016.Many people still unaware of this section and they are declaring their profit below the presumptive basis and their income exceeds the maximum amount not chargeable to tax.

Direct Taxes Code can simplify taxation and reduce your tax

Direct Taxes Code can simplify taxation and reduce your tax
The Finance Ministry is planning to revamp the direct tax structure. Previous attempts to overhaul direct taxes were not successful named  Under Direct Taxes Code .
In 2009, the Direct Taxes Code had suggested radical changes, including the removal of many exemptions and generous tax slabs.

Income Tax Rate of 20% likely to be reduced to 15%!!!

Income Tax Rate of 20% likely to be reduced to 15%!!!
It is close to a year since demonetisation has taken place. GST the greatest tax reform since independence, has been rolled out a few months ago. Both of these reforms have an impact on inflation. Moreover the prices of petroleum products continue to be