Tips of tax planning for Salaried Person

Tips of tax planning for Salaried Person
While investing more amount for tax saving Consider the impact of inflation on your needs. After your first few working years, as income goes up, it is wise to invest beyond one’s tax saving investments to achieve your goals. Also, evaluate the life cover requirement, while planning for

Is Section 54F can be allowed if construction was not complete in all respects within stipulated period

It is clear from the order of the CIT(A) that the assessee had commenced construction of the building within a period of three years from the date on which the property on the transfer of which capital gain arose. In fact even at the stage of purchasing the plot of land on which construction was

Solution to problems faced in Income tax Returns by Salaried Assessees

There are few cautions which are often ignored thereby resulting into complications being faced by Salaried Assesses. Quite some number of times it so happens with people working in Corporate that a Professional would visit them, take their respective Tax Deducted at Source (TDS) certificate Form 16, file their Income Tax Return for a mere

Deduction of medical insurance premium- section 80D

Deduction of medical insurance premium- section 80D
Payment for Medical Insurance Premium under section 80D  is allowed only to an individual (resident / non resident/ Indian citizen/ foreign citizen) or a Hindu undivided family (resident/ non resident).Note that medical insurance policy refers to mediclaim policies (where you submit bills and get re-imbursement). Fixed benefit policies

Fill IFSC Code in Upper Case in ITR for fast processing of Refund

Fill IFSC Code in Upper Case in ITR for fast processing of Refund
After processing of the return we have received a failure of the credit of refund proceeds. As per communication received from CPC- Bangalore the said failure was on account of erroneous IFSC code. On verification of the IFSC code mentioned in the