Posted at 5:54 PM , on May 17, 2016
What you need to know about your IT refunds?
A tax refund may be necessitated for a variety of reasons. You may have paid excess tax during the year or you may have submitted your investment details late as a result of which your employer may have deducted excess tax. Alternatively, you may have paid excess capital gains tax during the year and may be filing for a refund. Today, there are hundreds of cores worth of refunds that are pending to be paid out due to a variety of technical reasons. Basic awareness of the refund process will help you crunch this issue. Continue reading
Posted at 10:12 AM , on February 27, 2015
Section 80-C consists of a variety of contributions including insurance, provident funds, home loan principal, tuition fees etc. It is out of touch with reality…
After a long hiatus, the previous budget raised the exemption limit under Section 80-C to Rs.150,000. We also need to remember that Standard Deduction, is no longer available and hence this higher limit just about compensates for the absence of standard deduction. But the more important need is to rethink the concept of Section 80C as well as the overall limits. A few suggestive areas can be closely looked at.
To begin with, the Section 80C list is quite a mix and needs to be demarcated clearly. Long term savings products like Insurance, Pensions and provident funds should be given a separate dedicated limit. In fact, the principal component on home loans can be combined with Section 24, interest on home loan component and the limit can be enhanced from the current level of Rs.200,000. The tuition fees component can also be enhanced to better reflect the higher cost of education. Continue reading