Ans.No,since it is FD interest, Mrs.Roshni cannot claim deduction U/s 80 TTA.This deduction is available only on interest earned on Savings bank account and not on FD interest. For further details refer Deduction U/s 80 TTA.
Ans.No,a gift received from a friend on the occasion of marriage is not taxable in the hands of recipient.Hence,gift received by Mr.Raj on his marriage is exempt from tax. To dig deeper refer blog on taxability of gifts.
Ans.The new service tax rate @15% is applicable from 1st June 2016.This includes Service tax @ 14%, Swachh Bharat Cess @0.5% and Krishi Kalyan Cess @0.5%. For further details refer New service tax rate w.e.f 1.6. 2016.
Ans.Buying a car in the next 3 years, is basically a short term objective that can be achieved by investing your money for a shorter duration.This can be done through short term investments in Savings account,short term mutual funds,short term FDs,liquid funds,ELSS,arbitrage funds etc. For detailed knowledge refer Short term Investment Options.
Looking for the best tax saving options in India, you have landed at the correct place. You shall know about various popular tax saving options to help you in your financial journey. In a country like India,one has to shed extra money in the form of taxes may it be in the form of direct … Read more
In a recent amendment,the Income tax department has tightened the procedure for claiming tax exemptions and deductions by the salaried class. It was a common practice of employees to provide fake receipts to the employers for claiming various exemptions like LTA,LTC and HRA etc. But,now CBDT has announced a new standard form 12 BB for the … Read more
Service tax is paid by the service provider or the recipient of services in some cases.When service tax was introduced it was applicable only on few services.But,with the passage of time almost all services have been brought in the service tax net.Now,only the services mentioned in the negative list of services as provided by government, … Read more
We as parents can do anything for the personal and financial security of our children. Similarly, our parents must have planned to give us the best of everything. But, things have changed a lot since the past few decades may it be in the form of lifestyle, the inflation rate, the cost of living and … Read more
SIP,this is a common word you often tend to hear these days.But,still many of us are either not aware or don’t have much time to bother about it.What exactly does a SIP mean? Just narrating you a short and funny story relating to SIP : Few days back,my little niece came running towards me and … Read more
Through this blog you shall become familiar to What is a Long term Investment? What are the different best long term investment options for an individual investor who wishes to save and invest for his future requirements in a wise manner. What is Long term Investment? Meaning Long term Investment is one where you invest … Read more