Category Archives: Investments

Revise IT Return for FY 2013-14 if you have not included Interest Income

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The Income-tax Department has recently advised the taxpayers to file correct details of Interest income in Income-tax Returns. As Income-tax Return for AY 2014-15 (FY 2013-14) can not be filed/revised after 31st March 2016, Taxpayers are advised to revise the return before said date to include the Interest Income. Some… Read more »

Am I required to submit Documents/Proofs with Income-tax Return?

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Are taxpayers required to submit any document or evidence with Income-tax return? The answer is No! The Income tax department has made the return filing process quite hassle free. It requires the taxpayer to file an annexure less return. It is advisable to maintain a file of documents year-wise arranged.This… Read more »

Atal Pension Yojana (APY)

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What is Atal Pension Yojana (APY)? Last year, Government of India announced a new scheme called as “Atal Pension Yojana (APY)”. The scheme is administered by Pension Fund Regulatory and Development Authority (PFRDA) of India. This guaranteed pension scheme focuses on creating a retirement corpus for people from unorganized sector… Read more »

Investment in National Pension Scheme (NPS)

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Earlier, Government of India was administering benefit oriented pension system. Considering the drawbacks in this system, it decided to move a forward step towards contribution oriented pension scheme. And this is how National Pension Scheme emerged in the year 2004. At initial stage, this scheme was applicable only to the… Read more »

Investment in Atal Pension Yojana eligible for Deduction U/s. 80CCD

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There is good news for taxpayers!!! Department of revenue has declared that investment made in Atal Pension Yojana is eligible for getting deduction U/s. 80CCD. The notification was published on 19th February, 2016 by the Government. Quick link for notification – http://www.incometaxindia.gov.in/communications/notification/notification72016.pdf   Earlier investment in pension schemes of Central… Read more »

Taxation of transactions in Securities

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The trend of Investment and trading in securities has increased over a period of time. Since many are drawn towards the theory of  “Higher the risk higher the returns”. Investors or traders in securities should keep in mind the tax aspect. Basically dealing in shares is distinguished between Capital gains… Read more »

Tax implications of a LIC Policy

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Life is important and life lost has a tremendous impact on your near and dear ones. The emotional scars are hard to cure but one may never want their family to go through financial crisis as well. With this view Insurance has been allowed as a major deduction by the… Read more »

Tax Saving Investment Options available under Income Tax

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You can invest/contribute/deposit/pay in following to save your taxes :- a) Life Insurance policy taken on your life or on your family, premium paid during the financial year shall be deductible b) Contribution towards Public provident fund c) Subscription to National Savings Certificates (Accrued interest on NSC is also deductible… Read more »