Budget Snapshot 2016-17 Points to be Noted

With unveiling third Union Budget for Fiscal Year 2016-17 honorable Finance Minister Mr. Arun Jaitley on February 29, 2016 brought no cheers among salaried class. While making no change in personal Income Tax slabs, making EPF contributions taxable, the FM announced deduction for additional interests of Rs 50,000 per annum for loans up to Rs [&hellip

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MF Utility: Consolidated View (even Buy/Sell/Switch) of all your MFs at one place

MF Utility (MFU) has been in news round the corner since it came up with the concept of CAN (Common Account Number) which helps you to transact across all mutual funds whether they are under CAMS, Karvy or any other R&T (Registrar and Transfer Agent). Since it was an offline mode, thus it didn’t gain [&hellip

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How to Know your EPF Balance

Here is an easy step by step process to know EPF balance online. First register yourself with http://members.epfoservices.in/index.php. Click on Click here to register link. You will get a new screen/tab for details to be filled. Use your registered mobile number and one of the ID (listed under the drop down of “Select Any Document”) [&hellip

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What is Speculative Income & what is the Tax Treatment?

Income from intra-day trading is considered as speculative income and taxed as per standard slab. Section 43(5) of the Income Tax Act, 1961, deals with speculative transaction. It states that a transaction of purchase or sale of a commodity including stocks and shares settled otherwise than by actual delivery or transfer of the commodity or [&hellip

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Cost Inflation Index (CII) for FY 2015-16 Announced “1081”

The Cost Inflation Index (CII) for the  Financial Year 2015-16 (applicable for the Assessment Year 2016-17) has been announced by CBDT (Central Board of Direct Taxes) at 1081.  This Cost Inflation is required to calculate Long Term Capital Gain under Income Tax Act. For the Finacial Year 2014-15, CII was 1024 which was an absolute hike [&hellip

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Consequences of Delay/Non-Payment of TDS on Purchase of Immovable Property u/s 194IA

Though it’s not new, but you should know, w.e.f. June 1, 2013 a new section 194IA has been introduced where 1% Tax Deducted at Source or TDS will be levied on sale/transfer of immovable property (other than agricultural land) exceeds Rs 50 lakhs. Here the buyer of the property needs to deduct the said TDS [&hellip

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How to reset Income Tax e-Filing Login Password through NetBanking?

Well changing the existing password of Income Tax eFiling account for the purpose of security is never a challenge. All you have to do is, just login with your existing credentials, visit Profile Settings -> Click Change Password. Now you can give any password of your choice & submit. That’s it!But the nightmare comes when [&hellip

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TDS Rates and Threshold Limit for Financial Year 2015-16

Find the table below for the TDS (Tax Deduction at source) rates and threshold limits for financial year 2015-16 or assessment year 2016-17. In this table there is complete list of the payment on which TDS is deducted, threshold limit, assessee type (tax payer) and rate of TDS. Also note; Threshold limit mentioned in the [&hellip

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