Learning Guides

Budget 2015 Analysis

With high expectation from Corporate and middle class, the Finance Minister Arun Jaitley presented the Finance Bill on February 28, 2015. Unfortunately, the Budget 2015 did not meet the expectations of a common man.

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New Income Tax Slab for Financial Year 2015-16 as per Budget 2015

Income Tax Slab Rates for Financial Year 2015-16 have not been changed much in Budget 2015. The Finance minister has proposed to tax the super rich by increasing surcharge from 10% to 12% if the income earned is more than Rs. 1 crore during financial year 2015-16.

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Deductions under Section 80G of Income Tax Act for Donations

To encourage the donation towards various Trusts and Charitable Institutions, Government of India provides deduction in respect of such deductions under Section 80G of the Income Tax Act for Tax Exemption.

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Section 24 – Tax Benefits on Interest on Housing Loan

The Income Tax benefits of interest on Housing loan are covered under Section 24 and Section 80EE of the Income Tax Act. The Tax benefits under Section 80EE are applicable only for first time home buyers whereas tax benefits under Section 24 are available for everyone.

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Section 80EE – Tax Benefits on Home Loan Interest

Tax benefits on Home Loan interest are covered under Section 80EE of the Income Tax Act. These deductions are in addition to Section 24 for interest on Housing Loan. Section 80EE is introduced for first time buyers during the Finance Budget, 2013.

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Income Tax Slab for Financial Year 2014-15

Income Tax Slab tells the tax rate at which you have to pay tax on Income. Please note that the Income of Financial Year 2014-15 is taxable at the tax rate applicable for Assessment Year 2015-16.The Budget 2014 has changed the Income Tax slab rates slightly as compared to the income tax rates of financial year 2013-14.

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How to Check Income Tax Refund Status?

Income Tax Refund means when you pay Income Tax more than what you should pay, you will get a refund of the excess amount paid to the Government. Ideally, you may receive the Income Tax refund within 4-5 months from the date of filing the return.

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How to Pay Income Tax Online?

Online payment of income tax can be done through two mediums : Income Tax website of government. Any Bank’s website that provides Online Income tax payment facility for e.g. HDFC online tax payment and SBI Online payment portal.

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Investment in RGESS – Conditions and Deductions under Section 80CCG

Rajiv Gandhi Equity Saving Scheme or RGESS is an equity tax advantage scheme which is mainly targeted for equity investors in India. The Union Finance Minister, P Chidambaram approved this scheme in September, 2012. The tax benefit for investments under Rajiv Gandhi Equity Saving Scheme (RGESS) is covered under section 80CCG of The Income Tax Act.

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Lost PAN Card? Apply online for a duplicate PAN Card

Pan card is an important identification proof and is used for various vital tasks like applying for a passport, new bank account, home loans and efiling of Income Tax returns etc. Thus losing a PAN card creates panic amongst most of us. But the reality is you need not worry if you have lost your PAN card. You can apply online for a duplicate PAN Card and get it issued in 15 to 20 days.

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