Investing in 80C instruments may help even if you don’t require them!

In this article, tax expert Manmohan Sethumadhavan explains a situation where investments in products eligible under section 80C may be beneficial even if the net income is lower than the taxable limit. Investments like EPF, PPF, ELSS etc., are made in a financial year to reduce the tax outgo by claiming a deduction u/s 80C…

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FAQ for NRIs returning from abroad: Status of accounts and tax implications

Here are some FAQs for NRIs returns from abroad concerning the facilities and status of different bank accounts and their tax implications. About the author: Shri R Vijayaraghavan is a Senior Banker retired from Indian Overseas Bank. Previously he worked in State Treasury and has vast experience in banking, investment wealth management and treasury. He is…

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Now everyone can get income-tax exemption for payment of deemed LTC fare

The Government launched an LTC (Leave Travel Concession) Cash Voucher Scheme for Central Government employees on 12th October 2020 to enable employees to purchase goods and services instead of availing LTC & leave encashment. On 29th Oct, they have extended it, non-central govt employees, as well. Now the private sector, public sector and state govt…

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Direct Tax Vivad se Vishwas Scheme (DTVSV) 2020 for settling tax disputes

The Government recently announced the Direct Tax Vivad se Vishwas Scheme (DTVSV) 2020 to reduce litigation related to direct tax matters and provide an opportunity to willing taxpayers to settle their outstanding tax disputes under very favourable terms without payment of any interest or penalty (in cases of disputed tax demand). Let’s have a closer…

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