The money received by you would be tax free in your hands if the ULIP policy was issued after 1st April 2012 and the premium paid did not exceed 10% of the sum assured for any year during the premium paying term, says Balwant Jain
From April 1, several rules pertaining to personal taxation is going to change.
Interest on higher PF contributions, which was tax-free earlier, will be taxed from April 1, 2022. There will be no income tax on interest earned on contributions until a certain threshold. Starting FY22, EPFO will maintain separate PF accounts for the calculation of taxable and non-taxable contributions by a person for all subsequent years: one for contributions within the limit and the other for contributions over the limit
ITR Refund: An income tax refund is due to a taxpayer if he has paid taxes higher when compared to his actual tax liability. Check here the step-by-step guide to check the ITR refund status.
As per the provisions of Section 139(1) of the Income-tax Act, 1961, every person (other than a company or a firm) whose total taxable income during the previous year exceeds the maximum amount which is not chargeable to income-tax ( ₹250,000 for FY 2020-21 and FY 2021-22) is required to file an income tax return
The money received by you would be tax free in your hands if the ULIP policy was issued after 1st April 2012 and the premium paid did not exceed 10% of the sum assured for any year during the premium paying term, says Balwant Jain
Under Section 80D of the IT Act, individuals can claim a deduction of ₹25,000 for the premium paid for health insurance for self, spouse and dependent children.
According to tax experts, there are a few amendments that individuals should take note of, from an income tax point of view
You have to pay a tax of 30 per cent on any income from the transfer of any virtual digital asset.
The EPFO or the employee PF trust, will maintain two accounts for income tax purpose: One with contribution within the threshold and the other (second) for contribution over the threshold
ITR: There are no restrictions on the number of residential houses you can own on the date of sale of the property to be eligible for claiming exemption under Section 54
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