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Tax Exemption News

Transport Allowance Tax Exemption Hiked from Rs 800 to Rs 1,600

In the Union Budget 2015, presented by Finance Minister Arun Jaitley increased the Transport Allowance limit from Rs 800 to Rs 1,600 in a month. Allowances are fixed periodic amounts, apart from salary, which are paid by an employer for ...

Tax exemption limit under 80C raised to Rs 1.5 lakh

Seeking to boost household savings, the government today hiked the exemption limit for investments by individuals in financial instruments to Rs 1.5 lakh. Presently the investments and expenditures up to a combined limit of Rs 1 lakh get exemptions under ...

Tax exemption limit may be doubled in Union Budget 2014: Report

The tax exemption limit on savings under Sec 80C instruments like PPF, LIC etc., may be doubled in the Union Budget 2014 according to news reports. The NDTV reported that Finance Minister Arun Jaitley is expected to double exemption limit ...

Cancel tax benefits to defaulting political parties: EC to CBDT

Election Commission has written to the CBDT seeking cancellation of income tax exemption given to certain political parties as they failed to submit their mandatory expenditure contribution reports on time to the poll body. The Central Board of Direct Taxes, sources ...

Tax implication on jewellery sale in India

Jewellery also deemed as a capital asset as per the Indian tax laws attracts capital gains tax on any income that is realized on its sale. And in case the asset is held for over 3 years, long term ...

Produce PAN of landlord on plain A4 sheet for claiming HRA exemption

As the financial year is set to close on March 31, 2014, for claiming tax exemption on house rent allowance (HRA) in excess of Rs. 1 lakh in a year, all salaried employees are now required to obtain PAN number along ...