Changes in the ITR Form you need to keep in mind while filing your Returns

by Vikram | 24 July 2014
As the due date for tax filing nears (31st July 2014), and many individuals rush to file their returns over the next 15 days, here are some important changes to note in the new ITR Form that the Income Tax Department has recently uploaded onto its website. Clear details of Income exempted from Tax: Up until last year, tax-payers were required to declare their income and allowances exempt from tax, as a consolidated figure in the ITR 2. This year, however, individuals will have to provide more comprehensive details such as their Leave Travel Allowance (LTA), House Rent Allowance (HRA), Coupons ... [More]

Tax Return Filing

Pay rent to parents and claim tax deduction

by Team MMR | 17 July 2014
We go about trying to claim exemption from taxes in so many ways but in reality, we end up paying even more. Seldom do people realize that investing in your parents or family is a wise way to manage your tax planning. The best way to go about it is by paying your parent’s house rent if you live with them.  Here’s how you can go about it. As a salaried professional your total annual CTC would have the component of House Rent Allowance (HRA). Deduction on HRA is possible if you live in a rented apartment and/or have a rent agreement. You can enter into a rent agreement with your... [More]

Pay rent to parents and claim tax deduction

by Team MMR | 17 July 2014
We go about trying to claim exemption from taxes in so many ways but in reality, we end up paying even more. Seldom do people realize that investing in your parents or family is a wise way to manage your tax planning. The best way to go about it is by paying your parent’s house rent if you live with them.  Here’s how you can go about it. As a salaried professional your total annual CTC would have the component of House Rent Allowance (HRA). Deduction on HRA is possible if you live in a rented apartment and/or have a rent agreement. You can enter into a rent agreement with your... [More]

Pay rent to parents and claim tax deduction

by Team MMR | 17 July 2014
We go about trying to claim exemption from taxes in so many ways but in reality, we end up paying even more. Seldom do people realize that investing in your parents or family is a wise way to manage your tax planning. The best way to go about it is by paying your parent’s house rent if you live with them.  Here’s how you can go about it. As a salaried professional your total annual CTC would have the component of House Rent Allowance (HRA). Deduction on HRA is possible if you live in a rented apartment and/or have a rent agreement. You can enter into a rent agreement with your... [More]

Direct Tax Code of India - How Does It Affect You?

by Vikram | 2 June 2014
The Direct Tax Code 2013 was introduced in order to create an efficient direct tax system in place of the old Income Tax Act. The new Tax Code was meant to be simpler and easy to understand for the layman. There are few points which are debatable under the new Tax Code which may have an effect on the Assesee’s annual income. Since the DTC has not been passed as an act in the parliament all the below provisions are proposed one’s which come into force if DTC is passed by the Parliament.  Here are some of the facts about the new Direct Tax Code:  1)    The S... [More]