Budget 2020

Interest on PF contribution: Put over Rs 2.5 lakh in PF? Interest may face annual deduction

(This story originally appeared in on Feb 16, 2021) NEW DELHI: The government is exploring the option of an annual deduction on the interest income earned by employees contributing over Rs 2.5 lakh into their provident fund accounts, while suggesting that accounts up to the tax-free cap be maintained separately. In the Budget, the government […]

News Headlines

British FM Rishi Sunak to raise business tax to pay for COVID-19 support

British finance minister Rishi Sunak is set to increase a tax on business to pay for an extension to COVID-19 support schemes in the budget next month, The Sunday Times reported. Sunak, in his speech on March 3, will announce he is increasing corporation tax from 19 pence in the pound and will outline a […]

Budget 2020

Tax on PF interest will change the way we invest in it: How the Budget hits your PF

The proposed tax on Provident Fund interest has come like a bolt from the blue for high-income earners and HNIs who squirrel away huge sums into this taxfree haven. Though the tax will kick in only on contributions above Rs 2.5 lakh a year and will apply only to contributions by the employee, many Provident […]

Budget 2020

5 personal finance lessons from Budget 2021

The finance minister Nirmala Sitharaman just presented her once in a lifetime Budget on February 1. The Union Budget takes care of the country’s finances and make sure that all segments are considered. These include health, education, financial markets, infrastructure, employment, corporates and so much more. Now, the Budget focuses on more macro matters, but […]

Budget 2020

Affordable housing gets further support as tax holiday extended by 1 year

MUMBAI: Supply of affordable housing is likely to increase with the government’s proposed extension of the tax holiday for such projects and additional deduction of Rs 1.5 lakh for loans taken for buying these homes by one more year until March 31, 2022. Finance Minister Nirmala Sitharaman has also allowed the tax exemption for notified […]

Budget 2020

Income tax deduction | Budget 2021: Additional tax deduction of Rs 1.5 lakh for interest on home loan for affordable housing extended

Finance minister Nirmala Sitharaman in her Budget 2021 speech has proposed to extend the timeline for availing home loan by another year for claiming additional deduction on interest payment on such home loans to March 31, 2022. Currently, the deadline for this March 31, 2021. “With the objective of ‘Housing for All’ the FM extends […]

Budget 2020

Tax dept won’t be able to re-open ITR after 3 yrs from filing

Tax payers need not live in fear of their tax assessments being re-opened many years after they file their income tax return (ITR) anymore. The finance minister, in her budget speech, announced that the period of re-opening of income tax assessment has been reduced to 3 years from the existing 6-year period. This is the […]