Archive | Budget 2016

Tax benefits on home loan interest in FY 2016-17

We have already discussed home loan tax benefits available in financial year 2015-16(assessment year 2016-17). You can read them in detail here. NEW: BUDGET 2017 update: Reduction in tax benefit on home loan interest for rented property. Read all the details here Budget 2016 brought some tax related changes for home buyers applicable from financial year […]

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Understanding presumptive income scheme for Professionals

As government found it hard to bring small businessman and kirana shop owners in to the tax net; it launched the presumptive taxation scheme. It was better to have these businessmen pay some tax instead of having them outside the tax net. Since these businessmen had meagre resources they were made exempt from maintaining accounting […]

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Cleartax EPF Rollback Minimal Finance

Minimal Finance – EPF tax rollback

Presenting Minimal Finance. Minimal Finance are minimal posters that take a light-hearted view on current events and happenings in the world of finance and economy. A tricky and confusing world at most times, it pays to look at issues that involve our money from a different perspective. To begin this exciting journey, we have taken […]

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Story of EPF taxation & clarification from the FM

Since the beginning of time, governments have cut taxes on income and people have paid them. Some governments have tried to gain popularity by raising exemption limits or  by increasing deductions. But this government will go down in history as the one that taxed retirement benefits. Our beloved EPF. [EPF was fully tax free when withdrawn after 5 years of […]

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Budget 2016 allows Professionals to claim presumptive taxation benefits

While the budget side tracked important issues of GST & reduction of corporate tax rates, it had lots in store for small businesses. Gross Receipts limit raised to Rs 2 crores for small businesses for presumptive taxation – If you are a small business, you can take advantage of presumptive taxation. Presumptive taxation means you […]

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What does Union Budget 2016 Say?

Attention Tax Payers! Today will define the rest of the year for all of us. As FM Arun Jaitley released the much anticipated Union Budget 2016, most of us were caught quickly calculating how much will we lose to tax in 2016-17! So how does the Union Budget affect you? What changed for you? Did […]

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