Save long term capital gains tax: Individuals can save income tax by booking profits up to a certain limit on equity shares and equity oriented mutual funds held for more than 12 months. This method is called tax harvesting and it is fully legal in India. Here s how to use this method to reduce your tax outgo and pocket some gains.
Any allowance that compensates you for expenses incurred in the course of your employment is exempt from tax under the Income Tax Act. This is irrespective of whether it is for services rendered in India or overseas. But the allowance must be backed by bills or a declaration from the employee that the money was used for the intended purpose.
Income tax benefits for NPS: You can claim tax deductions against NPS under three sections of the Income-tax Act, 1961 in India: Sections 80CCD (1), 80CCD (1B), and 80CCD (2) under the old income tax regime. Tax deductions for investments in NPS are available under the new income tax regime as well. If you are wondering how to avail of tax deductions for your NPS investment, read here.
Why multinational companies are quitting India - People's Daily Online en.people.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from en.people.cn Daily Mail and Mail on Sunday newspapers.