Save Taxes by Paying Rent to your Parents - an Awesome idea

by Team MMR | 17 July 2014
Seldom do people realize that investing in your parents or family is a wise way to manage your tax planning. Make My Returns shows you how. Click for more! [More]

Tax Saving Tips

Taxability of Leave encashment u/s [sec.10 (10) AA]

by Vikram | 7 January 2014
Every organisation gives its employees a certain number of days which they can utilise to avail as Holidays without any pay cut. These types of Holidays are commonly known as Pleasure Leaves (PL), Casual Leaves (CL), and Sick Leaves (SL) etc… In order to encourage employees not to take unnecessary holidays or in other words take holidays only when required, the employer gives the option of encashing the balance number of leaves at the end of every year or on Retirement. Usually an organisation gives up to 30 days as the total of all the leaves mentioned above.    For e.g. AB... [More]

Everything Income Tax

Income Exempted from Tax in India

by Vikram | 18 December 2013
In India, certain types of income do not attract taxes. In tax calculations, these types of income are not deducted but rather NOT added or included in the first place, to the gross total income. Mainly the Section 10 provides guidelines for exempt income. Primarily, the following kinds of income are exempted from taxation usually to the entire extent – Sr. No. Type of Income Under Section (u/s) 1. Agricultural Income 10 (1) 2. Income to a Member from Hindu Undivided Family (HUF) 10 (2) 3. Share of Profit from a Partnership Firm 10 (2A) 4. Leav... [More]

Everything Income Tax

How and when should you pay your Advance Taxes.

by Team MMR | 22 November 2013
If your tax liability exceeds Rs 10,000/- for the current financial year, then you are obligated to pay advance tax. As the name says, it is tax paid as you go on earning as opposed to paying tax in lump sum amount at the end of the financial year. Individuals can pay advance tax thrice, while businesses can do the same four times within the span of one financial year. [More]

Tax Saving Tips

Everything You Need to Know about Capital Gains Tax in India

by Team MMR | 14 November 2013
Capital gains tax is the tax levied on any kind of capital gains. Such gains are usually realized when assets or investments are sold or matured to yield a profit. The taxation varies on the following two factors: 1. Types of assets or asset classes 2. Duration of holding the assets [More]

Everything Income Tax