Your Money

Most of you must be aware that if you are residing in a rented accommodation and your company is giving you house rent allowance (HRA) as a part your salary, you can claim HRA deduction equivalent to the least of the following:

Even though the Mumbai office of the Income Tax department received a tepid response to the Income Declaration Scheme (IDS) so far, it is confident the scheme will pick up next month.

A travel insurance cover of up to Rs 10 lakh can be availed while a booking train ticket online by paying less than one rupee from August 31. A person booking a train ticket through the IRCTC website will be able to opt for travel insurance cover for a premium of 92 paise only from August 31, said a senior Railway Ministry official.

The worth of unused items in Indian homes have reached a whopping Rs 78,300 crore, according to a recent survey.

National Payments Corporation of India (NPCI) today rolled out Unified Payments Interface (UPI), a mobile payment solution which, experts say, has the potential to revolutionise the payment system in the country. The UPI app is part of the Reserve Bank's initiative to promote a cashless society. Currently, customers of 21 banks can use the new payment solution. More banks are expected to join the UPI app platform later.

National Payments Corporation of India (NPCI) said the Unified Payments Interface (UPI) is live and currently available for customers of 21 banks.

Continuing their stellar run, the Bombay Stock Exchange's sub-indices for midcap and smallcap shares have jumped 23 per cent and 17 in last one year respectively, compared to nearly 8 per cent gain in the broader Sensex.

State-owned companies, from builders such as NBCC to oil firms such as Bharat Petroleum Corp Ltd, are attracting top investors as cheap valuations, improving earnings, and share buybacks make them stand out in an otherwise expensive market.

Tamil Nadu Circle of All India BSNL Pensioners' Welfare Association on Tuesday urged the Centre to extend the benefits of 7th Pay Commission to BSNL retirees, who were also covered under the government pension scheme.

Government is examining SIT's recommendation of banning cash transactions of over Rs 3 lakh in a bid to clamp down on black money in the economy, CBDT Chairperson Rani Singh Nair said on Tuesday.

Defying expectations, Indian stock markets gave a muted reaction today to the news of appointment of Urjit Patel as new Reserve Bank Governor.

Union Labour Minister Bandaru Dattatreya on Sunday said the Employees' Provident Fund Organisation (EPFO) will raise proportion of its investments in exchange-traded funds (ETFs) from the present 5 per cent and a final decision on the quantum for current fiscal year would be taken very soon.

Many people buy life insurance policies just to save tax as the premium paid is eligible for deduction under Section 80C

The Labour Ministry will come out with a scheme to provide low-cost housing for Employees' Provident Fund Organisation (EPFO) subscribers, Union Minister Bandaru Dattatreya said on Sunday.

As per the data, over 3.12 crore salary earners filed tax returns in assessment year 2012-13. Over 1.95 crore individuals filed returns with no salary income.

Capital gains tax on future sale of immovable property disclosed under the black money disclosure scheme will be levied from date of its acquisition, while for other assets, it will be computed from June 1, the day the scheme became operational, CBDT said.

The retirement fund body also talked about implementation of its earlier decision of providing higher pension to those subscribers deferring pension beyond the age of 58 years.

The valuation report from a registered valuer will not be questioned by the income tax department for disclosures made under the domestic black money compliance scheme, the CBDT clarified.

Income tax slab rates are reviewed by the government in Budget every year. But the tax slabs have not been changed for the last few years. Here is a primer on income tax slab rates for AY 2016-17 (FY 2015-16).

Only 14 lakh individuals out of the 2.89 crore assessees in the country declared an annual income of over Rs 10 lakh, attracting the highest tax bracket of 30 per cent, in assessment year 2012-13.