Recently, a senior citizen received a notice from the Income Tax Department, asking her to pay Rs 30,000, the tax on her bank fixed deposits for assessment year 2013-14, along with interest, for late payment of tax.
Debt mutual funds were a perfect substitute to the conventional fixed deposits (FDs) because they offered much better post-tax returns. But the Budget 2014-15 took away the tax advantage of debt funds.
The Supreme Court has come to the rescue of buyers in Supertech's controversial towers in Noida by providing them with a refund with compounded interest payment of 14%. But ones who go for this option will have to pay taxes on the interest they receive.
While individual taxpayers cheered the Budget news of an increase in the limit under Section 80C, marketing professional Girish Kumar wasn't every very excited. Reason: He doesn't know how to use the new limit to his advantage.
Two years earlier, Delhi resident Anand Singh sold his one-BHK (bedroom-hall-kitchen) flat for Rs 70 lakh. He was looking for a two-BHK, as his parents had moved in, too. Unfortunately, he wasn't able to find one of his liking.