Tax on dividend income

I have received a query from one of the readers about the tax or income tax on dividend income from shares or stocks. The query is following:

I have received 100% dividend on a share of company ‘A’ of face value rs. 10. I have 100 shares of that company. What will be the income tax and rate of income tax? Continue reading “Tax on dividend income”

Calculation of income tax for financial year 2013-14

To start discussion about how to calculate income tax for financial year 2013-14, first let us discuss various income tax slabs for financial year 2013-14:

Financial year 2013-14 is started from April 1 2013 and there may be deduction of advance tax by employers.  One of the readers asked me about various income tax slabs for the financial year 2103-14 or assessment year 2014-15. The following are the income tax slabs for the FY 2013-14: Continue reading “Calculation of income tax for financial year 2013-14”

How senior citizens can save income tax

My dad is a retired person and of course a senior citizen. This year he wants to save income tax by investing some amount in income tax saving scheme and he was looking for various options or methods to save income tax. There are lots of investment options to save income tax but as senior citizen there are many restrictions or problems attached with most of the methods.

I will discuss these problems later on in this article, but first of all let us see what are the income tax slabs for senior citizens. Continue reading “How senior citizens can save income tax”

How to save income tax for financial year 2012-13

This financial year 2012-13 is going to be end on 31st March 2012 and most of us must be busy in calculation of income tax they have to save or pay. As the financial year is coming to end the decision that where to save tax is becoming confusing. In this article I will discuss the various methods where one can invest to save tax. But first of all let us discuss the income tax exemption limits for various categories: Continue reading “How to save income tax for financial year 2012-13”