The impact of the Union Budget 2013-14 will be felt by taxpayers in the coming couple of weeks. The good news is that there will be more saving but only if you are aware of the increased benefits under different sections of the Income-Tax Act.
Despite being a regular taxpayer, there are chances that you could be accumulating black money at home unknowingly. And you won’t realise this until an officer assessing your taxes raises a query and asks for an explanation.
When your company gives you performance-linked bonus in kind - say a fully paid family holiday, a luxury car or a high-end mobile phone - chances are they will come to you with taxes deducted at source.
In December, employees typically start getting letters from their human resource department to provide documents to support their tax-saving declaration made in March. This year, there is a twist in the tale.