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MICRO Blog
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EPF Contributions Above Rs.2.5 Lakh: Why That "Taxable Account" Never Really Goes Away
If you're a high-saver relying partly on EPF/VPF to build a large, tax-free retirement corpus, there's a rule that quietly changes the math. The Rule, in Brief Since FY 2021-22, interest on an employee's own contribution to EPF/VPF is tax-free only up to Rs.2.5 lakh per financial year. Contribute more than that in a year, and the interest earned on the excess is taxable in your hands as "Income from Other Sources," with TDS deducted at source. This only applies to the employe
Aug 172 min read
Understanding Capital Gains Tax Exemptions for Home Buyers
For many individuals, buying a home is a lifelong dream, while for others, upgrading to a bigger or more comfortable home may be an important financial goal. Over the years, people usually accumulate savings by investing in various assets such as shares, mutual funds, gold, or property. When the time comes to achieve these goals, […]
May 91 min read
Know the new TCS rule before planning a foreign trip this summer
If you are planning to go on an international trip with your family, be ready to bear a higher cost upfront due to a new rule of tax collected at source (TCS). This came into effect form October 1, 2023. In simple words, it is a tax collected by the agent from you when you […]
Mar 18, 20242 min read
Is rental compensation received from builder in redevelopment projects taxable?
Typically, when a building goes in for redevelopment, the existing flat-owners are usually offered some rental compensation. It could be a lumpsum amount or monthly payout. This is to cover for the alternative accommodation during the duration of the redevelopment. How is this rental payout treated in the hands of the old tenant from tax […]
Feb 13, 20242 min read
Room rent limit in insurance – the thing that can leak money out of your pocket
Despite buying an adequate health cover, what if you still need to pay a part of the hospital expenses out of your own pocket? Yes, it is very much possible. Your health policy comes with a few restrictions, called sub-limits, imposed by insurance companies. Room rent limit is one such feature which most people overlook […]
Feb 5, 20242 min read
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