INDIAN TAX SOURCE

Safeguard yourself from fraudsters posing as Income Tax Department The income tax department has made significant progress by taking communication with taxpayers online. While this is a great move to connect easily and quickly with tax payers; some fraudsters are posing as the tax department and sending phishing emails to tax payers. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. Safety measures to protect yourself from fraudsters: Fake emails will have misspelt or incorrect sounding variants of websites of the Income Tax Department. Check for the domain name carefully. Check the message header – for example in Gmail it can be viewed by selecting the o

Tax Benefit on Children’s School Fees With less than two months to go to make tax-saving investments under Section 80C, most people will be rushing to buy insurance products or mutual funds that some distributors or agents will try to sell to them. But before you try to fill up your 80C requirements with rushed investments, do remember that the school tuition fees paid for your children’s education are also an eligible 80C deduction. The Income Tax Act allows you to get tax benefits on school fees of two children. This deduction is applicable for individual citizens, but not for HUFs. The tax benefit can be claimed by both parents for two children each. Hence, if you are paying the school fees for more than two of your children, you can claim benefits while filing the IT returns for yourself and your spouse. The benefit is available in case of divorced couples, an unmarried parent as well as for an adopted child. This is one of the most basic tax deduction that parents s