"06 July 2018" Archive

Income tax saving investment options

Once again, most of you all might have filed in the Income Tax returns but still at the back of the mind wished that you could have paid less taxes or to save more for the upcoming year. People falling in the high income group often miss out on some of the lesser known tax planning strategies which could substantially reduce their tax l...

Read More
Posted Under: Income Tax |

Digital Aadhaar / Driving Licence valid ID proof for Train Journey

Ministry of Railways approves digital Aadhaar and Driving Licence from Digital Locker as proof of identity of passengers for undertaking journey by Train The issue regarding accepting Aadhaar and Driving Licence as valid proof of identity when presented from digital locker account of the passenger has been examined by Ministry of Railways...

Read More
Posted Under: Income Tax |

GST Charcha– Know Your Taxable Jurisdiction

Lots of issues pertaining to GST are resolving day by day, but still some grey areas exist, one of which is How to find out taxable Jurisdiction of the assessee....

Read More
Posted Under: Income Tax | ,

Life Insurance Premium- Tax benefit on Payment and Maturity

Life insurance policies can be used as tax planning tool as premium paid on Insurance Policies is eligible for tax benefits under Section 80C of the Income Tax Act 1961 (Act) and Maturity Proceeds are also eligible for exemption under section Section 10(10D) and Section 10(10A)(iii). ...

Read More
Posted Under: Income Tax | ,

Continuous efforts being made to simplify GST system: Finance Secretary

Jul 06, 2018 Continuous efforts being made to simplify GST system: Finance Secretary Hasmukh Adhia -Work on to make GST refund process fully automatic FICCI GST Survey: 76% respondents say GST had a positive impact on their business  NEW DELHI, 6 July 2018: Finance Secretary Dr. Hasmukh Adhia today said that continuous efforts are being...

Read More
Posted Under: Income Tax |

Directorate General of Safeguards re-named as Directorate General of Anti-profiteering

Notification No. 29/2018–Central Tax (06/07/2018)

CBIC amends Rule 125, 129, 130,131 and 132 and renamed ‘Directorate General of Safeguards’ as ‘Directorate General of Anti-profiteering’ under Central Goods and Services Tax Rules, 2017 vide Notification No. 29/2018–Central Tax dated 6th July, 2018....

Read More

No addition separately for bank deposits when Income been assessed on estimated basis

Sri Manne Baswa Reddy Vs Income Tax Officer (ITAT Hyderabad)

Sri Manne Baswa Reddy Vs Income Tax Officer (ITAT Hyderabad) The deposits in the bank account pertain to assessee. Assessee had substantial income during the year and that too he is doing retail business in IMFL. There is no allegation that these amounts also pertain to the business by the AO. Since the deposits are […]...

Read More

Top 5 Smart Tax Saving Options

As the end of financial year draws near, many of my friends who were least bothered about tax saving investments throughout the year, have started hunting down options to park their surplus funds and consequently save up on taxes....

Read More
Posted Under: Income Tax | ,

Income Tax Treatment of Leave Travel Allowance (LTA)

We go on travel with our family and if we can get tax benefits on such traveling expenses, than why waste to it. This Article on Leave Travel allowance or LTA explains how to claim LTA benefit and Income Tax Provisions related to the same....

Read More
Posted Under: Income Tax |

Income tax benefits: for whom can you claim

Income tax laws allow you various benefits in respect of amounts spent or invested. Primarily these tax benefits are available for amounts spent or invested on yourself but for certain items, the benefits are available for amounts invested or spent on family members. ...

Read More
Posted Under: Income Tax | ,

Featured Posts