Income Tax : Form 16 becomes quite a topic of discussion in all office campuses during the tax filing season. Though we know that Form 16 is fo...
Income Tax : Securities Transaction Tax (STT), is the tax deduction that is applied to all your equity transactions. Introduced in the 2004 Uni...
Income Tax : As stock market investors, we are beneficiaries to various corporate actions like bonus shares, rights shares and stock splits. Th...
Income Tax : Bonus shares are new shares issued to existing shareholders of a company. These are issued to shareholders in proportion to their ...
Income Tax : Share trading has grown significantly in the last decade due to rise of the stock market and rapid adoption of technology. It is s...
On October 1, 2009, the Central Board of Direct Taxes (CBDT) put into effect that people receiving gifts, in cash or kind, will have to pay tax, if the value exceeds Rs 50,000. In the past, the income tax was levied ONLY on cash gifts of this amount. The basic meaning of this rule is that if you receive a gift that is in value over Rs 50,000, you will “need to pay income tax due on the aggregate value of the gift and disclose the taxable value of such property in the return of income for assessment year 2010-11 and subsequent years”.
Whether you are an Indian citizen or an NRI, if you are filing taxes or have financial transactions in India you will almost always need a PAN card.
Discipline in Income tax return is very important. Failing which, you will be liable to file additional penalties on the amount due. However, there are plenty of issues that can result in failure of tax deposits. These issues can be related to individuals or companies. For companies, it can occur due to failure to deposit advance tax or payment of tax which is less than the actual tax liability.
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 liability.
Tax Planning is an important agenda of any individual. People often end up paying taxes even after exhausting their limits under Section 80C, 80 D and so on. However, do you know that a very important tool which is often overlooked, is formation of a HUF, which is a legitimate way of reducing your tax liability.
Any salaried person would have heard of a term called HRA (House Rent Allowance). It not only gives benefit in the form of allowance but also gives an opportunity for tax exemption up to a certain limit. Almost every salaried employee takes this benefit. IT department also provides the facility of claiming tax benefit on HRA for […]
The government provides tax deduction benefit of upto INR 5,000 under Section 80D on account of preventive health check-up for self, spouse, dependent children and parents. However, this deduction benefit is inclusive of the overall deduction under Section 80 D (INR 15,000 per annum) for payment of health insurance premium. If one of your parents is a senior citizen, then the limit is enhanced to INR 20,000 per annum.
With zeal I filled in my Investment Plans for the year in the month of April last year, gleaming at the extra bucks that would come “In hand” every month. The “Plans” readily accepted by the HR Department and duly complied with in my monthly take home! In my zeal to meticulously spend those extra […]
We have always seen this word VAT mentioned in our bills when we purchase a consumer durable or service. So what does this exactly mean? VAT simply means Value Added Tax. Why the word Value Added? For this answer, let us go back in time and see how taxation was earlier.
The Income Tax Department is ready to take a jibe on your cash transactions. These dealings were in the IT radar in the past as well but after the drive to make the system more transparent a cash limit has been set. The IT department will now check the details of any cash transaction of more […]
