Another burn in the pockets of Taxpayers as the Government proposes 2% Skill Cess.

Months after the much debatable Swatch Bharat Cess, the Government has now come up with 2% Skill Cess on the individual and corporates to develop entrepreneurship and employment skills in the youth of the country. This is in line with Government’s Skill India mission launched on 15thJuly 2015 by the Prime Minister Narendra Modi to… Continue reading Another burn in the pockets of Taxpayers as the Government proposes 2% Skill Cess.

Government to fast forward the process of IT Refunds if the arrears are below Rs. 5,000

The government is trying its level best to provide relief to its taxpayers in one way or other. In a bid to minimize taxpayers grievances and simplify the process of IT-refunds, the government has again something to offer. Central Board of Direct Taxes (CBDT) has directed CPC-Bengaluru and the field units that refunds up to… Continue reading Government to fast forward the process of IT Refunds if the arrears are below Rs. 5,000

Income Tax Simplification Committee puts a smile on the face of Taxpayers!

The government had set up a committee chaired by Justice R.V. Easwar, a former Judge of Delhi High Court and former President of Income Tax Appellate Tribunal to simplify the provisions of Income Tax Act, 1961and suggest corrective steps so that the ambiguities in the tax laws can be removed which leads to unnecessary litigations.… Continue reading Income Tax Simplification Committee puts a smile on the face of Taxpayers!

Income Tax Declaration and Investment Proofs

It’s almost the time to bid farewell to the financial year 2017-18 and when employees are asked to submit the ‘Investment Proofs’ to the statement called ‘Income Tax Declaration’. At the beginning of the year or at the time of joining the company, every employee is required to submit ‘Income Tax Declaration’ to his employer.… Continue reading Income Tax Declaration and Investment Proofs

How Family Members Can Save Income Tax In India

We all understand the importance of family. Family members provide crucial support at all times whether it is emotionally, mentally or financially. But we almost always forget the importance of family members while planning our taxes. Taxes can be saved in an effective and completely legal manner by allocating some of our incomes and expense… Continue reading How Family Members Can Save Income Tax In India