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.
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
“Nothing in this world is said to be certain except death and taxes,” said the great Benjamin Franklin. For a common man, Income tax is perhaps one of the most difficult things to understand. They fear tax and thus fall prey to high tax liabilities and to avoid that, a good tax planning becomes a… Continue reading Plan your taxes before its too late!
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!
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
What is the full form of TAN? The full form of TAN is Tax Deduction or Collection Account Number. It is a 10 digit alphanumeric number which is required in case one becomes liable to either Deduct tax or Collect tax at the time of making payment to another person (i.e. liable to deduct TDS… Continue reading KNOW ABOUT TAN BEFORE DEDUCTING TDS
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
“I have just received Form-16 from my HR and she has asked all the employees to file their Income Tax Returns. But I really don’t know why should I file my Income Tax Return?” said Rahul, a young salaried graduate to his colleagues in office cafeteria. Like Rahul many of us have the same question… Continue reading Why should I file my Income Tax Return?
It’s a good news for single married mothers, as the Union Women and Child Development Minister Meneka Gandhi has proposed tax rebates for women who are either separated, divorced or widowed. According to her, this proposal has been sent to the Finance Ministry and the Prime Minister in order to reduce the financial dependency of… Continue reading Tax Rebate for single mothers!
Do you always get annoyed that every month, some money from your salary is snatched away, before even getting it in your hands in the name of TDS or do you wonder even after paying your TDS, why do you need to file Income Tax Return? Let’s understand the ins and outs of TDS in… Continue reading All that you need to know about TDS on salary!