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

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

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June 2, 2016

- Income Tax Updates

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 instil skills in more than 500 million Indians by 2022. However, this noble mission requires Rs. 4 lakh crore to achieve the desired results. Till date (2015-16) Rs. 15000 crore have been allocated. Thus, to fillSEE DETAILS

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

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

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June 2, 2016

- Income Tax Updates

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 Rs. 5,000 and refunds in cases where outstanding arrears are up to Rs. 5,000 may be issued without any adjustment of outstanding arrears.In December, the government had issued similar kind of instructions but the amount ofSEE DETAILS

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Plan your taxes before its too late!

Plan your taxes before its too late!

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June 2, 2016

- Income Tax for Starters (Basics)

“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 necessity for saving the taxes. Once the effective tax planning is brought on board, it not only help in saving money but will also enhance your quality of living.In addition to bearing heavy taxes, innocentSEE DETAILS

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

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

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June 2, 2016

- Income Tax Updates

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.On Monday, The Easwar Committee in its 78-page draft suggested several taxpayers’ friendly measures:The committee recommended doubling the limit of Rs. 1 crore under the presumptive scheme to Rs. 2 cores and a similar scheme shouldSEE DETAILS

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Income Tax for Starters (Basics)

Income Tax Declaration and Investment Proofs

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June 2, 2016

- Income Tax for Starters (Basics)

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. It’s a conditional statement that contains the proposed investment and expense details that employee is likely to make over the financial year including investments and expenses which are income tax deductible.At the year end, an employeeSEE DETAILS

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KNOW ABOUT TAN BEFORE DEDUCTING TDS

KNOW ABOUT TAN BEFORE DEDUCTING TDS

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June 2, 2016

- Income Tax Learning

What is TAN?Tax Deduction/ Collection Account Number (TAN), is number which is required incase one becomes liable to deduct or collect tax at the time of making payment to another person (i.e. liable to deduct TDS or collect TCS).What is the significance of obtaining TAN no.?As per the tax laws of our country a person deducting TDS is required to deposit it to the treasury within specified period along with a return specifying the details as required by the government. Therefore, TAN acts as a unique identification number in allSEE DETAILS

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How Family Members Can Save Income Tax In India

How Family Members Can Save Income Tax In India

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June 2, 2016

- Income Tax Saving

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 to our family members. Here is how: 1. Pay House Rentals to your ParentsWe often ignore the tax benefits associated when living in your parents’ home. If you are living with your parents, you can claim exemptionSEE DETAILS

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Why should I file my Income Tax Return?

Why should I file my Income Tax Return?

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June 2, 2016

- Income Tax for Starters (Basics)

“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 ringing in our minds every time we are asked to file income tax returns. Let us find out the main reasons for filing Income Tax Returns:-For getting your money back – In case your employer hasSEE DETAILS

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Tax Rebate for single mothers!

Tax Rebate for single mothers!

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June 2, 2016

- Income Tax Updates

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 single married women with children so that they can take better care of them.There are over four crore such women, including separated, divorced or widowed, in the country comprising around 3 percent of the total population.SEE DETAILS

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All that you need to know about TDS on salary!

All that you need to know about TDS on salary!

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June 2, 2016

- Income Tax Learning

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 this Blog post:What is TDS on salary?TDS or Tax Deducted at Source is the amount of money that is deducted every month by your employer from your salary if it exceeds the basic exemption limit afterSEE DETAILS

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