Income Tax Department new move - Operation Clean Money | Operation Clean Money

Major changes in Income Tax rules for the FY 2021-22

Major changes in Income Tax rules for the FY 2021-22 The government generally makes changes to the tax rules during the budget presented in February. These changes come into effect from the following financial year which starts from April. Take note of the changes and plan your taxes better. Choosing your tax regime Last year’s… Continue reading Major changes in Income Tax rules for the FY 2021-22

Dearness Allowance (DA) – Meaning, Types, Calculation etc

Money has become as important as natural resources to survive in this world. Prices of almost everything are touching the sky and it is making survival of a common man extremely difficult. Food is the most basic commodity for survival and the prices of the same fluctuate the most. It directly affects the economy… Continue reading Dearness Allowance (DA) – Meaning, Types, Calculation etc

Public Provident Fund (PPF) India, Interest, Benefit, Withdrawals, Deposit etc

Though there is a hype of certain types of investments nowadays, some schemes launched by the government are still considered the best safety net for long-term investments. One of which is PPF (Public Provident Fund). Not only this investment plan makes you financially secure but also brings you lots of benefits with a decent… Continue reading Public Provident Fund (PPF) India, Interest, Benefit, Withdrawals, Deposit etc

Tax Benefits on Insurance Policies – Section 80C etc

Life insurance is a very important component of your financial portfolio. It gives unparalleled protection in case of premature death. The sum assured promised under the plan takes care of financial responsibility in case of premature demise of the insured. Moreover, different types of life insurance plans fulfil different financial needs. If fulfilment of… Continue reading Tax Benefits on Insurance Policies – Section 80C etc

Employees’ State Insurance (ESI) Scheme: Registration, Procedure, Benefits

What is ESI? What is the meaning of ESIC? The Employees State Insurance Scheme is social insurance embodied to protect employees from the incidences like maternity, sickness, disablement, and death due to employment injury which results in loss of wages and to provide medical care to insured and their family. The Act also ensures reasonably… Continue reading Employees’ State Insurance (ESI) Scheme: Registration, Procedure, Benefits

NRE-NRO Accounts: Basic Meaning, Eligibility, Taxation

Non-resident Indians (NRI) comprises of non-residents under FEMA and non-Indian citizens of Indian Origin (PIO). Thus NRIs can have three types of bank accounts: Non-resident Ordinary (NRO) Non-resident External (NRE) Foreign Currency Non-Resident (FCNR) Opening an NRO account An NRI can open an NRO (Non-Resident Ordinary) bank account at any point of time or can… Continue reading NRE-NRO Accounts: Basic Meaning, Eligibility, Taxation

The Difference Between Form 16 And 16A

Every assessee having taxable income, is under obligation of disclosing his income sources to the Income Tax Authority of India. This is done by filing an income tax return. One of the biggest factors which has to be considered in this regard is TDS or tax deducted at source. According to the Income Tax Act,… Continue reading The Difference Between Form 16 And 16A

Tax Changes from April 2019

Financial Year 2019-20 has begun!! April 2019 welcomes the beginning of the new financial year. What could be more interesting than taking a note of important tax provisions this very day!! Why to wait for the financial year to end and make tax planning a rush?? Let’s become a pro and know the 5 major… Continue reading Tax Changes from April 2019

e-Filing Vault- Way to Secure Your Income Tax e-Filing Account

What is the e-Filing vault? Is it related to e-filing your Income tax returns? Is the e-Filing system a secure system? These questions might bother you if you come across terms like e-Filing vault and e-Proceedings. Fret not, this blog will explain everything about e-Filing fault and you can check out our other blog for… Continue reading e-Filing Vault- Way to Secure Your Income Tax e-Filing Account

Who Is An Assessee?

In Simple words, we can say that Assessee is a person who is liable to pay any tax or any sum of amount payable or have any obligation to pay tax as per the Section 2(7) of the Income Tax Act,1961. Also assessee can be termed as each and every person for whom Any proceedings… Continue reading Who Is An Assessee?