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Income Tax Updates

Operation Clean Money: The boldest and most decisive step that the Government of India has taken towards identifying and punishing tax evasion and creating an Equitable Indian society. Read more to find out about “Operation Clean Money”:What is Operation Clean Money?Operation Clean Money was launched by Income Tax Department with the mission of “creating a tax compliant society through a fair, transparent and non-intrusive tax administration where every Indian takes pride in paying taxes.”How will Operation Clean Money affect me as a tax payer?Good Question! The answer would depend onSEE DETAILS

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Income Tax e-Filing, Income Tax Updates

Income Tax Department has introduced New ITR Forms for Financial year 2016-17.Main Objective behind introducing these changes :-Simplifying the complex tax return systemIncreasing the number of taxpayer in the countryReducing the compliance burden on the tax filers.Changes made in the new ITR Forms-New ITR Forms:The number of ITR Forms reduced from nine to seven for the F.Y. 2016-17 filing.The old ITR 2, 2A and 3 gets merged into a single ITR form as ITR 2.The old ITR 4 now renumbered as ITR 3Old ITR 4S (Sahaj) also renumbered as ITRSEE DETAILS

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Expeditor’s Refund Issue by CDBT!Did we all hear it right?Well Yes! We have witnessed yet another example of Digital India .This time by the Income Tax Department announcing the issue of refund  as one of the high  priority works for the Central Board Of Direct Taxes.The latest statistics released by the Income Tax Department for the current financial year i.e. from 1 April 2016 to 10th February 2017 are mind boggling. Refunds issued to almost 39% of the returns processedNo of Return Processed : 4.19 croresNo of people who received refunds this year : 1.62SEE DETAILS

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Income Tax Updates, Latest News

Budget 2017 was unique in many ways as it changed the age-old tradition of being presented in the last week of February, and for the first time in independent India, the Railway Budget was combined with the general Budget.Measures in the Budget 2017 have been undertaken to do justice with honest tax payers, but with the host of Expectations from Union Budget 17-18 of individuals post demonetization, Budget 2017 seems to have accomplished only a few of the raised expectations.The Highlights of Union Budget 2017 w.r.t individuals are as follows:FeeSEE DETAILS

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Income Tax Updates

Tax Slab 2017- 18 Are you still confused or in doubt about the tax slab of FY 2017-18 as per union budget?It’s been a month since the union budget for FY  2017-18 was introduced. Although there weren’t any significant changes in the taxation policy.Here’s the easiest guide to show you the budget impact over your income in FY 2017-18.Here are the few things to be taken into consideration:Reduced tax rates from 10% to 5% Surcharge on individual having income more than Rs. 50 lakhsRebate under section 87A- reduced.Here is detailed informationSEE DETAILS

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Income Tax Updates, Latest News

With Union Budget 2017-18 just hours away. The entire country waits in anticipation. After series of events like the demonetization, merging of Rail Budget with Union Budget, One month early arrival and ongoing UP & Punjab election , this budget is definitely going to be a game changer budget in the history of NDA government.Let us see the expectation of common salaried man from the Union Budget 2017-18-1. Increase In Exemption Limit :This is  dearest to the hearts of all the salaried individuals. The Modi Government increased the slab limit by Rs.50000 inSEE DETAILS

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Income Tax Updates

With The Union Budget 2017-18 just around the corner, the entire country has set their own personal expectations from it. Three budgets have already been passed under Modi’s government. So, before setting up our expectations, let us first dwell in past and understand what our previous Budgets had held for individuals.   Here is a list of benefits passed on to salaried individuals in previous budgets under his governance: * Incase of superannuation fund & recognised provident funds, the same norm of 40% of corpus to be tax free will applySEE DETAILS

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Income Tax Updates

In another move towards digital India, our government has come up with a new PAN card design, with the direct link to Aadhar Card to avoid the issue of duplicate PAN Cards.This change has not just improved the look but increased the utility.As per the circular issued by the NSDL(the authority responsible for issuing PAN cards), all the PAN Cards issued from January 1, 2017, shall be printed as per the design specifications approved by the Income Tax Department.So, what’s new?Quick Response (QR) code to enable verification of the PANSEE DETAILS

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 In the wake of recent developments, our government has yet again come up with a new income disclosure scheme: Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) for disclosure of unaccounted money. This new income disclosure scheme gives an opportunity to all the black money hoarders to come out clean.This can be done by declaring their undisclosed income and paying heavy taxes and penalty. The provisions of the New Income Declaration Scheme require declarants to pay-Tax @30% of the undisclosed income.Penalty @10% of the undisclosed income.Surcharge @33% on the amount ofSEE DETAILS

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Blogs, Income Tax Updates

Keeping the promise of abolishing corruption made while 2014 elections alive and inspired by the like of “kadak chai”, PM Modi took the biggest and boldest decision of discontinuing Rs. 500 & Rs. 1000 notes on 8th November, 2016 in the fight against black money, corruption, terrorism and counterfeit notes. And, since then the country has already witnessed all the possible human emotions, debates and discussions which don’t seem to stop.One major topic of discussion among the public being “Black Money”, “White money”, “Unaccounted Income” and “Illegal Money”. Only aSEE DETAILS

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