Category: Income Tax for Starters (Basics)
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Why should I file my Income Tax Return?
“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…
sunil sharma
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Sources of Income: Source for People to Earn, Source for Government to Tax
Often at the time of filing income tax return, many of us face a common dilemma as to what is the criterion based upon which bifurcation of earnings in different heads is to be done. Whether salary received by a partner from partnership firm is taxed under “Income from salary” head or under “Profits and…
CA Abhishek Soni
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A HUGE CTC IS NOT WHAT YOU TAKE HOME !
“I never understand my payslip till date”, says Shreya kapoor, a native of rajasthan. Shreya, 25, software graduate moved to Pune two years back in the hope of turning her dreams into reality. She started working with a top notch company at a CTC of INR 8,00,000/-. On this CTC basis, she made lavish plans and started…
CA Abhishek Soni
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SAVE YOURSELF FROM FILING YOUR INCOME TAX RETURN TWICE!!
SAVE YOURSELF FROM FILING YOUR INCOME TAX RETURN TWICE!! Yes, you may have to file your Income Tax Return twice if you fail to verify your return on time. People who file their return online often forget to verify their Income Tax Return. If you file your Income Tax Return without digital signature then you…
sunil sharma
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With first salary, comes tax responsibility! Start saving your Taxes!
When a person starts with his job, one of the most tedious and challenging task for him can be having a robust financial planning. Often it is observed that ‘Gen X’ or the young generation focus their energies only on Financial Planning and ignore Tax Planning. It is the most pertinent time for managing your financial goals…
CA Abhishek Soni
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Let’s end the Confusion: CTC v/s Take Home Salary
Do you think you are not getting the pay as promised by your company? If the answer is yes, then it’s time to break the wall of ambiguity by understanding the difference between Cost to Company (CTC) and Take home salary. First let’s understand what CTC is: CTC or Cost to Company is every single…
CA Abhishek Soni
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AADHAR (UIDAI)
For establishing unique identification of every single person, UIDAI (Unique Identification authority of India) on behalf of government of India created a centralised database for collecting the biometric and demographic data of residents, and issued a unique 12- digit number known as AADHAR Number. Aadhar is a proof of identity and address, valid for lifetime.…
CA Abhishek Soni