Kudos to Delhi High Court, Now a Female member of a HUF can also become Karta!

In a landmark verdict by the Delhi High Court, Now the eldest female member of a family can be its “Karta”. A Karta is the senior most member of the HUF who manages and looks after the family affairs. Earlier only the eldest male member of the family was entitled to be a Karta and… Continue reading Kudos to Delhi High Court, Now a Female member of a HUF can also become Karta!

Good News : Two more modes for E-verification of Income Tax Return introduced!

It’s time to rejoice for the tax payers as the Income Tax Department is all set to simplify the procedure of e-verification for Income Tax Returns. At present, there are 3 methods for e-verifying the Income Tax Return: Login to E-filing through Net banking Aadhaar OTP EVC received on registered mobile number and e-mail I’d.… Continue reading Good News : Two more modes for E-verification of Income Tax Return introduced!

LTC: Plan holidays during the year, save taxes at the end of year

” I am so tensed. My children are continuously forcing me to take them for holidays. But I am worried about the expenses to be incurred. Although I can manage accommodation and other expenses thereon but travel expenses shall affect my budget badly.” Many of us who are salaried face the same dilemma . In the… Continue reading LTC: Plan holidays during the year, save taxes at the end of year

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… Continue reading Sources of Income: Source for People to Earn, Source for Government to Tax

No more Income tax notices in paper form: Department to issue notices through e-mail ID’s..!!

No need to meet Assessing Officer in personal from now onwards! Yes, under umbrella of Digital India campaign with an objective to curb corruption,Central Board of Direct Taxes (CBDT) has decided to issue the tax notices through email. Inaddition to this, response to such notices shall also be submitted by email ,thus, avoiding personal contact… Continue reading No more Income tax notices in paper form: Department to issue notices through e-mail ID’s..!!

Where is my Refund?

Are you unable to understand why you have still not received your Income Tax Refund?? Even after filing your Income Tax Return on time!! Don’t worry… There are some common mistakes that you might have been doing till now…but no more!! As per the Income Tax Department, mistake that majority of the taxpayers do is… Continue reading Where is my Refund?

Tax benefits of home loan: Now buying house shall even be more beneficial

I am planning to buy a house by taking home loan; whether I should buy vacant plot/ land/ under construction property or readymade flat to avail maximum tax benefit? What is the quantum of the tax benefit that shall be available to me in each of the cases? One of the major issues faced by… Continue reading Tax benefits of home loan: Now buying house shall even be more beneficial

Skill Development Cess

Another burn in the pockets of Taxpayers as the Government proposes 2% Skill Cess. 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… Continue reading Skill Development Cess