In common parlance the terms saving, evasion and avoidance may be used interchangeably but for the Income Tax Department each of these terms has a different meaning associated with it and some are taken more seriously than others! Let’s end this confusion of words once and for all by breaking them down one by one… Continue reading TAX SAVING, TAX AVOIDANCE, AND TAX EVASION: ARE THEY THE SAME?
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… Continue reading Let’s end the Confusion: CTC v/s Take Home Salary
8 Common Reasons For Why You Get Income Tax Notices!
Due to TDS. You may be slapped with a notice by the department if there is any mismatch in the amount of TDS which you have shown in your return and the actual TDS that has been deducted during the year. For example, In case, your employer forgot to file TDS return but the same… Continue reading 8 Common Reasons For Why You Get Income Tax Notices!
HUF – TAKES CARE OF EVERY HARD EARNED PENNY..!!
A HUF, in simple terms is called a hindu undivided family but how does the law defines it? Let’s get through it. The Hindu law defines a HUF as a family that consists of all persons lineally descended from a common ancestor which includes unmarried daughters and wives. It consists of female members as well… Continue reading HUF – TAKES CARE OF EVERY HARD EARNED PENNY..!!
Form 12BB Announced for Self-Declaration of Claims and Deductions
The Income Tax Department has come up with a fixed format for the declaration of claims and deductions along with their evidences, to be given by the employee to the employer in the form 12BB from the Financial Year 2016-2017. From now onwards, it’s mandatory for an employee to provide with all the declarations along… Continue reading Form 12BB Announced for Self-Declaration of Claims and Deductions
How Insurance Can Save Your Taxes in F.Y. 2017-18?
Insurance is the best way to the financial security for your family along with tax saving.Insurance helps in tax saving by way of, Tax-free maturity amount and Tax Deduction on premium paid As we all know insurance, whether Life Insurance or Medical Insurance, is the most widely used instrument of tax saving. Let’s us discuss how… Continue reading How Insurance Can Save Your Taxes in F.Y. 2017-18?
REFUNDS- YOUR MONEY, BACK INTO YOUR POCKET..!!
You must have often heard about tax refunds. Don’t you..!! This one word can make you happy during the tax season. Tax refunds are nothing but just the taxes that you have paid to government in excess of what you were required to pay. Refunds are the money that are credited back to the person… Continue reading REFUNDS- YOUR MONEY, BACK INTO YOUR POCKET..!!
Due Date for TDS Deposit on Sale of Property has been Extended.
The due date for deposit of TDS by buyers of property has been extended from 7 days to 30 days by CBDT. As per section 194IA, buyers of property have to deduct 1% TDS when paying the sale consideration to the seller, if the amount of such consideration exceeds Rs. 50 lacs. Previously, TDS… Continue reading Due Date for TDS Deposit on Sale of Property has been Extended.
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.… Continue reading AADHAR (UIDAI)
CBDT Gives a Direction on Taxability of Unlisted Shares
Income arising from the transfer of unlisted shares will now only be taxable under the head “Capital Gain” in order to maintain consistency and uniformity across all such transactions. Earlier, it used to be a matter of confusion for both the taxpayers and the Income Tax Department so as to whether to treat it… Continue reading CBDT Gives a Direction on Taxability of Unlisted Shares