TAX SAVING, TAX AVOIDANCE, AND TAX EVASION: ARE THEY THE SAME?

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?

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?

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