Government is all set to take Skill Development Programme one step forward!!

New Year will see grant of more than ever exemptions to win the war of making India skilled. Under the domain of Skill India Mission, Government is gearing up to grant Income tax exemption to Skill Training Institutions coupled with service tax exemptions for the next five years in the upcoming Union Budget 2016-17. As… Continue reading Government is all set to take Skill Development Programme one step forward!!

WHY YOU SHOULD DROP YOUR PEN AND START FILING ONLINE..!!

Gone are those days when you used to file your returns with a pen and a pencil in hand, struggling with the lenghty forms. E-filing is the new way to file your taxes with the income tax department. E-filing is a very simple process of submitting your documents electronically to the Income Tax Department. E-filing… Continue reading WHY YOU SHOULD DROP YOUR PEN AND START FILING ONLINE..!!

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?