In case the computation of income or refund is different than what had been entered or what is expected, please verify the accuracy of the data entered by you in the ITR. Except for lim
To maintain enforcement levels and comply with evolving requirements at a reasonable cost, businesses need a flexible, end-to-end approach to governance and compliance management that can su
In today's complex financial and business world, everyone needs reliable, professional accountancy and taxation help managing their personal and business finances. Not only it is necess
Taxes, along with taxation rules are one of the most complicated and confusing topics for any financial system. The complication arises because of the various kinds of taxes with different ta
Residency is actually dependent on the presence of the individual in India for tax purposes. When an NRI returns back to India and will be taxed ultimately on the global income. However, with
Proper management & statutory compliance with tax/financial matters requires perfect accounting. Proper accounting is important for individuals as well as for businesses & corporate
Wouldn’t you be shocked if you were to learn that as an NRI you are chargeable to 30% Income Tax in India? Had the Income Tax Officers had their way, this is what would have happe
The taxation of fundamental growth and losses presents a special set of problems to which different countries have found different answers. Let’s look into it further.
The change in the rule related to gifts says that the receiver has to pay tax for receiving any gift valued at Rs 50,000 and more. The 'any gift' clause means that not only cash but
Do you brush your teeth every day? Most of us would be brushing at least once if not twice and we brush our teeth for various reasons which may be to feel fresh, not to smell bad or to protect
have been receiving quite a few queries on Income Tax Refunds and I thought it will be opportune to explain the benefits and the important factors to take note of, for a quick inc
Just like we have a Doctor for our physical problems, we should ideally have Financial Advisors for our financial problems. A financial advisor/planner is a professional who helps you dea
Filing your returns can be a fair idea for number of reasons. Before you think of skipping this year returns, will it be worthwhile reading this one ahead? If you have no income, you ar
1. Not reporting interest income Though the interest earned from the fixed deposits, recurring deposits, tax-saving bank deposits and infrastructure bonds are fully taxable, but
The very first thing to say is that the government has taken a great step by making the ITR forms available on the 1st of April itself. Even though the last date of filing the Income Tax
Every year, the Ministry of Finance body CBDT announces the ITR forms for the suitable Assessment Year, presently AY 2016-17. For the same, on April 15, 2016, the CBDT has announced som
By now you all have received your Form 16 from your employer and must be planning of filing your income tax return by now. The deadline for filing I-T return is not too far is just app
A person is taxed more than 7 % of his annual income due to his combination of tax disorganized and poor tax planning. The person can reduce his tax by almost Rs. 50,000 by
One day if your kids turn around and asks you whether you file your income tax return or no, don’t get surprised. Income tax department has taken effort to visit your kid’s
Most of the tax payers file their income tax returns by the 31st of July which is the deadline. Therefore, many of them miss it out due to other commitment in the professional and persona
At 6.8% of the income annual income, for a person tax outgo is not very high. He can even reduce it to at least 5%. A person can reduce his tax to almost Rs. 30,000 if he invests
A business always requires a good tax advisor. A good tax advisor is someone who not only does taxes for your business but also advises you how to structure it as well. Selecting the right tax advi
Pensioners postponing the withdrawal of pension for two after becoming 58 could get an extra 8.16% in the pension amount, the Employment Provident Fund Organisation. The mea
Full bouquet of Tax Services to All Bankers who require exclusive services as each of you will have unique requirements which require customized & transparent solutions deliver
Pilots fly all over the world which can make it complicated to tax their income. Therefore, the tax treaties have made the rules where the income of the pilot is taxed. Taxation is relate
Airline pilots and flight attendants sometimes think that if commuting expenses or hotel expenses are tax certain. The answer to the question is dependent on the location of the
Generally, most of the accountants do not understand or just do not bother to give the airline crew employees one of the most important tax deductions that they are entitled to get. The so-called&n
Priya returned back to India in 2012 after living in USA for more than 5 years. The French Company where she worked has retained her as a consultant and sends her salary in pounds. Her
Capital gains are defined as the profit that you make on the sale of an asset, whether it is short-term or long-term, are liable to taxation. The main difference is that short-term capital gains ar
If you want to know whether it is necessary for you to file an income tax return this year. Shortly income tax return filing will commence for AY 2015-16, returns will be filed for income earne
Many taxpayers who have already e-filed their income tax returns or will be doing so before the due date of july 31 will fling a sigh of relief, congratulations to those who have already got t
There is always a fear that the disclosures made in this year can come back later just to haunt you in the future. There is a unique problem that a tax consultant with a leading firm
Residents are liable to capital gains tax liable to specific rules applicable. These rules determine the rate of taxation, whether such income is to be taxed or not. Capital gains tax applies
With just four day left to file the income tax returns, many of the taxpayers are busy making their final calculations, visiting their tax consultant and filling up the income tax returns form. Be
Once if you figure out which category you fall under the tax residence or non tax residence then you can determine which portion your income will be taxed. · As per the rul
· Capital Gain Account Scheme allows you to park the sale incomes of a property without capital gains tax subjection and implemented another property is bought within 2 years of
A person named Priyanka Gupta residing in kolkata pays almost 6% of her gross income in tax, but there is a way to reduce it further. It is estimated that if her structure of
Mr. Pankaj’s wife has inherited a land in Karnataka from her father, which he had inherited. The land is a subject matter of compulsory gain from the National Highways Authority of India. In suc
For the income tax purposes in India, you can be a 'Resident Indian' or a 'Non Resident Indian.' Or you also can be a 'Resident but not Ordinary Resident (RNOR).&
Kolkata based IT professional Silver Basu has a very friendly income. If her employer contributes to the New Pension System on her behalf then her tax can come down to nearly Rs. 7,000. Up t
Among the high-pitched hunt for hidden equities of the rich and famous, actor Shah Rukh Khan has received a notice from the Income Tax Department. The tax office asked him to
There is a reason to worry about while filing your returns, if you are not reporting the interest income for your fixed deposits. All the interest income earned from the bank FDs
Simply by clearing up the due amount of tax is not acceptable. The Income Tax rules needs a taxpayers to even file their income tax return, even though the tax is due or not. Merely paying the due amo
Prime Minister believes that Indians are naturally honest, but a recent survey reveals that if given a chance, 58% of the taxpayers will under-report their income to save tax. The online surve
For an NRI, the interest earned on the NRE deposits is excluded from tax in India. As long as you continue to be an NRI or a resident but not ordinarily resident, the tax immunity
Mumbai based Priyanka Sharma is 27 years old and has no idea about the rules and regulations about tax. Last year, she paid a tax of nearly Rs. 30,000 because she has no idea how to sav
Which tax return form do you pick when you turn a winnable entrepreneur? What do you show as income and assets? If you are an individual then you are aware to file your ITR either ITR
Once you become ordinarily resident, you will be subjected to wealth tax on the property which is situated abroad. For example, if a person who is returning back to India after stayin
Over the past years, the move to provide the tax benefits on 40% of the maturity value of the investments in the National Pension System (NPS) has substantial with the distribute se
According to the valuation report from a registered valuer will not be questioned by the income taxdepartment for the disclosures made under the domestic black money co
ICICI Prudential AMC's closed end equity fund ICICI Prudential Value Fund-Series 1, is due to the maturity in November this year, but the fund house has proposed to roll over the ma
Unknowingly the investors act in ways that can harm their interests. Behaviour is the main thing to do with. If these small but importance behavioural aspects are kept in check or improved upon, i
Recently, the Mumbai Income-Tax Appellate Tribunal(ITAT) has made a rule that if the spouse has not invested in a property and is solely a co-holder, then on sa
DEDUCTIONS [AY 2017-18] Section Nature of deduction Who can claim (1) (2) (3) Against 'salaries' 16(ii) Entertainment allowance [actual or at the rate of 1/5th of s
Financial Credibility Filing Income tax Returns creates a strong financial background, as filing income tax return online creates financial credibility of the assessee thereby assisting him for ea
Most of the people are aware how the sale of listed equity shares is taxed. At the rate of 15% short-term gains are taxed, while the long-term gains are exempt. But the critical
It's raining prizes for the Olympic medal winners. Rs 13 crore in prizes has been announced for P.V. Sindhu, which includes Telangana government had given Rs 5 crore, Delhi governm
We have some ancestral gold and diamond jewellery whose value is approx. Rs 20 lakh by government approved valuer, which we plan to sell to purchase a property. What are the tax implications and pa
Till 2 years ago, there were very few salaried people who were covered by the EPFO had heard of the Employees' Pension Scheme (EPS). Only 1 out of 5 respondents to an online surve
The proposed Goods and Services (GST) tax regime is all set to bring in the biggest business reform as stated by a tax expert. GST is just not tax reform, but it is going to bring the bi
CBDT has launched the ambitious 'e-nivaran' facility for the online redressal of the taxpayers' grievances related to the refunds, ITRs and PAN among the others
James’s is an employer in a well known company which does not allow rejigging of the pay structure so there is very little scope for tax optmisation. As per the esti
The Pension Fund Regulatory and Development Authority (PFRDA) have decided on an additional fund for the private sector employees. It will enable them to increase the portion of their mon
Chennai based banker Rajeev Kumar, 34 years of age has a tax friendly salary structure but he can reduce his tax burden further. If his pay structure is organized and he puts more money int
The Budget for this year made the NPS more interesting by making 40% of the corpus tax-free at retirement. This changed the tax status of NPS from 100% EET to 60% EET and 40% EEE. &
The government has said no detrimental action will be taken by the Financial Intelligence Unit or the income-tax department completely on the basis of the informat
Taxes are the Governments manner of earning an income which can be used for numerous tasks that the Governments want to bask in to help raise the economy of the country or its hu
The income tax branch is leaving no stone unturned in its bid to make the Income Declaration scheme (IDS) a fulfillment. With less than a day to move before the September 30 de
Universal Account Number (UAN) has been made vital for all of the individuals covered under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. It means
Now that the GST will soon be launched, an essential point to note is the process of tax payment. First, it is essential to understand if the individual or entity is qualified
Realtors' body NAREDCO claimed tax relief and increase in the supply of the land to develop the affordable homes so as to help achieve the government’s housing for all ob
Most people think that just purchasing a life insurance policy is sufficient to claim the related income tax benefits. However, this is not actually the case. In order to claim successfully
A tax department scheme that lets in defaulters to pay a penalty to avoid legal tangles in cases of undisclosed overseas assets has barely made any headway and now appears t
Kolkata-based Das can cut tax by investing in the NPS and buying health insurance. Krishna Das earns well at the age of 30, but pays a very high tax because his salary struc
The Budget has made no important change for the Tax Rates for the Individuals. The Individuals who earn income of Less than Rs. 5 Lakhs will get Rs 5000/- as Tax rebate under
The direct tax agglomerations in April-June quarter of the current financial year have risen to 24.79% from the complementary quarter last year while the government mop
As the new Assessment Year has approached, all the tax payers have started focusing upon their tax planning. Section 80 of the IT Act of India has been serving as a boon for t
5 smart things you should know about advance tax 1. Income tax that requires to be paid in the installments during the year instead of lump sum payment at the year end is known a
Since 9th of November 2016, when Indians woke up to the news of demonetization of Rs 500 and Rs 1,000 notes. People are even calling up to know how they can declare their cash
Nearly every investor knows that the short-term capital gains from the stocks get taxed at the rate of 15% whereas the long-term capital gains are tax-free. But not many investors are
The Central Board of Direct Taxes (CBDT) has decided to honour the regular and the sincere taxpayers by sending them a letter of recommendation. While most of the people will come unde
The Revised Model Goods and Service Tax Law (MGL) has been released in November 2016 after taking into the account various representation made by the stake-holders. Changes made
Many offers have been made to encourage the digital transactions, a cash tax is being considered by the government. If cleared, the offer can figured out in the Budge
A taxpayer can view the tax credit or the tax that has been deducted on his behalf in the form of TDS. This information is available in the Form 26AS and can be downloaded from the Income Tax
The Budget is just around the corner, and as always, there’s turmoil of assumptions and considerations about what it has in store. A recent survey which has been done, offers some interesting in
Know the charges, taxes on your restaurant bill to avoid being overcharged Now days, eating out can be too expensive, considering all the extra charges and taxes that are required to be paid, i
Presently, in India, a large number of the income tax assesses are enforced to get their accounts audited under the section 44AB of the Income Tax Act, 1961. The report of audit (T
The profit on the sale of your gold is taxable under the head of Capital Gains but if you are a dealer in the gold and the jewellery in which the case will become taxable under t
SUPREME COURT OF INDIA PETITIONER: COMMISSIONER OF INCOME-TAX, GUJARAT Vs. RESPONDENT: ASHOKBHAI CHIMANBHAI DATE OF JUDGMENT: 20/10/1964 BENCH: SHAH, J.C. BENCH: SHAH, J.C. SUBBAR
Capt. A.L. Fernandes vs Income Tax Officer on 19 December, 2001 Equivalent citations: 2002 81 ITD 203 Mum Bench: M Chaturvedi, Vice, R Easwar, M C Ms., G Veerabhadrapa, S Tiwari, A.Ms. ORDER M.K. Chat
Shri Tapan Krishna Pattanaik, ... vs Assessee on 10 June, 2016 IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH 'C', KOLKATA (Before Shri P. M. Jagtap, A.M. & Shri S.S.Viswanethra
Commissioner Of Income-Tax, ... vs V. E. K. R. Savumiamurthy. on 1 February, 1946 Equivalent citations: 1946 14 ITR 185 Mad JUDGMENT (Judgment of the Court was delivered by Patanjali Sastri, J.
F.No. 285/35/2013 IT(Inv.V)/108 Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) E-2, ARA Centre, Jhandewalan Extn., New Delhi. Dated: 23rd, Dec, 201
Leena J. Shah vs Asstt. Cit on 10 November, 2005 Bench: R Tolani, A Gehlot ORDER A.L. Gehlot, A.M. 1. This appeal is filed by the assessee against the order of Commissioner (Appeals)-III
Mrs. Meena S. Patil vs Asst. Commissioner Of Income Tax ... on 29 March, 2007 Equivalent citations: 2008 300 ITR 317 Bang, (2008) 113 TTJ Bang 863 Bench: P Mohanarajan, N Kalra ORDER N.L. Kalra, Accou
The Central Board of Direct Taxes (CBDT) has decided to issue an intimation of the proposed adjustment to draw the attention of the taxpayer to difference identified while processing ITRs u/s 143(1)(a
Now that the GST will soon be launched, an essential point to note is the process of tax payment. First, it is essential to understand if the individual or entity is qualified
Here has been examined the entire law applicable to sections 269ST and 271DA of the Income-tax Act, 1961. These provisions were inserted by the Finance Act 2017 to prohibit specified cash transactions
How can your Accidental Death & Compensation Increase due to Income Tax Returns? (Income Tax Return Required) Income Tax Returns have become very important even for Claiming Accidental De
Persons required to file the return of income In the case of companies: It is mandatory for a company to file income tax return regardless of its income or loss. In the case of partners
There are four things that you should keep in mind before filing the I-T returns this year: 1. TDs is deducted by the employer from the salary and issuing a Form 16 but this does not absolve you of y
