The date to file advance tax has been extended recently. Read on to find out what your advance tax liability is for this fiscal.
“There is no worse tyranny than to force a man to pay for what he does not want merely because you think it would be good for him.” This quote, perhaps, best summarizes what many taxpayers think about doing their income tax returns. For why else would so many individual ITR filers use immature tactics such… Continue reading Common Misdemeanors that Income Tax Filers Commit
Many salaried individuals have this misconception that since taxes have already been deducted from salaries by the employer so there will be no requirement to file for returns.
Embarking on a start-up is exciting and equally challenging at the same time. Start-ups are gradually changing the corporate face of India by not only modifying the conduct of business but also the manner in achieving positive results. Managing a start-up however required countless hours of hard work, rigorous planning and compromises. One of the… Continue reading Facts on Why Every Start-Up Should e-File Income Tax Returns
To simplify tax filing process and to reduce the burden of taxation on the taxpayer, the Central Board of Direct Taxes (CBDT) has made several changes in the tax filing process of the year 2017. The changes which will be applicable from Financial Year 2016-17 are as follows: Change in the Tax Rate The Government… Continue reading The Amendments in Income Tax Filing in 2017 Back
Every year, individual taxpayers are required to file their income tax returns by July 31st. This date is known as the due date of filing of income tax return. The government of India may also extend this due date as they deem fit. For the FY 2016-17, the deadline to file the income tax return… Continue reading What happens if you miss the deadline for filing Income Tax Returns? Back
Income tax act in India allows citizens to declare only one house property to be self-occupied which will be exempted from the house tax liability. All the other property will be declared as rented property which will be taxable. The let out properties will be considered with the concept of deemed annual value. To calculate… Continue reading Calculate Income Tax Liability on Income from House Property