Do you think the union budget just flew past you? Let’s find out the key highlights that you missed in this year’s budget. Tax-related proposals which made the headline are as follows: One good news for salaried individuals and HUFs is the reintroduction of standard deduction which covers a tax deduction of Rs 40,000. The… Continue reading Union Budget 2018-19: Taxation Proposals
Now that you can easily register yourself on the income tax portal, file income tax returns online, receive notices and intimations, respond and track the status of your income tax refunds you do not really have an excuse to not file or delay the process any more. Basic computer literacy, an email and an existing… Continue reading How is My Income Tax Return Processed
The date to file advance tax has been extended recently. Read on to find out what your advance tax liability is for this fiscal.
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
A large part of India is educated still a lot needs to be done the Educational status of a country is the most important prerequisite for its development. It gives a boost to the economy of the country. Keeping in mind, the importance of education on the economy of a country several public as well… Continue reading Impact of GST on Educational Sector
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