financial services · Income Tax · Taxation

Calculate Income Tax Liability on Income from House Property

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

financial services · Taxation

The Best Tax Structure in India To Select for Startups

For startups, it is very important to have an advance tax planning before registering their business with a specific business structure. Most of the startups in India either choose to be an LLP or a PLC while registering the company. LLP stand for Limited Liability Partnership and PLC stands for Private Limited Company. So, before… Continue reading The Best Tax Structure in India To Select for Startups

financial services · Taxation

The Income Tax Deductions You Can Avail Before It is Too Late

Taxpayers must manage their income tax deductions investments before the calendar strikes the end of Financial Year. Once the financial year ends, no such plan can reduce your taxable income and you have to pay higher tax in July. There are few last-minute steps that can save a big amount of your tax before you… Continue reading The Income Tax Deductions You Can Avail Before It is Too Late

financial services · Taxation

Income Tax Return Liabilities Possessed on EPF withdrawals

Income tax return imposed on EPF or Employee Provident Fund is an important matter of concern for the employees. There is traditional believe works on their mind that withdrawing money from EPF account is tax-free. In reality, EPF withdrawals are taxable depending on some conditions and in some cases, TDS also get deducted. So, let’s… Continue reading Income Tax Return Liabilities Possessed on EPF withdrawals

financial services · Taxation

TDS Mandatory if Rent Exceeds Fifty Thousand

TDS payment has been made mandatory for the house rent exceeding INR 50,000 a year and this will applicable for a metropolitan city. The TDS need to be deducted by the rent payer on behalf of their landlord. This decision is the result of current government’s focus of widening the tax net but ultimately the… Continue reading TDS Mandatory if Rent Exceeds Fifty Thousand

financial services · Taxation

Amendments to Restrict High Value Cash Transactions

Indian Government is introducing new income tax rules to minimizing the chances of black money accumulation by the Indians. Still many people in here do not assume paying income as a mandatory citizen duty and thus try to find out new ways to escape tax payments. This black money accumulation affects Indian economy hugely as… Continue reading Amendments to Restrict High Value Cash Transactions