The Federation of Indian Exporters regional chairman was recently quoted as saying that traders have been waiting for nearly INR 5 lakh crore worth of tax refunds due and that is adversely impacting the working capital flows of exporters. In fact, export figures turned negative for the first time since last June shrinking to USD… Continue reading The GST Council and Tax Reform
The ancient tradition of the Joint Hindu Family is referred to as a Hindu Undivided Family or HUF for the purposes of income tax. There are several tax advantages to running a business or earning under various heads of the Income Tax Return form that can save a big chunk of taxable income should you… Continue reading What is a Hindu Undivided Family in Tax Law?
The onset of the GST regime on 1st July, 2017 was supposed to remove barriers to trade and make goods and services cheaper. But what we’ve seen so far seems to belie all faith and publicity that this news generated initially. Drop in Hotel, Restaurant GST tax rates Basic things like food and sanitary napkins became… Continue reading GST: Gamble or Good
The number one rule for successful personal finance is ‘Save before Spending’ and although it may seem contradictory to common sense, you can actually save taxes by investing in the stock market. So, here’s how. Equity investments are a source of income and the government doesn’t give you incentives to earn more. But equity is… Continue reading How to Invest in Shares and Save Taxes
With news of retail inflation reaching a high of 3.58% in October as per data released by the Ministry of Statistics and Programme Implementation and wholesale inflation touching a 6-month peak of 3.59%, it behoves the intelligent individual to understand how tax and inflation relate to each other. So, what is inflation, retail or wholesale?… Continue reading Inflation and Taxes
There’s an old tax joke that talks about the income tax department having just two fields of information for the public: Amount of money made last year ______ and Give it here! When filing your tax returns you need to ask yourself what sources of income you have. It’s best if you fill in the exact amount… Continue reading How to fill ITR-1 Made Easy
We’ve all talked a lot about how returns are filed, how taxes are calculated and what income tax deductions to apply to maximise our savings. But no one seems to be talking about paying the actual amount to be paid as tax, perhaps, because it is done by our employer for us. Others may take… Continue reading Making Tax Payments Simplified