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

financial services

The Importance of PAN Card is Now Increased and Redefined

The recent announcements made by income tax efiling authority of India have made PAN Card mandatory for all account holders. This provision will not only affect the taxpayers, but will also anyone who have an account with any bank or post office. One who does not fall under tax slabs are also required to produce… Continue reading The Importance of PAN Card is Now Increased and Redefined

financial services · Taxation

A Better Understanding Of GST And Its Benefits

The Goods and Services Tax system is soon going to change the picture of Indian taxation system for goods and services we use every day. It is designed with a very neutral structure so that it distributes the application attractively and efficiently. It has various benefits that will impact the national economy and income tax… Continue reading A Better Understanding Of GST And Its Benefits

financial services · Taxation

Deductions Specified For Differently Able Citizens On Filing Income Tax

The Indian government has prescribed some deductions on their tax return online to share the misery of differently able persons. Section 80U and Section 80DD prescribes deductions are tailored specifically for the disabled persons. Section 80U describes deductions made for the working disabled persons and 80DD describe taxation relies on the persons who maintains a… Continue reading Deductions Specified For Differently Able Citizens On Filing Income Tax