financial services · Income Tax · income tax return · Scoop.it · Taxation

All About New Direct Tax Code – All India ITR

The Direct Tax Code will be implemented by 2018 July, this code will extend 25% of corporate tax on various firms over the period of time and will provide tax relief to the individual taxpayers. All About New Direct Tax Code It is the common belief that, this Direct Tax Code will bring the ray of hope for businesses… Continue reading All About New Direct Tax Code – All India ITR

financial services · Income Tax · income tax return · Our Services · Taxation

Learn How to E-file your Income Tax Return in 2018

As we cross into March, another financial year is drawing to a close. If you are a salaried individual you will have noticed the bustle around the office accounts department as they prepare to close their books. Your financial obligations to the government are due as long as you do not learn how to e-file… Continue reading Learn How to E-file your Income Tax Return in 2018

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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

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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

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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

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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

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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

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All The Employee Benefits You Receive Are Exempted From Income Tax Liabilities

Employees working with private or multinational companies receive many employee benefits and these are counted as non-taxable during income tax filing. There are many types of benefits that many MNCs offer to their employees to ease their daily working life. The first facility to be mentioned is the cab facility transfer that many companies provide… Continue reading All The Employee Benefits You Receive Are Exempted From Income Tax Liabilities

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Must Know Income Tax Information For EPF Investors

Employee’s Provident Fund or EPF avails a good deduction on taxable income during online income tax return filing. EPF is a retirement benefit scheme which is maintained by he Employees Provident Fund Organization of India. Now, according to law, both the employer and employee need to contribute 12% of the basic pay into EPF account… Continue reading Must Know Income Tax Information For EPF Investors

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Deductions That NRIs Can Avail Under Section 80 Of Income Tax Act

Non Residential Indians or NRIs who earn or have investments in India are eligible for income tax e-filing. As like all other taxpayer category in India, NRIs are also eligible to apply for certain deductions on their taxable income according to Section 80 under the Income Tax Law. The deductions prescribed under section 80 are… Continue reading Deductions That NRIs Can Avail Under Section 80 Of Income Tax Act