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

financial services

Small Businesses Accepting Payment By Digital Mode Will Pay Low Income Tax On Profit

As soon as calendar strikes April 1st, the financial year will end and everyone will be occupied by calculating and efiling income tax. This time scenario is a bit different as Indian Government is a lot more focused on building a cashless economy of this nation. To promote this view, the government has taken few… Continue reading Small Businesses Accepting Payment By Digital Mode Will Pay Low Income Tax On Profit

financial services · Taxation

Deductions Allowed In Income Tax Payment For Life Insurance Plan

Life insurance policies are not only a life securing scheme, but also get attractive deductions during tax filing online. The tax benefits it offers are valid on capital invested, premium paid and the total maturity amount if it does not cross the prescribed threshold limit. According to section 80 of Income Tax Act, the maturity… Continue reading Deductions Allowed In Income Tax Payment For Life Insurance Plan

financial services · Taxation

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

financial services · Taxation

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

financial services · Taxation

Salaried Employees Must Declare All Investments With Form 12BB To Avail Applicable Rebate

Salaried employees must need to disclose all their investments to their employer so that they can claim all the applicable tax tax rebate during efiling income tax. This form was introduced in June, 2016 by the Government and need to be filled and submitted to the employer by all salaried employees. The form must be… Continue reading Salaried Employees Must Declare All Investments With Form 12BB To Avail Applicable Rebate

financial services · Taxation

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