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

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

Expectations and Affects of Goods and Services Tax

GST tax is going to be implemented  by late 2017 as expected by now and there are many questions related to this new change is arising in everyone’s mind. The questions related to taxation is the bigger one dominating taxpayer’s mind. Well the effect will be huge as the whole structure is going to be… Continue reading Expectations and Affects of Goods and Services Tax

financial services · Taxation

Income Tax Benefits of Registering Business As A Proprietorship

Online income tax return filing structure is important to decide before starting a new business. There are many business tax structures exist in India, from which you need to select one according to your business need. If it’s a start-up business then the best thing is to register it as a sole proprietorship as that… Continue reading Income Tax Benefits of Registering Business As A Proprietorship

financial services · Taxation

Some Lesser-known Incomes That Have No Income Tax Liability

The current financial year is about to end in a few months and people will be start filing online it return to keep their financial status secure. So before you start with your tax filing, you might like to know about some type of incomes that are exempted from all tax liability. These incomes are… Continue reading Some Lesser-known Incomes That Have No Income Tax Liability

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