Every Citizen of India has a right to get interest on their income tax refund under Section 244 of the Income Tax Act in the event that they have made excess payment of advance tax or excess of TDS has been deducted on their sources of income. The Central Board of Direct Taxes (CBDT) in… Continue reading Didn’t get your income tax refund? yet? Here is how much interest will you get in return?
Although it has been two years since Goods and Service Tax (GST) was implemented in India, there are many aspects that are vague even now. Taxpayers are still struggling to understand the concept in its entirety and the bearing it has on business. In a bid to boost accuracy and clarity and address some of… Continue reading Challenges of the new GST return filing system
The deadline to file Income Tax Return for the Assessment Year 2019-20 is fast approaching and there are times when taxpayers make mistakes while filing Income Tax Return. In case you have filed faulty Income Tax Return, here are the steps about how you can correct the blunders that you made and file revised ITR for… Continue reading How To File Revised ITR For AY 2019-20?
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
Do you think the union budget just flew past you? Let’s find out the key highlights that you missed in this year’s budget. Tax-related proposals which made the headline are as follows: One good news for salaried individuals and HUFs is the reintroduction of standard deduction which covers a tax deduction of Rs 40,000. The… Continue reading Union Budget 2018-19: Taxation Proposals
For startups, it is very important to have an advance tax planning before registering their business with a specific business structure. Most of the startups in India either choose to be an LLP or a PLC while registering the company. LLP stand for Limited Liability Partnership and PLC stands for Private Limited Company. So, before… Continue reading The Best Tax Structure in India To Select for Startups
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
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
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
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