The process can be quite cumbersome in the absence of efficient financial planning, and any negligence on the tax payer's part can lead to undue payment of tax
If you wait till the last minute to file your returns, you may commit mistakes in a hurry and will have to file a revised return
This year salaried taxpayers using ITR Form-1 are required to provide a break-up of their salary
You have to disclose the details of immovable properties i.e. land and building owned by you in schedule AL
The article discusses taxability of the pension received overseas.
A PPF account can be opened at your nearest post office or leading banks and of late this facility is available online as well.
Individuals who have missed the tax filing deadline of FY 2015-16 and FY 2016-17 can still file their tax returns by March 31, 2018.
Some tax-saving investment options available which can help you plan your annual savings, or which you can use to make a lump sum investment at the close of the financial year.
Here are three primary reasons why you should start tax planning right from the time the new fiscal year starts.
A term policy can help your family get financial support after your death. Term policy provides pure insurance cover with no investment benefits.
People of different age groups have different financial objectives while their risk appetite and return expectations vary significantly.
Depending on your salary size, you should plan it in a way that your taxable income comes down.
Not reducing corporate tax rate has been termed as a big miss by the finance minister. But data shows not many companies would have benefited from the cut
With the cost of medical treatments going up more than the general inflation levels and senior citizen having to spend relatively more money on their health.
While this Budget has hit the right chords for reducing rural distress and increasing government expenditure in infrastructure, healthcare and education, it has been disappointing on other fronts.
While this year Union Budget was a mix bag of both expectations and a few surprises, we list out a few broad points which will have an impact on how you save, invest, borrow, and insure.
An allocation of INR 10,000 crores has been announced on expansion of telecom infrastructure under various government projects in the country, however, the Union Budget does not bring any cheer to the telecom sector.
With several changes carried out in personal tax rates in last three years, the finance budget 2018 have kept the tax rates unaltered
It is required that the deduction under section 80C be simplified and the limits be revised significantly.
As term insurance is the most cost effective way to cover 10–15 times of one’s annual income, a separate section for term insurance beyond the Section 80C limit would incentivise people to buy term insurance policies and get adequate life cover in the process.
APA has become a preferred method of dispute resolution for taxpayers, providing relief to those entangled in protracted litigation.
Several robust tax measures and following tax arrangements are expected from this Budget.
There may be an increase in the ceiling of deduction under Section 80C from the existing Rs 1,50,000 to Rs 2,00,000.
As in the case of any new law, the IBC too has certain loopholes and implementation-related issues, which came to the fore as the process progressed.
The terms of LTA are defined in section 10(5), Rule 2B of the Income Tax Act 1961.