When it comes to an income tax refund, people in India are unaware of what it is and how to claim income tax refund online. As a matter of fact, when you successfully file your income tax return (ITR), the tax department assesses your file, and the refund (if any) is credited into your pre-valida.....

In India, tax is one of the significant sources of revenue for the government. That means, as taxpayers, we need to be very careful when filing our income tax returns. Besides, it is essential to be aware of several income tax-related terms and rules. With the tax season ahead of us, you certainl.....

If you are a startup business or a small-medium enterprise that intends to sell its products and services in India, you are liable to have a Taxpayer Identification Number (TIN). In the case of intra-state trade, the same is acknowledged as a VAT number.

Budget 2020 was announced back in February, which introduced us to the new personal income tax regime. The new personal tax regime undoubtedly has grabbed the attention of the million taxpayers in India. So, before we understand the impact of this, let us know what the new income tax regime holds.....

Amidst the chaos, the nation not just tackles the extremities of a health crisis but also battles the consistently affected economy. With a negative impact over businesses, down sliding market and a state of lockdown across the country, there have been major amendments made by the jurisdiction to.....

TDS, which stands for Tax Deducted at Source, is essentially just that. If you fall within an income slab which is eligible for taxation, your employer can deduct your income tax at the source, that is, before transferring it to your salary account. There are a few ground rules which the employer.....

Tax Deducted at Source or TDS is applicable to resident as well as non-resident Indians as well as to both domestic companies as well as international companies that operate in India. The TDS percentage can vary between 10% and 30%. In some rare cases it may even touch 50%.

TDS, which stands for Tax Deducted at Source, means exactly that: it is that component of tax which is levied by the Income Tax department on your salary, depending on the income slab that you belong to. Since this component of tax is collected/levied at the source, it can often be more than the .....

In India, the act of gifting has - for time immemorial - been embedded in the social culture and common setting. Be it an anniversary, religious occasion, festivity, a celebration of success, or a voluntary corporate transfer, the act of gifting is a norm that goes on to also determine one’s soci.....

FIIs (Fixed Income Instruments) have retained their popularity with Indian investors since time immemorial. For instance, a SEBI survey has found that Indians prefer investing in instruments like Fixed Deposits more than they prefer investing in gold, life insurance, or real estate. In the fixed .....

Anyone who earns an income in the country is liable to pay income tax. The Income Tax Act comprises of various sections, which separately deal with various aspects of taxation in the country. Furthermore, this Act also provides the taxpayers with various income tax deductions they can claim while.....

Advancements in medical science have led to an astronomical rise in life expectancy. This has, however, not entirely eliminated or curbed the rise of critical diseases. It is said that one out of every four Indians is at the risk of dying due to non-communicable critical ailments like cancer, str.....

The primary goal while making an investment is to grow the corpus and aim to accomplish long-term as well as short-term goals through it. Another goal on the minds of investors while making an investment is to ensure the highest amount of tax savings possible. As a result, while deciding on the p.....

Any profit or gain made from a financial transaction of a capital asset is considered as income and requires the assessee to pay capital gains tax for the financial year when the transfer takes place. Capital gains tax can be long-term or short-term, depending on the duration for which the indivi.....

As we know, taxes act as the main source of income for the Government. They are essential to maintain deficits and the optimum cash flow in any economy. Hence, towards the end of each financial year in India, taxpayers provide personal information consisting of their tax-filing status and depende.....

For youngsters attempting tax planning for the first time, understanding income tax basics can be quite confusing. Most people hire a tax advisor or a CA to for tax planning and to invest in tax saving instruments, especially at the last minute. However, that’s not the only way out. In this age w.....

India has the largest section of the youth population in the world. By the year 2020, India will have a median age of 28, compared to 37 of the US and China, 45 of Western Europe, 49 of Japan. Such a dynamic shift in the nature of the workforce would inevitably stir the market, as it had with Chi.....

When it comes to broadband services, Indians prefer mobile broadband over fixed-line services. The total subscriber base for fixed-line broadband services in the country is only 18.42 million, according to the Telecom Regulatory Authority of India. To put things into perspective, 532 million peop.....

On October 2, 2016, India became the 62nd country to ratify the Paris Agreement. The agreement requires every ratifying member country to come up with a national plan to curb carbon emissions and rising temperatures. India has set a goal of generating 40% of its electricity from renewable energy .....

Education is one of the most critical aspects of the development of an individual. It enhances one’s skills, knowledge, intelligence, and opens up many doors to gathering knowledge, analysing and rationalising. Having an education makes it easier to have an informed opinion, which in the larger p.....

Similar to the previous year, the government has extended the ITR filing deadline for 2019 as well. With a grace period of 1 month, taxpayers have until August 31 to file their tax returns instead of July 31. The obvious purpose of this extension is to allow more people to file their income tax r.....

Income tax filing is one of the most crucial financial tasks. Since it is an exercise undertaken each year, it is helpful to have a working knowledge of the forms and terms. One such key forms is the Form 16A.  Form 16/ 16A is the certificate of deduction of income tax at source and issued o.....

With the ITR filing process going completely online, it is often preferred that we undertake the task ourselves. While delegating or outsourcing the task of computing our income tax to an accountant may seem tempting, even in doing so, we need to make sure we are accounting for all the sources of.....

India was the sixth-largest economy in 2017, pushing France to the seventh spot. It was in striking distance of fifth-placed UK. In 2018, however, France and UK surged ahead, largely due to currency fluctuation, but also due to softening growth in India. The Indian economy has been battling a mar.....

Money has become the accepted medium for the exchange of goods and services. We spend our hard-earned money to purchase products or experiences that we require or desire. One can always monitor the result of the money we spend. But a substantial portion of our earnings is taken away as taxes. Bei.....

The government needs resources to pay its employees, fund welfare schemes and develop infrastructure. How does the government raise resources? There are several sources, but the primary source is direct and indirect taxes. Taxes that are levied directly on individuals or entities such as income t.....

Filing Income Tax returns can be a tricky affair. One mistake in the declaration of income or deduction and you could end up with a notice from the income tax department. With the deadline extended to August 31st, you now have the time to go through the process patiently and with utmost care. Mak.....

Filing income tax returns can be an intimidating and exhausting process. There are a plethora of sources and deductions to report and it is easy to get lost under reams of paperwork. In the midst of the chase to the deadline for ITR filing, sometimes you might omit declaration of certain incomes......

It is an open secret that restrictive labour laws decrease the competitiveness of small Indian firms. Companies have to manoeuvre a labyrinth of 200 central and state labour laws to ensure compliance, with nearly one-fourth being central laws. High compliance cost has led companies to shift to ca.....

India started 2018-19 on a strong footing, clocking a growth rate of 8.2% in the first quarter. However, the economy gradually decelerated to 5.8% in the last quarter, ending FY19 with an overall growth rate of 6.2% as against 7.2% in the previous fiscal year. The econom.....

What happens when one of the wheels of a vehicle comes off? It could lead to a catastrophic accident. If India is the vehicle, the automobile sector is one of the wheels. The Rs 4.8-lakh-crore auto industry employs 37 million people and single-handedly contributes 7.5 percent to the country’s GDP.....

Wealth refers to the basket of assets such as cash, land, property, gold, shares, and bonds. In any economy, wealth is created over time by investing in these assets with an expectation that the price will rise further in the future. This rise in price over a period of time leads to wealth creati.....

As the end of the financial year draws near, taxpayers start preparing and worrying about income tax return filing for the particular assessment year. Though there is a large window of opportunity to file the returns, taxpayers wait until the last minute to make investment decisions and take tax .....

With the deadline for ITR filing in 2019 extended by a month to August 31, you should have enough time to prepare all the income tax return documents for filing your returns. To avoid last minute glitches and delays, it’s advisable to prepare well before the extended deadline.

Every year when the budget is presented, people wait for new announcements on income tax. A lower tax outgo doesn’t harm anyone. Either the government is expected to increase the income slab rate that is exempted from paying taxes or offer more tax deductions. The government allows several types .....

India’s startup ecosystem has become a force to be reckoned with. The domestic technology landscape has gone a drastic change in the past few years with the country emerging to be the third fastest growing startup hub globally with over 4,200 startups creating more than 80,000 job opportunities.<.....

Mandated by the Income Tax Department of India, filing an income tax return is a process of reporting your gross taxable income from all sources, while also mentioning various tax deductions and thereby declaring your net tax liability. As a taxpayer, you can file your income tax return online (e.....

Taxpayers are often advised to start early with their tax planning. The key to tax saving is understanding the right investment strategies for an individual, and where one can claim deductions. Furthermore, it is also imperative for taxpayers to have a long-term, planned approach towards taxes, a.....

As people age, their priorities change - this is especially caused by the increasing number of responsibilities brought on by age. With changing priorities, the investment patterns of people also change as investors opt for different instruments based on how old they are and what financial goals .....

Life is inherently unpredictable. The best we can do is battle the ups and downs bravely as they arise. Planning wisely to save your hard-earned money is one such way to prepare for unforeseen circumstances.

Income tax is the most direct form of tax applicable on Indian citizens and is paid by individuals in accordance with the income they earn which falls under certain income tax slabs as decided by the government. However, apart from salary, many people also earn income from a variety of other sour.....

Income tax is one of the most significant sources of revenue for the government. This naturally means that taxpayers must be aware of each step that goes into paying their taxes on time. While most taxpayers in India are aware of the significance of

As you complete your education and move into the workforce, it is important to remain aware of the various forms of taxation on your salary. Regardless of your profession and interests, understanding the taxation system and how it affects your earnings is paramount.

Unit Linked Insurance Plans merge the protective cover of an insurance plan with the wealth-appreciation possibilities of investments.

Section 80C is the most popular way for tax saving in India. It offers a deduction on a lot of instruments. However, the aggregate deduction on all investments put together is Rs.1.5 lakh.