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Short Term Capital Gain - Tax Rate and Exemptions

03 Feb 2022
56 Views

A capital asset can either be a property or security and as a citizen of India, it is our duty to pay taxes on such assets. Capital gain means the profit one gets for transferring a capital asset. Capital gains are further classified into short term capital gains and long term capital gains. The .....

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Taxes on Income From House Property

03 Feb 2022
58 Views

Owning and managing a house property can get complicated for many. House owners need to spend time calculating things like taxes to be paid on income from properties, tax benefits, and other matters like paying property tax. In this article, we’ll take a close look at the taxes on income from hou.....

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Section 28 of the Income Tax Act

29 Dec 2021
56 Views

If you are a business person or professional trying to understand how Section 28 of Income Tax Act works, there are certain things that you need to take note of first.

The nature of income that is covered when it comes to business and profession include profits that are earned by contract.....

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Section 142(1) of the Income Tax Act

29 Dec 2021
65 Views

What is Section 142(1) of Income Tax Act?

A notice under Section 142(1) of the Income Tax Act is often served to taxpayers in order to request specific documents and information or to analyse a case more thoroughly. When a person receives a notification under this section, it is .....

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Section 234A of the Income Tax Act

29 Dec 2021
60 Views

Each year, taxpayers and assessees are required to furnish their income tax returns with the IT department, as per the provisions of section 139 of the Income Tax Act, 1961. However, what happens if you fail to file your IT returns on time? In that case, interest under section 234A of the Income .....

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Section 153A - Letter of Intimation

27 Dec 2021
66 Views

What is 153A of the Income Tax Act?

Section 153 A of the Income Tax Act, 1961, establishes a mechanism for assessing income in the instance of a searched individual. According to the aforementioned section, the Assessing Officer has the authority to frame an individual'.....

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Section 234B of the Income Tax Act

27 Dec 2021
67 Views

There are different kinds of taxes that taxpayers need to pay to the IT department, such as TDS, TCS, self-assessment tax and advance tax. Delays in payment of any of these taxes attract penalties and interests, as per the provisions of the Income Tax Act, 1961. One such provision is contained in.....

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Section 147 of the Income Tax Act

24 Dec 2021
65 Views

 The Income Tax Act, 1961 is the primary law that lays down the rules and regulations of direct taxes on income in India. It is a comprehensive act that has around 298 sections to cover taxes on various kinds of income. One of these sections is Section 147 of the Income Tax Act, which deals .....

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Section 10(11) -All Exemptions and Allowances

23 Dec 2021
76 Views

What is Section 10(11) of the Income Tax Act?

Salaried employees are eligible for a tax exemption under Section 10 (11) of the Income Tax Act of 1961. Section 10 of the Income Tax Act exists to reduce the impact of tax structures such as rent allowances, allowances for .....

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Section 54EC of the Income Tax Act

23 Dec 2021
67 Views

If you have recently made a sale of any immovable property for a nice profit, you may be looking at quite a bit of capital gains tax. However, there are many provisions in the Income Tax Act, 1961 that can help you reduce the burden of taxation of capital gains. And Section 54EC is one such provi.....

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Section 54F of the Income Tax Act

23 Dec 2021
56 Views

When you sell a capital asset like a plot of land, a bar of gold or a house property, you may receive gains on those transactions. These are called capital gains, and the Income Tax Act, 1961 contains provisions that levy capital gains tax on these profits. Hand-in-hand with the taxation provisio.....

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Section 92E of the Income Tax Act

22 Dec 2021
56 Views

What is Section 92E of Income Tax Act?

Under section 92E of Income Tax Act, every person engaged in an international transaction or a specific domestic transaction in the previous year must obtain a report from an accountant and submit it on or before the specified.....

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Section 206C of the Income Tax Act

22 Dec 2021
67 Views

The Income Tax Act, 1961 governs the rules of taxation in India. Regulations regarding the amount of taxes to be paid or the frequency at which taxes need to be paid are all laid out under this act. As part of the Finance Act 2020, a new provision for tax collection at source (TCS) was laid out r.....

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Section 115BAC - Rates, Deductions, Features and More

15 Dec 2021
850 Views

Introduction

Two years ago, the 2020 Budget brought forth a new Section titled 115BAC which was incorporated into the Income Tax Act of 1961. The basic premise of this Section is to allow individuals as well as Hindu Undivided Families (or HUFs) with the option to take advantage of a ne.....

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What is Dearness Allowance (DA) | Finserv MARKETS

15 Dec 2021
58 Views

 Dearness allowance can be explained as a specific component of your salary which is directly dependent on the cost of living. In this article, we will explore the meaning of dearness allowance , DA for Central Government employees, types of dearness allowance, and more.

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What is Section 44AE of Income Tax Act?

26 Nov 2021
65 Views

Section 44AE of the Income Tax Act, 1961 is a part of the Presumptive Taxation Scheme. This taxation scheme mandates every businessperson to maintain books of accounts and get them audited. However, it exempts small taxpayers from following this daunting process. If you want to opt for this schem.....

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Section 139(4) - Filing Belated Returns

26 Nov 2021
67 Views

Section 139 of the Income Tax Act offers provisions on the late filing of income tax returns. Additionally, it provides the way forward to an assessee who failed to file tax returns before the deadline. Section 139 is divided into multiple sub-sections that focus on the non-submission of income t.....

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Section 143(1) - Letter of Intimation

26 Nov 2021
75 Views

What is Section 143(1) Income Tax Notice?

Everyone falling under the taxable income group must file an income tax return every financial year. Once the taxpayer files his/her returns, the Income Tax Department would process the return and ensure there are no errors. A s.....

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Section 234C: Penalty on Delayed Advance Tax Payment

26 Nov 2021
56 Views

Advance tax takes the load of spending a lump-sum amount during the year end, off your shoulders. It enables you to make tax payments in instalments. However, like all tax payments, even advance tax comes with a due date, i.e. you need to transfer the tax before the stipulated dates. Section 234C.....

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Here's Why Section 269ST of Income Tax Act was Introduced

26 Nov 2021
67 Views

Black money laundering has been a concern for the Indian economy for quite sometime. Demonetisation, Digital India campaign, limiting cash withdrawals, etc., are a few initiatives taken by the government to curtail the generation of black money. Since paper money is the prime reason behind unacco.....

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Section 44AD - Presumptive Taxation

24 Nov 2021
75 Views

Maintaining books of accounts is mandatory for businesses and professionals. No matter how tedious it may seem, taxpayers have to maintain accounting books. Moreover, they must get it audited by a Chartered Accountant. However, with the presumptive taxation scheme, Section 44AD of Income Tax Act .....

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What is Section 269SS of the Income Tax Act?

23 Nov 2021
65 Views

Financial stability is of utmost importance to lead a comfortable life. However, most of us have a hard time fulfilling our monetary needs. Be it to run a business or to pay a child’s school fee, we’ve all experienced a money crunch at some point or the other in our life. Hence, we resort to seek.....

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What is Section 194C of the Income Tax Act?

23 Nov 2021
67 Views

What is Section 194C?

Section 194C focuses on levying income tax, i.e. TDS on payment to the contractor. It states that any person responsible to make a payment to any resident contractor for carrying out a certain work (including the supply of labour) as a contract bet.....

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Different Parts of Form 26AS

23 Nov 2021
56 Views

What is Form 26AS?

Form 26AS is an annual statement that includes information about the tax deducted and collected at source, advance tax payable, self-assessment tax payments, and details concerning the refund you have received during a financial year. It also includes.....

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16 Nov 2021
66 Views

Insurance policies act as a pillar of support against unforeseen financial burdens. They mitigate the financial crunch amid grim circumstances. Hence, financial experts suggest that every individual must take an insurance policy for themself and their families. There are times when people buy ins.....

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16 Nov 2021
56 Views

The Government of India has been trying to transform India into a cashless economy. Demonetisation and Digital India Campaign are two popular initiatives taken to reduce the usage of paper money. Similarly, the introduction of Section 194N in the Income Tax Act, 1961 was to fulfil the same agenda.....

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16 Nov 2021
44 Views

Section 194H of the Income Tax Act provides details on TDS deduction for commission and brokerage by a resident Indian. A resident individual who pays any type of brokerage or commission is responsible for tax deduction under Section 194H.

 

Let's understand what is Section 1.....

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16 Nov 2021
51 Views

What is Section 194J?

Collecting tax has become seamless ever since the concept of deducting tax from its very source (TDS) was introduced. Section 194J of the Income Tax Act, 1961 prescribes details on deducting TDS on professional fees. From lawyers and chartered acco.....

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16 Nov 2021
47 Views

If you have invested in fixed deposits, you would have noticed that banks deduct some amount from your interest on FD every year. It is nothing but a tax deducted at source on interest earned. TDS on interest is governed under Section 194A of the Income Tax Act, 1961.

 

This .....

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How is Profit in Lieu of Salary Defined under Section 17(3)?

16 Nov 2021
60 Views

Needless to say, any income earned out of an employer-employee relationship is called a salary. If you want to put a transaction under the lens of 'Income from Salary', it is mandatory to ensure that the payer and the payee have an employer-employee relationship. This income can include gratuity,.....

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What Does Perquisite Mean Under Section 17(2) of Income Tax Act? Know details

16 Nov 2021
65 Views

We all know what a salary is—it is a regular payment made by an employer to an employee. It is also a composition of the basic salary allowances. There are times when employees also receive commissions, profits in lieu of salary, perquisites, and more. Let’s understand how Section 17(2) of Income.....

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What is Salary Under Section 17(1) of Income Tax Act? Know Details

16 Nov 2021
60 Views

Salary is one of the most frequently used heads of income while filing income tax returns. According to Income Tax Act, 1961, ‘Heads of Income’ is the classification of income earned by an assessee such as income from house property, income from capital gains, income from other sources, and more......

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What is Section 206AB of the Income Tax Act? Know Applicability, Limits & More

15 Nov 2021
74 Views

What is Section 206AB of the Income Tax Act?

Section 206AB of the Income Tax Act is a unique provision that allows some non-filers (Specified Persons) of the Income Tax Returns to deduct tax at a higher rate at the source. Section 206AB deals with a higher rate of tax d.....

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What is the First Proviso to Section 48 of the Income Tax Act?

29 Oct 2021
86 Views

 Section 48 of Income Tax Act, 1961 talks about the way in which the chargeable income computation under Capital Gains is done. Expenditure and cost of acquisition are taken into consideration in Section 48. Let’s look at what Section 48 of the Income Tax Act is and its first proviso.

<.....

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Section 24 of Income Tax Act

29 Oct 2021
83 Views

Buying one’s own house and living in it is a dream of many. However, the high prices of properties make it hard to achieve this dream. That is when the buyer looks for options like a home loan. Home loans are now easily available in all major banks and even the government offers several advantage.....

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What is Section 194IA of Income Tax Act? Requirements & More

29 Oct 2021
75 Views

Section 194 of the Income Tax Act of India, 1961 deals with various clauses about the Tax Deducted at Source, TDS payments. Under Section 194, there are two sub sections that are of utmost relevance, Section 194IA and Section 194IB. In this article, let’s understand Section 194IA of Income Tax Ac.....

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What is Minimum Alternative Tax (MAT)? How to Calculate it?

27 Oct 2021
74 Views

What is MAT?

MAT or Minimum Alternative Tax limits tax exemptions for companies. There have been times when companies tried to reduce their tax liability using multiple exemptions of the Income Tax Act. A lot of companies have managed to show zero taxable income as well. Hence.....

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What is Cost Inflation Index? Details about Indexation in Income Tax

27 Oct 2021
84 Views

We can all agree that the economy is fickle and dynamic. The value of goods continuously increases, which leads to a decrease in the purchasing power of the money. Due to inflation, if you could buy 10 chocolates for ₹100 yesterday, you can now, only buy 5 chocolates for that amount. However, it’.....

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What is Section 115BAA - New Tax rate for Domestic companies?

27 Oct 2021
85 Views

The Indian government has been encouraging companies to manufacture in our own country for economic growth. It aims to make the best of our talent base and facilitate investment. In fact, our government has taken multiple initiatives to promote Indian startups. And one such initiative is Section .....

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What is Section 44ADA and What are its objectives?

27 Oct 2021
86 Views

We all know that taxes are a source of income for the government. This revenue is utilised to develop infrastructure, improve healthcare services, promote education, boost agriculture, and more. Thus, the Income Tax Act was introduced to administer taxation processes. Every section of this act ad.....

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Section 234F: What is the Penalty & Due Date for Filing Income Tax Returns?

26 Oct 2021
82 Views

Some people might find Income Tax Return filing a tedious task. Many times, taxpayers end up missing the prescribed deadline for ITR filing and thereby, file a late return. However, you need to be more proactive now as the new Section 234F of Income Tax Act has been introduced since the financial.....

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What is the New Cash Withdrawal Limit in India?

25 Oct 2021
76 Views

A specific tax is levied upon certain payments made wherein the tax is deducted right at the beginning, before the amount is received by the payee. This amount is deducted by the payer and payment could come in various forms such as a salary, a business transaction, an exchange of goods/services .....

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What is the New MSME Classification? All you need to know about it

25 Oct 2021
75 Views

MSMEs are an integral part of our economy. The Indian government offers a myriad of benefits to MSMEs, so they can function seamlessly in the Indian as well as global market. These benefits can only be availed by businesses that fall under the MSME category. In fact, our government has introduced.....

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What is a Slump Sale under Income Tax?

25 Oct 2021
65 Views

Business management has evolved over the years. The cut-throat competition has compelled businesses to become multifaceted. Today, organisations are not focused on a single segment but offer a range of products and services under different brand names. It enables businesses to sell off a segment .....

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How to Download Websigner Setup?

25 Oct 2021
79 Views

TRACES, a TDS Reconciliation Analysis and Correction Enabling System, is an online portal provided by the Income Tax Department. It was introduced to enable both Payers and Deductors of TDS to check all taxes paid and reconcile them online for a seamless ITR filing experience. As a deductor, you .....

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What is Section 112A of the IT Act About Long-Term Capital Gains?

22 Oct 2021
83 Views

What is Section 112A of the Income Tax Act?

As mentioned above, Section 112A of the income tax act is about tax on long-term capital gains from the sale of listed equity shares, units .....

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How to Update Income Tax Profile Details on the New Income Tax Portal?

19 Oct 2021
86 Views

What is the New Income Tax Portal?

The new income tax portal was launched on June 7, 2021, by the Central Board of Direct Taxes (CBDT). The income tax portal has now changed from 'www.incometaxindiaefiling.gov.....

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How To File Form 61A On Income Tax Portal? All you need to know

19 Oct 2021
77 Views

It is crucial for you to know how to file your taxes. Unfortunately, there is no specific training for this anywhere in our country. They do not teach anyone how to file taxes in school (unless you take up taxation as a course in your 11th grade), nor do they impart such basic knowledge in colleg.....

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How to Fill and File Form 10A in Income Tax Portal? Know details

19 Oct 2021
86 Views

What is Form 10A?

Did you know that the income of charitable institutions and trusts is exempt from tax? However, such institutions need to have a registration under section 12A to claim an exemption.

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Section 194Q of Income Tax Act: What is It and How it is Calculated?

19 Oct 2021
72 Views

What is Section 194Q?

Section 194Q was recently introduced by the Central Board of Direct Taxes and became effective from July 01, 2021. It applies mainly to buyers who are purchasing goods from sellers in India exceeding Rs. 50 Lakhs in a preceding financial year. The rate of.....

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Statement Number in Form 61A

18 Oct 2021
76 Views

Form number 61A is the statement of specified financial transactions under Section 285BA (1) of the Income Tax Act, 1961.

What is Form 61A?

As a taxpayer in India, you need to fill different tax forms mandatorily. Form 61A comes under 114E of the Income T.....

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How to Check Notice in the Income Tax Portal? A Step-by-step Guide

18 Oct 2021
72 Views

In the context of using the intricate Income Tax Portal, you must first consider what the new income tax portal is. In India, the original e-filing website was previously www.incometaxindiaefiling.gov.in. Since June 7, 2021, the.....

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All about the Section 194K of the Income Tax Act

18 Oct 2021
77 Views

Finance Minister Nirmala Sitharaman proposed section 194K during Budget 2020 under the Finance Bill. This new section allows a tax deduction on the amount paid for the mutual fund units without prescribing any specified limit.

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Section 206C of Income Tax Act: Applicability, Limits, Amendments & more

18 Oct 2021
67 Views

Purchasing goods and services is subject to an indirect tax. TDS, TCS, and GST, are indirect taxes. Tax collection at source, or TCS, is the process by which the seller of goods collects the tax from the buyer at the time of sale. We will explore one of its sections here: Section 206C.

&n.....

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What is Section 44AB of the Income Tax Act?

18 Oct 2021
79 Views

Section 44AB of the Income Tax account is related to the Income Tax audit of accounts of individuals whose income exceeds a crore. Thus, if your annual income exceeds one crore, you fall under the ambit of this Act. So you must get a certified chartered accountant to audit your acco.....

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How to Check the Refund Status on the Income Tax Portal online?

12 Oct 2021
79 Views

The Government of India launched the new version of the income tax portal on June 7, 2021. The main aim behind this endeavour was to improve the user experience of the taxpayers and give them easier accessibility and control over their e-filing process.

 

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How to Login to the Income Tax Portal? All you need to know

12 Oct 2021
62 Views

The original income tax e-filing portal stopped its active operations and gave way to Income Tax Portal 2.0 on June 7, 2021. Access to the income tax return portal is currently available via www.incometaxgov.in.

 

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How to Register DSC on the Income Tax Portal? A Step-by-step Guide

12 Oct 2021
83 Views

What is the New Income Tax Portal

CBDT, or the Central Board of Direct Taxes, had recently launched the new income tax portal. Since June 7, 2021, the previous income tax portal “incometaxindiaefiling.gov.in” has been replaced by the new portal “incometax.gov.in”.

.....

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How to e-Verify ITR on the New Income Tax Portal? Know Details

12 Oct 2021
86 Views

What is the New Income Tax portal?

With the financial year in full swing, it's time to file your income tax return, but did you know just filing your ITR doesn't count? You have to verify your return via the income tax portal within 120 days to deem.....

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How to Fill Form 10E on the Income Tax Portal? Learn all about Form 10E

11 Oct 2021
75 Views

What is Form 10E?

If you are eligible for tax relief for salary received in advance or arrears, you must fill form 10E. This relief is available under Sections 89(1) and 192(2A) of the Income Tax Act, 1961.

 

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Guide to Claim Income Tax Refund and Check Status Online

31 Dec 2020
80 Views

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.....

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What is the difference between Income Tax and Income Tax Return?

31 Dec 2020
85 Views

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.....

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What is a Tax Residency Certificate & How to get it?

31 Dec 2020
85 Views

What is a Tax Residency Certificate (TRC)?

A tax residency certificate is a document that enables Indian residents to enjoy tax relief under the Double Taxable Avoidance Agreement (also known as DTAA). DTAA is an agreement between two or more nations to avoid taxing an income .....

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What is TDS on Rent and How to Calculate it?

31 Dec 2020
85 Views

What is TDS on Rent & How to Calculate it?

You may have noticed an amount deducted as TDS at multiple instances like bank FDs, salary, sale of property, etc. But, what is it exactly?

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What is TDS on Salary and How to Calculate it?

31 Dec 2020
85 Views

TDS on Salary

TDS or Tax Deduction at Source is a type of income tax reduced by the payer. The person making the payment has to deduct the TDS amount and transfer it to the central government. This concept was introduced to collect tax directly from the source of income.<.....

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TDS on Transportation Charges (Freight): Learn All About Section 194C

31 Dec 2020
85 Views

TDS stands for Tax Deducted at Source which simply refers to the idea of deducting a chunk from payments such as salary, interest, contract payments, profession fee, etc. as taxable money before the payment is to be made to the receiving party. Hence, you see that TDS can be levied on all areas o.....

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Form 16 Password: What is Form 16 Password and How to Get it?

31 Dec 2020
85 Views

Form 16 Password

There are various forms available on the Income Tax portal. While downloading such forms and PDFs from the portal, a taxpayer can encounter several Income Tax Portal issues. Many times, such important PDFs of forms are password protected. One such important document is .....

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What is Dearness Allowance (DA)? Difference Between DA and HRA

31 Dec 2020
85 Views

If you are a newly formed charitable or religious trust that is not registered under any previous laws or a trust that is registered under the existing laws i.e. under Section 12A and 80G of the Income Tax Act of India, 1961, you can file Form 10A.

 

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Tax Identification Number (TIN)

14 Dec 2020
88 Views

What is Tax Identification Number in India?

The TIN (Tax Identification Number or Taxpayer Identification Number) is a unique registration number given to a business or dealer by the Commercial Tax Department of the state that receives the application. The unique registration.....

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Budget 2020 - Impact of the New Personal Tax Regime

14 Dec 2020
82 Views

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.....

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ITR Deadline Extended to 30th June 2020

28 Apr 2020
80 Views

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.....

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How to Calculate TDS on Salary?

02 Apr 2020
72 Views

What is TDS on Salary and How to Calculate it?

TDS (Tax Deduction at Source) is a type of income tax, which is deducted by the person making a payment. Tax is generally paid by the person earning the income, however, with the concept of TDS, the government ensures that tax is ded.....

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TDS Chart - Slabs and Deduction Rates

02 Apr 2020
84 Views

Tax Deducted at Source or TDS applies to resident Indians, non-resident Indians, domestic companies, and international companies that operate in India. The TDS percentage can vary between 1% and 30%, based on your income source. In some rare cases, it may even touch 50%.

 

So.....

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What is TDS Refund?

02 Apr 2020
80 Views

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 .....

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Everything You Need to Know About Gift Tax Exemption

25 Jan 2020
75 Views

Gift Tax

Gifts received can also be included in tax planning and at the same time, gives ways to individuals to evade tax liability. While tax planning is appreciated, tax-evading is prohibited and draws a penalty. To avoid such complications and make the most out of tax planning, you s.....

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How Tax on Interest Income is Levied?

23 Jan 2020
84 Views

Introduction

There are different types of income that are recognized under the Income Tax Act, 1961. If you are a salaried person, your primary income will be from salaries. On the other hand, if you are an entrepreneur or a self-employed person, your primary income would be your busine.....

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Five most important sections of Income Tax

23 Jan 2020
68 Views

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.....

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Is Critical Illness Insurance Taxable?

23 Jan 2020
62 Views

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.....

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How To Save Tax - 5 Tax Saving Options in india

20 Jan 2020
69 Views

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.....

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When is an assessee liable to pay Capital Gains tax

16 Jan 2020
68 Views

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.....

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All About Income Tax Returns and Who Should File it

14 Jan 2020
72 Views

Introduction

Now, your duty as a taxpayer doesn’t just end with paying your taxes on time. In fact, there are other requirements that you would have to comply with as well. One such requirement is the filing of Income Tax Returns (ITRs).

 

Failing to comply with income t.....

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Income Tax Basics for Beginners

14 Jan 2020
63 Views

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.....

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Suffering from Overpopulation or Gaining from Demographic Dividend in India?

23 Oct 2019
80 Views

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.....

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Jio Fiber - Another Revolution in The Making for BFSI Industry

23 Oct 2019
80 Views

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.....

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Business Loan for Solar Energy

23 Oct 2019
80 Views

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 .....

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Here are Five Reforms That The Indian Sector Could Use Right Now

23 Oct 2019
80 Views

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.....

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What Happens if You Miss the Deadline for ITR Filing

23 Oct 2019
80 Views

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.....

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Purpose and Significance of Form 16A

23 Oct 2019
80 Views

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.....

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How to File Income Tax Return Online - A Step by Step Guide

23 Oct 2019
80 Views

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.....

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How Can the Government Revive the Investment Cycle

23 Oct 2019
80 Views

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.....

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Filing your ITR and wondering where your taxes go? Here's a break-up

23 Oct 2019
80 Views

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.....

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Direct Tax Reforms and Health Insurance Benefits: 7 Points you Need to Know

23 Oct 2019
80 Views

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.....

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ITR Filing Mistakes

23 Oct 2019
80 Views

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.....

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5 Income sources you should not forget while filing your ITR

23 Oct 2019
80 Views

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......

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India's Labour Law Reform: Where Are We And Where Do We Go Next?

19 Sep 2019
80 Views

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.....

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What can the government's proposed stimulus package contain?

19 Sep 2019
80 Views

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.....

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Why Is In India's Auto Sector In A Slump?

19 Sep 2019
75 Views

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.....

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India's falling wealth creation: What next?

19 Sep 2019
80 Views

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.....

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Filing your income tax return? 5 things to know about Section 80C

19 Sep 2019
80 Views

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 .....

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A handy list of documents you should keep ready when filing your ITR

19 Sep 2019
80 Views

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.

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7 tax provisions that are relevant to you beyond just Section 80C

19 Sep 2019
80 Views

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 .....

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What are Differential Voting Rights and How do They Affect Startups

10 Sep 2019
80 Views

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.<.....

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How to File an Income Tax Return

17 Jan 2019
80 Views

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.....

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Last minute Tax Planning Hacks

17 Jan 2019
80 Views

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.....

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Best Income Tax Planning Tips For All Age Groups

17 Jan 2019
70 Views

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 .....

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Tax Saving Beyond 80D - What are The Options

17 Jan 2019
84 Views

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.

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What is Covered Under 'Income from Other Sources'?

17 Jan 2019
75 Views

Heads of Income

Income tax is the most direct form of tax applicable on Indian citizens. Salaried individuals pay it in accordance with the income they earn and the tax slab they fall under. However, apart from salary, many people also earn income from a variety of other sources......

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Income Tax Declaration

17 Jan 2019
80 Views

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

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What is TDS?

17 Jan 2019
80 Views

What is TDS?

The income tax is a direct tax levied on your income depending on which tax bracket you fall in. As per the Indian tax system, TDS or Tax Deducted at Source is an important taxation term and has a great significance on taxpayers. According to the concept of TDS, a.....

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ULIPs are EEE

14 Jan 2019
84 Views

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

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Tax Saving Options Other Than 80C

14 Jan 2019
80 Views

Introduction

The income that you earn will undoubtedly increase as the years go by. As you move from one promotion to the next, your inflow of earnings will rise. Correspondingly, so will the tax rate applicable to you as per the Income Tax Act, 1961. This effectively means a higher tax.....

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