Let's say Mr. A sold goods to Ms. B on which he charged a tax. Ms. B now decides to sell the very same goods to a certain Mr. C. While computing her cost, Ms. B includes the tax paid during the previo...
"Money doesn't talk, it swears," said Bob Dylan. For some that is exactly what it did at the end of 2016. Stockpiles of demonetised currency notes had to be brought to the bank and deposited. The "sur...
Individual as well as HUF taxpayers can save up to ₹1.5 lakh every year on income tax. This deduction is available on investments and expenses under Section 80C. One of the investment options that you...
We miss flights, we forget to return important calls… and then some of us miss the tax filing deadline. The reasons may be many. You couldn't finish filing before the due date. Or you couldn’t figure out a large tax due. The good news is you can still e-file.
Almost all of us have bank accounts and a majority of us hold at least some balance in fixed deposits. Yet many taxpayers fail to report interest income in their tax return. Not all types of interest income are subject to TDS and that leads to further confusion about whether such income is taxable at all. Here we will dispel some myths around the taxability of interest income.
New data released by the Association of Mutual Funds of India (AMFI) has thrown up some interesting insights into how India invests in Equity Linked Savings Schemes (ELSS). These are essentially tax-saving mutual funds that invest primarily in equities, but have several other benefits too. However, ELSS funds have not traditionally been as popular as they should have been.
Many of us are not confident about whether we should file an income tax return. Is filing tax returns an open invitation to income tax officers for more scrutiny? What happens if I do not e-file? I have paid all my taxes, why should I file my tax return? How does it help? Here's what you need to know.
Taxpayers are always on the lookout for legitimate ways to save more tax. While section 80C continues to remain a favourite, there are ways to increase your tax saves further. Have you contributed to the National Pension System (NPS) in the last financial year? If your answer is yes, your NPS contribution can help you save tax in your income tax return filing this year
It's almost tax filing season, and even though there's still time it doesn't hurt to be prepared early. That, as they say, is half the work done. Here's the ultimate document checklist that'll get you started with your e-filing.
Most of us know that we should be planning our investments, but even then we only rush to do so in March--the last month of the financial year. We think about it through the year, but we procrastinate. And in the end, we make a decision in haste, ending up with something not-so-good. Here's what you can do instead.
Believe it or not, the government actually loves TDS. When tax is deducted at source it helps them bring more and more people under the tax net. So the Income Tax Department takes TDS deduction and defaults very seriously! That makes TDS a very important thing to be aware of.
It is time to say goodbye to financial year 2015-16! Did something keep you from planning your taxes this year? Don't worry. There are still a couple of weeks to make the most of tax saving for this year. Here's a list of seven essential to-dos.
Our Finance Minister has a tough job keeping government's tax revenue and borrowing in check, and an empathetic view is what he needs. But ask we must and here's what the Finance Minister could do with his Budget for this year to make it a taxpayer's delight.