Gurgaon-based financial analyst Sudhir Madhok earns a high salary, but also pays a high tax. He has not availed of many tax deductions available to him. Taxspanner estimates Madhok’s tax can be reduced by over Rs 53,000 if he opts for the NPS benefit offered by his company, he invests more in the scheme on […]
NPS Helped Kumar in tax reduction by 34% using NPS
Krishan Kumar has to pay very little tax but there is scope to cut it down further. Taxspanner estimates that Kumar can reduce his tax by more than 30% if his company offers him NPS benefit and he invests more in the scheme on his own. He also needs to extend the holding period of […]
Taxpayers are in control to avoid delays in refund
Taxpayers are in control to avoid delays in refund Taxpayer’s around the world have a happy day when a refund cheque or credit arrives. Most of those claimed in India are getting a refund faster, i.e., 2-3 month time or maybe less. But those not received are most likely responsible themselves for the delay in […]
Alternative to posting ITR-V after E-filing
Electronic alternative to posting signed ITR-V acknowledgement after e-filing is now possible. After your e-return has been uploaded by taxspanner to Income Tax Department e-filing portal, you can then e-verify the uploaded return (as an alternative to posting paper ITR-V). The time period for electronic verification of return is 120 days from the date of […]
Submission of ITR-V within 120 days of Return Filing
A lot of taxpayers, especially those who have started e-filing in recent years, are not familiar with the complete e-filing process including ITR-V submission and e-verification. An income tax return (ITR) is not considered valid till a signed copy of ITR-V acknowledgement form has been submitted to Central Processing Center (CPC) – Bengaluru within 120 […]
How NRIs can win the Tax 20-20
A guide to save tax for NRIs and optimize their tax outgo. Ever since India embraced globalization in the early 1990s, a large number of Indians have moved to foreign countries for work. Moving abroad also changed their tax status. Any Indian who stays in the country for less than 182 days in a financial […]
Why PM Narendra Modi wants India to dump a 150-year-old financial habit
Among the many things Prime Minister Narendra Modi is likely to talk about in his fourth Independence Day speech this month is a proposal to change a 150-year-old practice that goes behind fixing India’s Budget and much of your financial planning. He may push for a January-to-December fiscal year instead of the current financial year […]
Precautions to take while filing Income Tax Return
Taxpayers can avoid most common filing mistakes by taking the below mentioned precautions while filing their Income Tax Return (ITR): New joiners/Inter Entity Transfer/Job Change/More than one Form 16 during the year 2016-17: It is mandatory to report income/TDS from both entities otherwise you might get tax due notice from ITD. Your employer would be […]
Reasons to e-File your Return Before Due Date
The idiom “The sooner the better” is also true for tax return filing. However, we Indians being serious procrastinators, don’t actually believe one bit in it. We enjoy completing things at the last moment without realizing the consequences. Most of the tax return filers have all the information required for filing their income tax return […]
Common Mistakes while filing Income Tax Return
Here are the most common mistakes taxpayers make while filing Income Tax Return (ITR): Not filing returns: Any individual earning above Rs.2.5 lakh per annum is required to file tax returns. Tax returns are required in case you are looking for a loan or applying a visa application. Not matching ITR data with income tax […]
