NEW DELHI: For many taxpayers, return filing is a dreaded activity which they put off until the last minute even beyond the due date. But this year, such procrastination will mean paying a huge price. The penalty for late filing is Rs 5,000, making it imperative to meet the 31 July deadline. If the delay is beyond 31 December, the fine is higher at Rs 10,000. Therefore, it’s … [Read more...] about Take the stress out of filing your income tax return
Don’t ignore these incomes while filing your tax return
[row] [column lg="6" md="12" sm="12" xs="12" ] [thumbnail target="_self" src="https://blog.taxspanner.com/wp-content/uploads/2018/07/tax-thinkstockthinkstock-1.jpg"] [/column] [column lg="6" md="12" sm="12" xs="12" ] Nobody will raise an eyebrow if you give incorrect information to a tax adviser. Many readers who write in for tax advice to ET Wealth don’t mention interest … [Read more...] about Don’t ignore these incomes while filing your tax return
28% tax reduction using NPS and perks
Gaurav Das earns well, but nearly 14% of his salary goes in tax. Taxspanner estimates that Das can reduce his tax by almost 28% if his pay structure is revised to include more tax-free perks, he opts for the NPS benefit offered by his company and invests more in the scheme on his own. Das should start by asking his company to offer some common tax-free perks such as … [Read more...] about 28% tax reduction using NPS and perks
Aadhaar is mandatory for Filing ITR
You Need to Quote Your Aadhaar Number For Filing Income Tax Return The income tax filing season has started, and the question on many people’s mind is whether they still need to link the Aadhaar number with their PAN card. The confusion has been created due to multiple deadlines been given on the matter of linking of two numbers. Consider this: Initially, the … [Read more...] about Aadhaar is mandatory for Filing ITR
Reducing Tax through restructuring salary, by opting for NPS
Reducing Tax through restructuring salary, by opting for NPS Mahesh Pandit is not paying a very high tax, but he can reduce it further. Taxspanner estimates that Pandit’s tax can be reduced by more than 80% if his salary is rejigged to include more tax-free perks, he opts for the NPS benefit offered by his company and invests more in the scheme on his own. Pandit should ask … [Read more...] about Reducing Tax through restructuring salary, by opting for NPS
