(As Published in Times of India on April 27, 2015) Imprisonment and fines await those who wrongly file the two forms to avoid tax on interest income. Getting a tax refund can be cumbersome as delays by the Income Tax Department are common. It makes sense to plan your taxes at the beginning of the year, to avoid overpayment and the refund process. Submitting investment … [Read more...] about Don’t Misuse Forms 15G, 15H to Avoid TDS
CTC – CHANGE with TAX CHANGES: GTC
Benefit of including Group Term Cover (GTC) in CTC. Both the employer as well as the employee can save money by rejigging the salary and including the GTC i.e. Group Term Cover. Every employer wants to retain good employees to save money, time and effort but also to keep costs under control. Similarly, every employee wants a higher take-home pay and lower tax outgo. Evidently, … [Read more...] about CTC – CHANGE with TAX CHANGES: GTC
Things to Know While FilingIncome Tax Return This Year
July 31st is fast approaching. It’s that time of the year when you are required to file your income tax return. For those of you who have still not filed your return, this leaves you with less than 1 month to put in all your paperwork and file return before the government comes knocking on the door. If you are like most who like to avoid the hassle of reading complicated laws … [Read more...] about Things to Know While FilingIncome Tax Return This Year
Using It Dept’S New Tax Calculator? Why You Need To Exercise Caution
(As Published in The Financial Express on April 14, 2016) The income tax department recently launched its calculator to enable taxpayers to gauge their annual tax liability. The calculator has been calibrated to include IT-related amendments made in Budget 2016. Once you feed in your basic details and information, the calculator computes your tax liability. But how good is the … [Read more...] about Using It Dept’S New Tax Calculator? Why You Need To Exercise Caution
After Checks on LTA, HRA Claims For Salaried Class, I-T Dept May Tighten Noose On Non-salaried
(As Published in The Financial Express on May 6, 2016) While the income tax department has made attempts to eliminate fudging of leave travel and rent receipts claims for availing deductions, the taxman’s next target could be to plug similar leakages from non-salaried taxpayers. Non-salaried taxpayers are those showing business income instead income from salaries. The recently … [Read more...] about After Checks on LTA, HRA Claims For Salaried Class, I-T Dept May Tighten Noose On Non-salaried
