(As Published in The Financial Express on June 8, 2016) The income-tax returns filing season is fast approaching with the initial deadline being July 31. You must be among those preparing to file your returns. But most tax assessees who are required to e-file their returns keep deferring till the last moment. However, even if you are procrastinating, you need to be prepared … [Read more...] about As Income-Tax Returns Filing Date Nears, 7 Documents To Be Kept Ready
Why You Shouldn’t Buy Insurance To Save Tax
(As Published in Economic Times on June 13, 2016) If you do a dipstick survey, nearly 100% of taxpayers would have bought life insurance. The irony is that nine out of 10 of these buyers would have bought insurance for the wrong reason: to save tax. Despite efforts by financial experts and the media to spread awareness about the importance of insurance as a protection tool, … [Read more...] about Why You Shouldn’t Buy Insurance To Save Tax
Here Are New TDS Norms On Provident Fund Withdrawal
(As Published in NDTV Profit on April 2, 2016) Finance Minister Arun Jaitley in the Budget announced measures to reduce the burden of TDS (tax deducted at source) for small tax payers. "To improve the cash flow position of small taxpayers who get their funds blocked due to current TDS provision, I propose to rationalize TDS provisions for Income Tax," Mr Jaitley had said in the … [Read more...] about Here Are New TDS Norms On Provident Fund Withdrawal
Grab The ‘Last Opportunity’ To Clear Pending Tax Returns
(As Published in NDTV Profit on May 23, 2016) There is some good news for tax payers whose returns for six assessment years between 2009-10 and 2014-15 are yet to be processed. If you filed your tax return online but didn't send a signed acknowledgement copy of the ITR-Verification (ITR-V) form to the Bengaluru-based collection center of the income tax department within 120 … [Read more...] about Grab The ‘Last Opportunity’ To Clear Pending Tax Returns
Tax Evasion Checklist: Not Paying Wealth Tax on Second House
Owning a vacant second home can attract wealth tax. The tax will be charged on the notional rental income of the property, keeping the market rent of the property's locality as basis. Certain concessions are applicable with this regard. Loan pending against the house will be subtracted from the market value of the property. Also, if the house is rented for at least 300 days, no … [Read more...] about Tax Evasion Checklist: Not Paying Wealth Tax on Second House
