Sudhir Kaushik

How Tax Optimization Works

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As mentioned in our mailer that you have paid higher taxes in the past and unless you bring a change in financial choices, you will continue to pay higher taxes in the current F.Y. and the years to come ahead. And to bring these changes within income tax laws, you need to follow tax expert's advice who has complete and accurate knowledge. There are almost 30 options available … [Read more...] about How Tax Optimization Works

Income Tax on Gift Received

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View quick summary While you can receive gifts of any amount from your relatives without paying income tax on it, gift(s) valued above Rs. 50,000 received from a non relative is taxable in the hands of the recipient. If you receive more than Rs. 50,000 during a financial year without any consideration, the entire sum of which the gifts are worth, is taxable. The limit of Rs. … [Read more...] about Income Tax on Gift Received

Key Changes in ITR1 and ITR2 forms for A.Y. 2012-13

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With efiling facility becoming a success, the government of India has introduced some positive changes this year. A major change is that online filing of ITR has been made mandatory for people with more than Rs. 10 lakh of total income and/or those who hold a bank account or any asset abroad. For the Assessment Year (A.Y.) 2012-13, the income tax return (ITR) forms for salaried … [Read more...] about Key Changes in ITR1 and ITR2 forms for A.Y. 2012-13

Earning More than 10 Lakhs? E-filing is compulsory

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Out of the 4 crore income tax returns (ITRs) filed during the financial year 2011-12, 1.64 crore were filed online. Majority of these were voluntary e-filers. This acceptance of the facility has made the government confident to make it mandatory for people with more than Rs. 10 lakh of total income (includes income from salary, professional, rental, capital gain on … [Read more...] about Earning More than 10 Lakhs? E-filing is compulsory