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
Tax Refunds
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
As Income-Tax Returns Filing Date Nears, 7 Documents To Be Kept Ready
(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
