(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
Tax Refunds
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
Are You Evading Tax? Here Are 10 Common Reasons
Income Tax laws have created many innocent criminals. Your neighbour next door may be a proud tax payer: he prepares his ITR well in advance, makes sure all his sources of income are clearly mentioned and submits it to the Income Tax department without delay. And in a few months you see him frustrated because he received intimation for not reporting his full income. Your … [Read more...] about Are You Evading Tax? Here Are 10 Common Reasons
Tax evasion checklist: Ignoring income from investment in the name of spouse, kids
Money that you receive from a spouse is free from taxes, but once this money is invested, the income earned from that investment adds to the giver’s income and taxed appropriately. As an example, consider that you purchased a house on your wife's name. Any income earned from that house, whether in the form of capital gains on selling, or from rent, will add on to your taxable … [Read more...] about Tax evasion checklist: Ignoring income from investment in the name of spouse, kids
Tax evasion checklist: Both spouses claiming tax benefit on same expenses
Be it school fees, medical insurance, etc., only the member making payment can avail the tax benefits offered. Both the spouses cannot claim the same tax benefit. If you have 2 children then each spouse that are actually making the payment can claim tax benefits for one child. Here are the common reasons where you must cross-check before handing over your income tax return (as … [Read more...] about Tax evasion checklist: Both spouses claiming tax benefit on same expenses
