(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
Tax Evasion Checklist: Not Including Ornaments In Wealth Tax
Wealth Tax is payable if the market value of particular assets exceeds Rs 30 lakh. The tax to be paid is 1% of the combined value of the assets exceeding Rs 30 lakh. Assets that qualify for Wealth Tax are: Second house that's lying vacant for more than 66 days Gold and ornaments Art and artifacts Luxury cars, watches, yatches and aircrafts Over Rs 50,000 in cash By … [Read more...] about Tax Evasion Checklist: Not Including Ornaments In Wealth Tax
Tax Evasion Checklist: Receiving Gifts And Cash From Persons Other Than Blood Relatives
In a financial year, receiving gifts whose total worth amounts to more than Rs 50,000 from non-relatives is taxable. Gifts offered by the following relatives are tax exempt: Spouse Parents Siblings of self and spouse Siblings of either parent Lineal ascendants or descendants of self and spouse Gifts to spouses or minor children will attract clubbing … [Read more...] about Tax Evasion Checklist: Receiving Gifts And Cash From Persons Other Than Blood Relatives
Tax Evasion Checklist: Ending Life Insurance Policy Before Three Years
Very few people know that an insurance policy, if terminated before 3 years since purchase, makes the policyholder liable to pay tax on the tax benefits reaped from the policy under Section 80C. By not paying the tax on the policy tax benefits, it amounts to concealment of tax liability and could even invite a penalty. Here are the common reasons where you must cross-check … [Read more...] about Tax Evasion Checklist: Ending Life Insurance Policy Before Three Years
