(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: Selling A House Bought On Loan Within Five Years
Buying a home on loan and selling it within 5 years since purchase will reverse the tax benefits gained on home loan principal repayment under Section 80C and make it taxable. Here are the common reasons where you must cross-check before handing over your income tax return (as published in ET Wealth on Feb 13, 2012): Ignoring income from investment in the name of spouse, … [Read more...] about Tax Evasion Checklist: Selling A House Bought On Loan Within Five Years
Tax Evasion Checklist: Not Including Interest Income In Your Tax Return
You have interest income if you have: Invested in FDs or bonds Purchased Infrastructure Bonds A recurring deposit account A savings bank account Invested in NSCs The interest earned must be reflected in your tax return as income from other sources. In some cases, TDS will be deducted before you're paid the interest amount. This, however, doesn't mean that the income … [Read more...] about Tax Evasion Checklist: Not Including Interest Income In Your Tax Return
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