Tax Refunds

What is Advance Tax

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View quick summary Taxpayers are required to pay tax during the year on the basis of their own computation of income. The advance tax is payable on total income of the year from all sources i.e. salary, business, profession etc. (including capital gain, interest, rental income or lottery/prize money). The advance tax is payable if it exceeds Rs.10,000 for the year. In the case … [Read more...] about What is Advance Tax

NGOs Receive Shocks From Tax Notices

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View quick summary Certain Non-Government Organisations (NGOs) have received notices from the Income Tax department. Several notices not only demand taxes to be paid but also press for revoking the NGOs’ registration under the I-T Act. Helpage India, which renders assistance in setting up and running old-age homes, has received a scrutiny notice. Development Alternatives, an … [Read more...] about NGOs Receive Shocks From Tax Notices

Computer Software Are Tax Deductible For Employers

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View quick summary As more businesses go computerized, the increase in software purchase is inevitable. Though an employer races against time to grasp how the purchased software can gear up productivity, the good news is that they can claim tax deduction on the cost of the computer software within the year when the software was purchased. This was the verdict passed by the High … [Read more...] about Computer Software Are Tax Deductible For Employers

Bulk PAN Validation

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Solution to verify PAN of the employees against the database of the India Income Tax Department. Discrepancies found while income tax pan card verification are reported to the employer via automated MIS. To enable eligible Entities to verify Permanent Account Numbers (PANs), Income Tax Department (ITD) in India has authorized National Securities Depository Limited (NSDL) to … [Read more...] about Bulk PAN Validation