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
Tax Refunds
NGOs Receive Shocks From Tax Notices
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
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
ITD Drive against Tax Evasion: How to Avoid Penalty
View quick summary It is recommended that you file your tax return or revise it, stating all sources of income for the Financial Year 2009-10 and 2010-11 at the earliest. “Income Tax Department is watching you!” It’s the warning tag-line of the drive spearheaded by the I-T Department to verify high value transactions that took place during the financial years 2009-10 and … [Read more...] about ITD Drive against Tax Evasion: How to Avoid Penalty
Retirement Planning through Reverse Mortgage
View quick summary Reverse mortgage your home for next 15 years after retirement and get tax free monthly cash flow from banks/Housing Finance Companies to cover regular expenses. This is the opposite of taking a home loan at the time of purchase or construction of home. You can live in the house for life. You need not repay the loan amount. The legal heir may get the house … [Read more...] about Retirement Planning through Reverse Mortgage