Tax Refunds

If we have some facts listed out in front of us, it may help us avoid making such mistakes. Though we need to file income tax returns (ITR) every year, we may still make mistakes. In fact, there are some mistakes that are commonly made by most individuals. But if we have some facts listed out in front of us, it may help us avoid making such mistakes. Here is a list. Not … [Read more...] about 10 common tax filing mistakes

View quick summary There are various options available for retirement planning depending upon the risk profile and required fund flow of individual. Other factors which generally affect retirement planning are - years to retirement and tax liability on income earned as well as withdrawals. You can have a complete tax free life if the retirement planning is done with minimum … [Read more...] about Provident Fund for Retirement Planning

View quick summary The Government of India may amend the Income Tax Act, 1961, which currently permits re-assessment of income tax returns (ITRs) up to six years. The amendment will allow reopening tax returns of previous 16 years to investigate income which is undisclosed. This amendment would also assist in procuring information according to the revised double taxation … [Read more...] about Govt: ITRs Likely to be Reopened Up to 16 Years

The idiom “The sooner the better” is also true for tax return filing. However, we Indians being serious procrastinators, don’t actually believe one bit in it. We enjoy completing things at the last moment without realizing the consequences. Most of the tax return filers have all the information required for filing their income tax return in the months of May-June itself. But … [Read more...] about Why to eFile Your Return Before Due Date!

View quick summary When tax officials conducted a raid at a prominent Bollywood star’s home, it was found that her home was not a single flat but five flats broken down and turned into one. So what went wrong here? The star avoided payment of taxes on the income earned from owning a second house. Owning a Second House: Tax on Property If one owns a second house, the owner has … [Read more...] about Income Tax on Second House