Tax Refunds

PAN is must to eFile Income Tax Return

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Permanent Account Number (PAN) is a ten digit alphanumeric number. It is issued in the form of a laminated card (called PAN Card), by the Income Tax department. PAN Card: Key Points to Remember You must have a PAN to file your income tax return. You don’t need to necessarily file a return just because you have a PAN. You need to file income tax return only if your gross … [Read more...] about PAN is must to eFile Income Tax Return

Tax To-Do list: Health is wealth – quite literally

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If you are looking for both protection for yourself and your family, Section 80D qualifies for tax deduction in mediclaim policies. In today’s world, stress and lifestyles are having an adverse impact on our personal and family health. Medical Policies and health plans help you and your family members by protecting them from sudden medical expenses. However, most people fail to … [Read more...] about Tax To-Do list: Health is wealth – quite literally

Tax Saving not limited to Exemptions, There’s More

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View quick summary Most taxpayers have the knowledge of the exemptions under the Income Tax Act which help in reducing their taxable income. They are aware that they can claim deduction upto Rs. 1 Lakh under section 80C through investment in NSC, PF, PPF, Life insurance policies, repayment of housing loan, tuition fees. However, what they miss on, are the small but important … [Read more...] about Tax Saving not limited to Exemptions, There’s More

Tax To-Do list: If it’s exempt, why hide it?

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Not reporting your exempt income i.e LTCG, PF amount, Dividend etc. is also a common practice among taxpayers. The income from such sources is considered as exempt under the Income Tax laws and no tax is levied on income from such sources. This is one reason that most taxpayers do not think it necessary to report income from these sources. It is important that taxpayers … [Read more...] about Tax To-Do list: If it’s exempt, why hide it?

IT Department Set To Act upon Tax Evaders

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The Finance Ministry has taken its campaign against the tax evaders to the next level. It has asked the Income Tax department to take strict prosecution decisions in cases of tax evasion where tangible assets have been stashed in foreign countries. Earlier, before the department could initiate any legal action, it had to seek permission from the higher authorities. Now, … [Read more...] about IT Department Set To Act upon Tax Evaders