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 Refunds
Tax To-Do list: If it’s exempt, why hide it?
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
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
Tax To-Do list: Deadlines matter – honor the due date to file your return
We all suffer from the habit of waiting till the very last hour to do any work. Waiting for the last due date to pay our bills, waiting for the last moment to reserve our tickets and so on. The application of this habit while filing your tax return can be quite harmful. The most important drawback of filing the ITR post its due date is that your refund gets delayed. Also, any … [Read more...] about Tax To-Do list: Deadlines matter – honor the due date to file your return
India Tax Ratio Report 2013
In succession to the second edition of ‘India Tax Ratio Report’, TaxSpanner is pleased to release the 2013 edition of the ‘India Tax Ratio Report’. The aim of this report is to identify tax-paying and returns-filing patterns of the salaried individuals in India. The new section included in this year’s report is tax trends of senior citizens. Another interesting addition is the … [Read more...] about India Tax Ratio Report 2013