CBDT has notified that the individuals with total income up to Rs. 5 lakh for fiscal 2010-11 are not required to file their income tax returns. While this is a positive move by the government, this exemption from filing ITR is NOT applicable to most of the taxpayers. Especially for those who fully comply with the tax laws and declare all their income, this exemption will bring … [Read more...] about ITR Filing Exemption: Checklist for Salaried Taxpayers
Tax Refunds
Digital Signatures Now Mandatory for Companies Filing Returns
It has now become compulsory for companies to use digital signatures for filing their returns. Till now, firms could file the returns even without the digital signature. Filing returns electronically has been made mandatory also for the individuals whose accounts, under the I-T Act, have to be audited. Under the income tax law, accounts have to be audited if the turnover or the … [Read more...] about Digital Signatures Now Mandatory for Companies Filing Returns
Tax To-Do list: All sources are good sources – report money from everywhere
It is a human tendency to hide what we have from others, to keep to ourselves and not share. However, it is very important for taxpayers to disclose the amount they receive from other sources than their primary source of income at the time of filing returns. The total tax payable by the taxpayers can be rightly calculated only if income from other sources in the form of rent, … [Read more...] about Tax To-Do list: All sources are good sources – report money from everywhere
Tax To-Do list: Non declaration of income earned from previous employer
Every professional today seeks better opportunities that would help him/her chart a great career graph. At times employees change jobs in the middle of the financial year. This leads to the discrepancy in tax calculations vis-a vis the net income of the employee. It is thus very critical to disclose your income earned from the past employers to the new ones. The new employer … [Read more...] about Tax To-Do list: Non declaration of income earned from previous employer
Getting The Best Home Loan
How much should I borrow for a house? People have often asked us this question regarding the best home loan. Generally, you should not borrow above 50% of your take home salary. Other monthly payments such as insurance premium must be deducted while calculating repayment capacity. While taking the decision regarding your best home loan, you also need to consider the tax … [Read more...] about Getting The Best Home Loan
