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 Refunds
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
Tax Reforms Fail to Catch Up with Growth: Expert
During his visit to Delhi, Jeffrey Owens, director of the OECD (Organization for Economic Cooperation and Development) Centre for Tax Policy and Administration, said, "In India, tax reforms have lagged behind growth... Indian economy has transformed in the last two decades... But tax regulations have largely remained the same...” The economic growth in India has clearly … [Read more...] about Tax Reforms Fail to Catch Up with Growth: Expert
Tax To-Do list: Self assessment – a must do
Just like in real life, we observe and self assess ourselves to be the people we want to be, based on our previous actions and behavior, self assessment of tax is the same. Self assessment tax is the amount that taxpayers still owe to the government after paying TDS and advance tax. The Income Tax Department has been very strict about the submission of self assessment tax. … [Read more...] about Tax To-Do list: Self assessment – a must do