Tax Refunds

Old Wisdom for the New Age Once upon a time, the city of Damascus got all its sugar from India. The price of sugar in India was one rupee a kilo. So, the merchants in Damascus used to add the expenses they had incurred, along with a profit margin, and sell one kilo of sugar at two rupees in Damascus. But one day, a merchant in Damascus began to sell sugar for one rupee per … [Read more...] about How Free ITR Filing is Making a Hole in your Pocket

Every year taxpayers not just in lakhs but in crores file their income tax return. Majority of them have done it more than once. For others, it is the first step towards their annual tax compliance journey. Whether you are a first time tax return filer or a seasoned one, there are some things that anybody can go wrong with. But if we have some facts listed out in front of us, … [Read more...] about Mistakes to Avoid while Filing Your Return

Twenty employees of a company sent a query regarding the employer who is neither depositing the TDS being deducted, nor issuing the Form 16 to the employer. Below are the exact question and the remedial measure against such erring employers: Reader: Your article on "Not Filed Last Year's Tax Return" in ET was very knowledgeable. Thanks for the same. But my/our (at least 20 in … [Read more...] about How to deal with employer who is not issuing Form 16

As most of us are aware, the present government has come to power on agenda of development and controlling black money. Hence, budget proposal is expected to focus on higher economic growth and eradicating corruption. Modi Government has identified and started working on key initiatives of “Make in India” and “Skill, scale and speed” for higher growth. Thus, tax proposals … [Read more...] about Expectations from Budget 2015

As Published in ET Wealth on Feb 11, 2015 Valentine’s Day is just around the corner. What will you gift your beloved? Perhaps a diamond ring? Or a box of chocolates? Your choice will depend on how well you planned your finances during the year. If you were lazy and did not pay attention to your tax planning, the tax deducted from your salary would leave you with very little to … [Read more...] about Save Tax to Buy a Gift for your Valentine