Tax Refunds

Impact of New Direct Tax code

by

Ministry of Finance rationalizes the strategy behind the New Direct Tax Code as: “...Any complex tax legislation increases the cost of compliance as well as administration. Given that the cost of compliance is essentially regressive in nature, this undermines the equity of the tax system. Similarly, high cost of administration is wasteful....” “....Any further rationalization … [Read more...] about Impact of New Direct Tax code

Tax Saving not limited to Exemptions, there’s More in store for you

by

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. 1.5 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 changes that are … [Read more...] about Tax Saving not limited to Exemptions, there’s More in store for you

ITR-V submission date extended till 31st August, 2016

by

A lot of taxpayers, especially those who have started e-filing in recent years, are not familiar with the complete e-filing process including ITR-V submission and e-verification. An income tax return (ITR) is not considered valid till a signed copy of ITR-V acknowledgement form has been submitted to Central Processing Center (CPC) – Bengaluru within 120 days of e-filing the … [Read more...] about ITR-V submission date extended till 31st August, 2016

Home Loan is Super Tax Saver for all

by

One of the basic needs of every individual is that of having a shelter. But due to the constantly increasing property prices, not many people are able to realize the dream of owning their own house. To facilitate the realization of this dream, income tax has done its part by providing various tax benefits on availing a home loan. Your home loan can be an interesting tax saver. … [Read more...] about Home Loan is Super Tax Saver for all

Obtaining a Correct Form 16 Early is Beneficial

by

What is Form 16? Form 16 is a certificate issued by the employer to its employees in the beginning of the next financial year. This certificate contains details of your salary income (along with segregation under each head of salary i.e., HRA, perquisites etc.,) as defined in the monthly pay slip/pay structure and the TDS deducted from your income. A COMPLETE and CORRECT Form … [Read more...] about Obtaining a Correct Form 16 Early is Beneficial