Tax Spanner in News

Budget ideas for the Finance Minister

As North Block begun work on the Finance Bill 2017, ET Wealth reached out to experts from the financial services industry to know what they want to see in the coming Budget. These ideas range from tax exemption for annuity income and higher deduction for home loans to removal of service tax on health insurance and more incentives for cashless payments. They all impact your savings, investments and incomes. We are sure some of these suggestions will find their way into the draft bill.

Posted On: Dec 19, 2016


Times of India

Employers can help save tax: By providing expert guidance and a tax-friendly salary structure

Over the next few weeks, companies will start col lecting investment proof from employees to calculate the TDS on salaries.Most companies treat this annual ritual as a compliance cost. However, a company can use this exercise to help employees and boost loyalty.

Posted On: Dec 12, 2016


Tax Optimizer – Home Loan, NPS Cut Tax by Rs. 82K

Though he earns well, Surender Kumar pays a very high tax. This can change if he rents out his new house and claims tax benefits on the home loan even as he continues to live in a rented house. Taxspanner has advised him to invest more in NPS.

Posted On: Dec 5, 2016


Tax Optimizer – NPS contribution helps cut tax

Nearly everybody thinks that he pays too much tax. But in most cases the taxpayer does not make the best use of the tax benefits avaliable to them. Sudhir Kaushik of Taxspanner tells readers how they can restructure incomes, investments and expenses to optimise their tax.

Posted On: Apr 4, 2016


Tax Optimizer

Nearly everybody thinks that he pays too much tax. But in most cases the taxpayer does not make the best use of the tax benefits. Starting this week, Sudhir Kaushik of Taxspanner will tell readers how they can restructure incomes, investments and expenses to optimise tax.

Posted On: Feb 29, 2016


Don’t misuse Forms 15G, 15H to avoid TDS

Getting a tax refund can be cumbersome as delays by the Income Tax Department are common. It makes sense to plan your taxes at the beginning of the year, to avoid overpayment and the refund process.

Posted On: Apr 27, 2015


TaxSpanner launches professional course for income tax

TaxSpanner, a website for e-filing of income tax returns, has launched India’s first professional income tax course.The curriculum is a full-time 2-month course equivalent to 20 hours per week of coaching.

Posted On: Jun 21, 2012


TAX STRATEGY: How to cut tax by investing in spouse’s name

Financial planners contend that couples should ideally combine their finances. The meshing together of the investments of the husband and wife not only strengthens the household’s financial fibre but gives them a comprehensive view of the real situation.

Posted On: Dec 27, 2010

Economic Times

Budget 2017 may hike capital gains tax on stocks: Here are the possible changes

Panic gripped the stock markets last week following Prime Minister Narendra Modi’s assertion that gains from the capital markets are getting away with low tax. Finance Minister Arun Jaitley hurriedly clarified that Modi’s statement should not be construed as an intent to impose long-term capital gains tax on equities. Even so, there is intense speculation that the coming Budget could change the tax rules for stock investments.

Posted On: Jan 2, 2016


Experts’ suggestions on how Budget 2017 can cut your direct tax burden

As North Block has begun work on the Finance Bill 2017, ET Wealth reached out to experts from the financial services industry to know what they want to see in the coming Budget. Here are suggestions from some experts for Finance Minister Arun Jaitley and his team on how the coming budget can help reduce the direct tax burden on the common man and also make tax compliance easier.

Posted On: Dec 19, 2016


Be tax-wise when investing in stocks to maximise gains

Nearly every investor knows that short-term capital gains from stocks get taxed at 15% and long-term capital gains are tax-free. But not many investors are aware of the other tax benefits and regulations. For instance, short-term losses from stocks can be adjusted against taxable capital gains.

Posted On: Dec 12, 2016


Here’s how your employer can help you save tax

Over the next few weeks, companies across India will start collecting investment proof from employees to calculate the TDS on their salaries. This statutory obligation has become an annual ritual over time, and most companies treat it as a compliance cost. However, a company with a progressive outlook can easily turn this exercise into a practice to help their employees and boost employee loyalty.

Posted On: Dec 5, 2016


Tax professionals welcome move to ban Rs 500-1,000 bank notes

Tax professionals have welcomed the move by the Modi government to ban the Rs 500 and Rs 1000 notes with immediate effect.

Posted On: Nov 8, 2016


How Delhi-based Kumar can save Rs 82,000 tax by using home loan tax break, investing in NPS

Surender Kumar pays almost 10% of his income in tax. Although he has a taxfriendly pay structure, Taxspanner estimates that the Delhi-based manager can cut his tax by nearly Rs 82,000 if he utilises the tax benefit offered on his home loan and puts more into the NPS.

Posted On: Nov 7, 2016


The real cost of filing tax returns for free

If we have the choice of paying for a service or getting it for free, most of us will choose the second option. After all, why shell out money for something that can be done at no cost? This is why a majority of taxpayers opt for filing their tax returns for free. However, taxpayers who opt for the free option may be paying a heavy price. Our data shows that 68% of such taxpayers pay more tax than their peers. They could save thousands of rupees if they took help from a tax expert and optimised their tax planning.

Posted On: July 11, 2016


Salaried Patil can cut tax outgo by investing more in NPS, buying medical insurance

At 6.8% of his total annual income, Pune-based Harshad Patil’s tax outgo is not very high. Still, he can reduce it to less than 5%. Taxspanner estimates that Patil can reduce his tax by almost Rs 30,000 if he invests more in the NPS and buys medical insurance.

Posted On: July 11, 2016


Investing in NPS, buying health insurance can help Sudarshan cut tax outgo

Chennai-based S. Sudarshan’s tax outgo is very low at 4% of his annual income. Although his company does not allow tweaking of the pay structure, Taxspanner estimates that he can lower his tax by almost 45% by minor changes and additional investments.

Posted On: Jun 13, 2016


Why you shouldn’t buy insurance to save tax

If you do a dipstick survey, nearly 100% of taxpayers would have bought life insurance. The irony is that nine out of 10 of these buyers would have bought insurance for the wrong reason: to save tax.

Posted On: Jun 13, 2016


Investing more in NPS, tax-free reimbursements can help Minocha cut tax outgo

Although Delhi-based Pankaj Minocha, 39, earns a good sum, his tax is barely 2.5% of his annual income. This is because his home loan brings down the tax by almost Rs 90,000.

Posted On: Jun 6, 2016


How to cut tax outgo by revamping pay package, hiking tax saving investments

Gokul V.K. is a software engineer based in Chennai. He has not started his tax planning so the current outgo is quite high at Rs 37,158. However, Taxspanner estimates that he can bring down his tax by over Rs 27,000 by tweaking his pay package and investing more in tax saving instruments.

Posted On: Apr 11, 2016


Save more, restructure your income to cut tax

Patrick Francis earns a good salary, but more than 8% of his gross income goes in tax. If he rejigs his salary structure and avails of the deductions he is eligible for, his effective tax can come down to about 5.5%.

Posted On: Oct 5, 2015


How to restructure income, investments & expenses to optimise tax outgo

Like many salaried professionals, Abhay Sehgal also has income from property and investments. His salary structure is fairly tax friendly because only 8% of his total income goes in tax.

Posted On: Aug 10, 2015


Changes in new ITR forms: Here’s what taxpayers & experts want

The reaction to the Income Tax Department notifying the new ITR forms for the current assessment year has been outrage. The forms requiring an assessee to furnish extensive financial details have been panned by one and all.

Posted On: Apr 27, 2015


TDS on recurring deposits from June 1 force investors to close down deposits prematurely

NEW DELHI: Days after the Budget announced that tax deducted at source (TDS) will also apply to recurring deposits, banks are witnessing a rush of investors closing down their deposits prematurely.

Posted On: Mar 6, 2015


Deductions in Budget 2015 will make senior citizens happy

MUMBAI: Salaried taxpayers must be delighted by the increase in tax saving investment limit announced in the budget. But the Rs 50,000 to be invested in the National Pension System under Section 80CCD will not be meaningful for those above 60.

Posted On: Mar 2, 2015


Decoding Budget 2015: Find out how new taxes and deductions will impact your finances

Finance Minister Arun Jaitley’s second Budget proved to be a mixed bag for taxpayers. The announcements about a few deductions and new schemes were matched by the rise in some other taxes.

Posted On: Mar 2, 2015


Budget 2015: Small and mid-income earners gain as FM Jaitley makes super rich taxpayers shell out more

Finance Minister Arun Jaitley’s second budget is a mixed bag for taxpayers. While small and mid-income earners stand to gain due to an additional deduction under Sec 80CCD, super rich taxpayers will have to shell out more tax.

Posted On: Mar 1, 2015


Budget 2015: Health insurance tax exemption hiked to Rs 25,000

BENGALURU: The budget has hiked deduction for health insurance premium by Rs 10,000, which will benefit policyholders who are paying a high premium for medical insurance.

Posted On: Mar 1, 2015


Can your tax savings buy a Valentine gift?

Valentine’s Day is just two days away. 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.

Posted On: Feb 11, 2015


How to cut tax by investing in spouse’s name

Financial planners contend that couples should ideally combine their finances. The meshing together of the investments of the husband and wife not only strengthens the household’s financial fibre but gives them a comprehensive view of the real situation.

Posted On: Dec 27, 2010

First Post

Budget 2016: Read 11 ways in which Arun Jaitley can help common man save more

Indians are paying too much in tax. This is not because our tax rate is high. When compared to other countries, the tax rate in India is quite reasonable. Individual taxpayers should follow the positive attitude of Prime Minister Narendra Modi. He said, “the glass is full, being half-filled with water and the rest with oxygen”.

Posted On: Feb 29, 2016


Explainer: How new income tax returns forms will simplify your tax life

The government on Tuesday notified the new income tax returns forms. As per the new norms, an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income can file a shorter version of ITR2, i.e. ITR 2A.

Posted On: Jun 25, 2015


Tax notice to 21.75 lakh non-filers: Here’s why you should verify the return status

It’s like killing two birds with one shot. The tax base and revenue both increased after identifying and chasing those who failed to file income tax returns. The majority of tax defaulters are not afraid of being caught in general and small portion of them are ignorant.

Posted On: Feb 25, 2014


Tax Guru: Tax Saving & Tax Planning

Watch CA Sudhir Kaushik (CFO, TaxSpanner) giving Tax Saving & Planning tips as ‘Tax Guru’ on CNBC Awaaz.

Posted On: Aug 24, 2016


Return Ki Pathsala

Sudhir Kaushik (CFO TaxSpanner) on CNBC Awaaz

Posted On: Jun 6, 2016


Tax Guru : Budget Wishlist

In Tax Guru this week, Tax expert Subhash Lakhotia puts down a wish list for Budget. From salaried employee to corporate and small businessman expect a budget which can streamline their tax burden.’s Director Sudhir Kaushik will resolve the tax related problem of taxpayers. Understand what you can do in the case of excess deduction of TDS and how and why you should invest in New Pen

Posted On: Jan 29, 2016


All about income tax notices

Sudhir Kaushik (CFO TaxSpanner) on CNBC Awaaz

Posted On: Mar 12, 2013

NDTV Profit

How To Pay Zero Tax On Income Of Up To Rs 10 Lakh

With an increase in income, our income tax liabilities also go up. Experts say there are provisions that can help a person cut down his/her tax outgo substantially.

Posted On: July 25, 2016


How Income Tax Department Is Tracking Your Transactions

To check tax evasion, the Income Tax Department has stepped up its vigilance against undeclared income. Now, you have to report PAN on all your high-value transactions. Property registrars and financial institutions with which you deal with like your bank, insurer, mutual fund company and credit card company feed the tax department with information regarding your big transactions.

Posted On: July 20, 2016


Worried Over Your Income Tax Refund? Here Is A 10-Point Guide

Your employer has deducted excess tax. You have failed to declare your investments on time. Don’t worry you can claim the excess tax back from the income tax department.

Posted On: Jun 11, 2016


Grab The ‘Last Opportunity’ To Clear Pending Tax Returns

There is some good news for tax payers whose returns for six assessment years between 2009-10 and 2014-15 are yet to be processed.

Posted On: May 23, 2016


Ten Things to Know While Filing Income Tax Return This Year

Typically, the deadline for filing income tax return of the previous financial year is July 31. Though you have time in hand, it is always better to start preparing early to avoid the last minute scramble.

Posted On: May 8, 2016


Here Are New TDS Norms On Provident Fund Withdrawal

Finance Minister Arun Jaitley in the Budget announced measures to reduce the burden of TDS (tax deducted at source) for small tax payers.

Posted On: Apr 2, 2016


Last Date Of Filing Late Income Tax Return Revised. Here’s What To Know

Typically, the deadline for filing income tax return of the previous financial year is July 31. In case a person missed the July 31 deadline, he was allowed to file a late income tax return within two financial years from the end of the relevant tax year.

Posted On: Mar 13, 2016


Wrong Tax Deduction on Home Loan Can Result in Tax Penalties

The purchase of a house, by taking out a home loan, is considered good by personal finance experts, who generally scoff at long-term liabilities.

Posted On: Feb 13, 2016

Financial Express

Missed August 5 tax returns filing deadline? Here are implications and what you should do now

So what happens if you have missed the deadline? Well, to start with the passing of the deadline does not mean much for your actual tax return filing exercise.

Posted On: August 8, 2016


Donating for a social cause? Here is an alternative to Section 80G of I-T Act for superior tax breaks

Donations made to institutions that have got permission to solicit such funds under Section 35AC can get you deduction of 100 per cent of your donations, whereas most charitable donations (barring a few specified funds) under Section 80G can get you a maximum deduction of 50 per cent.

Posted On: July 20, 2016


As income-tax returns filing date nears, 7 documents to be kept ready

The income-tax returns filing season is fast approaching with the initial deadline being July 31. You must be among those preparing to file your returns. But most tax assessees who are required to e-file their returns keep deferring till the last moment.However, even if you are procrastinating, you need to be prepared with all the details that you need to provide in your tax returns.

Posted On: June 8, 2016


After checks on LTA, HRA claims for salaried class, I-T dept may tighten noose on non-salaried

The salaried class consists of nearly 50 per cent of total 4.33 crores e-filers in India, leaving the remaining half of e-filing taxpayers out of similar tax evasion checks.While the income tax department has made attempts to eliminate fudging of leave travel and rent receipts claims for availing deductions, the taxman’s next target could be to plug similar leakages from non-salaried taxpayers.

Posted On: May 6, 2016


Using IT dept’s new tax calculator? Why you need to exercise caution

The income tax department recently launched its calculator to enable taxpayers to gauge their annual tax liability. The income tax department recently launched its calculator to enable taxpayers to gauge their annual tax liability.

Posted On: Apr 14, 2016

Live Mint

E-filing gathering wider acceptanc

The income-tax returns (ITR) e-filing project is an eminent e-governance and e-delivery measure taken by the income-tax department (ITD) for improving services. Notified in 2006-2007, it enables e-filing of returns, audit reports and other forms of income-tax by the taxpayers directly and through e-return intermediaries.

Posted On: Jul 18, 2013


Things to keep in mind before filing tax returns

Like every year, you must be preparing to file your income tax returns. Here is something that you should be careful about: ensure every detail is filled in correctly as it needs to be matched with the income tax department’s (ITD) database.

Posted On: Jul 9, 2013


10 common tax filing mistakes

Though we need to file income tax returns (ITR) every year, we may still make mistakes. In fact, there are some mistakes that are commonly made by most individuals. But if we have some facts listed out in front of us, it may help us avoid making such mistakes.

Posted On: Jun 8, 2013


Need for revision in some tax laws

Change is the only constant, they say. While certain things, such as the prices of fuel and food, change often, there are others, like your salary, that change, say, once a year.

Posted On: Jul 5, 2011


All’s not fair when it comes to tax laws

Generally, a taxpayer does not bother whether the law is fair or not, because it is too complex to understand. However, many tax laws, when seen in relation to other tax laws, appear to be unfair.

Posted On: Jun 4, 2011

Business Standard

Just two weeks to go for sending tax returns verification

November 30 is the deadline for sending the income-tax returns verification (ITR-V) for 2013-14, as it will be four months or 120 days since July 31, the deadline to file IT returns.

Posted On: Nov 17, 2014


Ready to e-file your tax returns?

With July 31 being the last day for filing income-tax returns, tax assesses need to start getting their returns ready electronically. In the last few years, things have become quite easy due to the e-filing process.

Posted On: Jul 1, 2014


Think before you buy: The taxman is watching

The next time you shop online, pay by card at a merchant outlet, or buy or sell a house, check that you have filed your return and have nothing due with the taxman.

Posted On: Mar 2, 2014


Safeguard your crucial details

We provide our Permanent Account Number (PAN) at so many places — to chartered accountants, to human resource and finance department executives at our workplaces, to mutual fund and insurance agents or bank representatives for Know-Your-Customer (KYC) requirements and also when entering the airport. Be careful next time you produce a copy of your PAN card, anywhere.

Posted On: Jun 26, 2013


Income Tax Department may do away with ITR-V

If you file returns online, you may not have to mail the Income Tax Returns Verification (ITR-V) form next year. The Income Tax (I-T) department is working on a proposal where individual taxpayers, who do not have a digital signature, need not have to sign the ITR-V to complete the process of e-filing returns.

Posted On: Aug 5, 2012


Tracking the TDS

Income tax payers who come under the Rs 5 lakh income category and haven’t had to file returns for financial year 2011-12 would be wondering how to keep track of taxes (tax deducted at source) paid by their employers.

Posted On: Sep 15, 2011


Here’s how you can make smart investments for last-minute tax-saving

Has the finance department at office been incessantly reminding you to submit tax-saving investment proofs while you have none? We are here to soothe your nerves and help you make the most of the last quarter of the financial year.

Posted On: Jan 29, 2016

Business Today

Investment proof documents: Are ELSS tax savers best options to go with?

The unique selling proposition of ELSS is they have delivered up to 20 per cent returns, combined with the merit of their tax-saving abilities for the investors.

Posted On: Jan 13, 2017


Too late to declare unaccounted money. You may be left with just Rs 7 for every Rs 100 declared

The tax department will match the amount deposited with the income shown in the return filed over the previous years. If there is a mismatch, suitable action will follow.

Posted On: Nov 10, 2016


Received expensive gift this Diwali? You should know these tax rules

Gifts can be in the form of cash, movable property (car , jewellery, art work, etc.) or immovable property (land /building). But the rule doesn’t apply in all cases; there are a few exceptions.

Posted On: Oct 26, 2016


Do you how to calculate tax on your interest income

Interest earned above a certain limit attracts tax deduction on interest income, but many individuals are not sure how tax is treated or how their interest income is getting charged under tax. Fixed deposits, savings account, post office schemes, recurring deposits earn income interest, which should be reported in one’s income tax return. Tax can be very hard to deal with but it is also unavoidable.

Posted On: Jul 6, 2016

Money Control

Is longer holding of stocks for tax relief good for investors?

Tax experts believe investors can gain if holding period for long term capital gains (LTCG) exemption is increased to three years from the present one year since it would provide an impetus for building a stable equity portfolio and give a longer window for adjusting stock losses if any, besides reducing holding costs.

Posted On: Jan 17, 2017


Invest in tax-saving instruments to meet financial goals

Taxpayers’ habit of last minute rush to save tax is often cashed in by the financial instrument providers and advisors to meet their sales target instead of identifying and matching the investor financial needs.

Posted On: Jan 11, 2017


Which investment is best suited for you to save tax?

The type of tax-saving instrument one chooses should depend a lot on the risk profile, age and fund availability as well as income bracket of an individual.

Posted On: Dec 30, 2016