Income Tax returns filing: Check out the 80 C tax benefits of up to Rs 1.5 lakh

As three months remain for tax-related investments, salaried individuals should look at various provisions under Section 80C of the Income Tax Act, 1961. Section 80C entitles an employee to certain deductions from the gross total income, up to a maximum limit of Rs 1.5 lakh. Investments for saving tax Investments in Public Provident Fund (PPF), [...]

By | January 1st, 2017|Revenue|Comments Off on Income Tax returns filing: Check out the 80 C tax benefits of up to Rs 1.5 lakh

Six things taxpayers expect from Budget 2017

Struck by the demonetisation shock, Indian economy expect some sweet surprises as it gears up to strike the 2017 calendar. Parting from the colonial-era tradition of presenting the Union Budget on the last working day of February, the government will present it on February 1. And with the new beginning comes new expectations, which are [...]

By | December 30th, 2016|Revenue|Comments Off on Six things taxpayers expect from Budget 2017

How do I Calculate Income Tax on Salary?

Example for Calculating Income Tax from Salary: Let's take the example of Mr. A who is a CA and his Gross Salary is Rs.80,450, which includes: Basic= 50000 + HRA=20000 + Travel allowance=1000 + Child's educational allowance=200 + Medical allowance=1250 + other allowance=8000 The deductions allowed will be Travel allowance=1000 + Child's educational allowance=200 + [...]

By | December 28th, 2016|Revenue|Comments Off on How do I Calculate Income Tax on Salary?

Demonetisation: Income Tax rates to fall? Arun Jaitley drops big hint

Finance minister Arun Jaitley on Tuesday indicated that the government may reward the common man by lowering both direct and indirect tax rates in Budget FY18 as demonetisation is set to expand the tax net. While the central bank is remonetising by constantly releasing new banknotes, which would be "significant" in the next three weeks, [...]

By | December 14th, 2016|Revenue|Comments Off on Demonetisation: Income Tax rates to fall? Arun Jaitley drops big hint

Income Tax Amendment Bill tabled in Lok Sabha; 30 pc tax on undisclosed income

Continuing with the crackdown on black money, the Narendra Modi government is looking to introduce a new tax structure for undisclosed income. The new tax scheme will be called Pradhan Mantri Garib Kalyan Yojana for income disclosure. Now, 25% of undisclosed income post demonetisation has to be deposited in the Pradhan Mantri Garib Kalyan Deposit [...]

By | November 28th, 2016|Revenue|Comments Off on Income Tax Amendment Bill tabled in Lok Sabha; 30 pc tax on undisclosed income

Max 7-yr jail for depositing unaccounted money in someone else’s account

The income tax department has warned that people found depositing their unaccounted old currency in someone else’s bank account will be booked under the Benami Property Transactions Act that carries a penalty, prosecution and rigorous jail term of a maximum seven years. In a related development, official sources said that the department has detected over [...]

By | November 21st, 2016|Revenue|Comments Off on Max 7-yr jail for depositing unaccounted money in someone else’s account