5 Major Types of Taxes We Pay In India
Why does the Government want to take away our money? What are they using it for? Why do we have to pay tax on the all the income we earn? These are some of the most common questions, taxpayers ask. Well, India is a democratic country, so you have no choice but to pay tax. However, what you do have, is options to save the tax that you pay. The reason as to why we have to pay tax, is...
How Mr. Sharma’s home loan helped him Save Tax?
Mr. and Mrs. Sharma, both in their early 30s, after completing 5 years of their married life decides to have a house of their own. Both husband and wife are working at good positions in corporate and are regularly paying income tax on their incomes. After sheer hard work and a lot of savings, they will finally be able to make a house of their own. Both of them are really excited to live in...
Common Mistake While Filing Income Tax Return
As the ITR (Income Tax Return) filing date has again extended till 31st December 2020, the taxpayers are compiling their tax related documents and other relevant certificates and making their sacred rounds to the tax consultant’s office. But what if I tell you that you can file your own Income tax returns without making certain common repetitive mistakes. This would not only...
Save Tax through Sukanya Samriddhi Yojana
Paying taxes is a duty of every citizen of this country. A part of our hard earned income is returned to the Income Tax Department of India. However, we all desire to save up the most of the money we earn for personal needs or any future emergencies. There are many smart ways to do that. Some do it by investing in mutual funds and other schemes available in the...
ITR filing deadline for 2019-20 extended
On Saturday, CBDT (Central Board of Direct Taxes) extended the deadline for filing income tax return (ITR) for FY 2019-20 (AY 2020-21) from 30th November 2020 to 31st December 2020. This is the second time that the due date has been extended this year. Usually, the due date is 31st July which now has been extended till 31st Dec for the current assessment year. This announcement...
Know These Changes In ITR Forms Before Filing!
Income Tax Return (ITR) forms are used by every taxpayer to provide details regarding the revenue earned, sources of income and the amount of tax payable. There are seven kinds of forms issued by the Income Tax Department which you can choose from. The Central Board of Direct Taxes (CBDT) issues new ITR forms every year. The ITR forms for AY 2020-21 (FY 2019-20) have introduced new additional...
10 Income Tax Return Filing Tips To Remember
The Income Tax Department of India has announced the last dates to file Income Tax Return (ITR) for financial year 2019-2020. After several extensions, the date for individuals, Hindu Undivided Family, Body of Individuals and Association of Persons has been finalised on 30th November. Businesses requiring Audit & Transfer Pricing report need to carry out their tax return filing by...
Know How To Structure Your Salary To Save Tax
Your salary is made of many components like basic salary, allowances (taxable and exempt), perquisites, etc. While calculating taxable salary, some of these components are taxed as per the Income Tax Act, whereas some stand exempt under the law or partial for some of the cases, subject to conditions. We will give you some of those items or parts of the salary structure, which would help you...
Different 80C Options You Are Completely Unaware Off
Tax Awareness’ is keeping yourself up to date with current tax rules made. Tax is vast and it is very difficult too, to keep up with the changes in these rules every year. And it is because of this lack of awareness, people just pay the tax that gets deducted from their salary. They feel that tax is so complicated, that is better to just pay it off. Some people have had bad investment...