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Tag Archives: Income Tax

How to simplify Indian Income Tax Act? Part I

How to simplify Indian Income Tax Act

I have just finished one round of tax filing work for the financial year 2014-15. While going through the tax questions from the clients, I realized the complications and confusions created by the age old Income Tax Act. Incidentally, in today’s Economic Times, the new revenue secretary Mr. Hasmukh Adhia ...

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7 Tax changes applicable from 1st April 2015

changes under Income tax, Service Tax, and Karnataka State Tax Laws with effect from 1st April 2015

  The following are the important changes under Central and State Tax Laws with effect from 1st April 2015   Conveyance Allowance – Transport allowance (popularly known as conveyance allowance) granted to an employee to meet his expenditure for the purpose of commuting between the place of his residence and ...

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How does the Government spend tax money?

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  The Union government gets Rs.17,83,172 Crore to spend! Looks like a lot of money, isn’t it? Even with so much money, why don’t we get electricity 24/7, good roads and public utilities? A natural question that any citizen of this country will have. Agree?   Income Tax and Corporate ...

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If I quit my job now how much gratuity can I get?

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Everyone would have heard about Gratuity. It is a lump sum payment made by the employer to an employee in appreciation of the past services rendered by the employee. Payment of gratuity is governed by the Payment of Gratuity Act, 1972. This Act provides for a scheme for the payment of  ...

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