Income Tax

  “I don’t think so. No one will gift through Crossed Account Payee cheque or RTGS or NEFT transfers. Whatever gift is received (which comes mostly in cash) during the wedding is spent towards wedding expenses or to buy some valuables for the new home” If you ask anyone about …

The due date for 2nd installment (for corporates) and the 1st installment (for non-corporates) for payment of Advance Income Tax for Financial Year 2014-15 is 15th September 2014

Tax Deducted at Source (TDS) done during the month of August 2014 has to be remitted to the Government on or before 7th September 2014. Delay in payment attracts penal interest.

However extension pronounced by court will not help in any way without extension of notification from CBDT.

  In our earlier article Selection of Income Tax returns for scrutiny during the Financial Year 2014-15, we had mentioned basis of selection of income tax scrutiny. In the article we have mentioned that one of the methods of selection of scrutiny is Computer Aided Scrutiny Selection (CASS). In our …

  Wealthy individuals have to pay tax on their net wealth, apart from Income Tax. This tax is less known in the society. In fact, this tax is ‘less harming’ compared to Income Tax. This could be one of the reasons why people have not taken this seriously. I have …

  At the end of every financial year, many tax payers rush towards making investments to minimize taxes, without adequate knowledge of the various available options. The Income tax Act offers many deduction under section 80C to reduce tax liability substantially for the salaried individuals Viz. LIP, PPF, Housing Loan, …

  Basics – The taxpayer has to discharge income tax liability on the estimated income earned/to be earned during the current year (for example, the year starting 1st April 2014 and ending on 31st March 2015, taxes to be paid during the year as Advance tax). Many income such as …

An Equity Linked Savings Scheme (ELSS) is an open-ended Equity Mutual Fund that doesn’t just help you save tax, but also gives you an opportunity to grow your money by making use of most of the potential equity market. Investment in such ELSS Mutual Funds would provide tax benefit  u/s 80C …

  Considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, the Central Board of Direct Taxes has issued an order to extend the last date of deposit of tax deducted at source/tax collected at source during the month …