Income Tax

  We have discussed about the reasons why one has to be careful while executing high value transactions. The service providers of certain high value transactions are obliged to share the information with Income tax department. So, through this article, let’s examine the list of high value transactions for which …

Don’t act so surprised, Your Highness. You weren’t on any mercy mission this time. Several transmissions were beamed to this ship by Rebel spies. I want to know what happened to the plans they sent you. In my experience, there is no such thing as luck. Partially, but it also …

  Ignorance is not bliss, when it comes to tax and other laws of the land. First – the story We, the middle class people are in short supply of TIME. Everyone, especially in a city like Bangalore is busy throughout the year. Our to-do list only grows longer over …

  I had worked in 2 companies during the last financial year. Can I show the income received only from the last company and file my income tax return?   This is the most common question which we come across during the tax filing season from those people who worked …

By now, all the employees know that they will take home anywhere between Rs.2000 to Rs.4000 extra from this month onwards. Some of you would have already planned to spend this money. You can go ahead and do whatever you want to do with this money. It’s your money. But …

There is no rocket science involved in filing your tax returns.  However, filing returns that is an annual activity coupled with frequent changes in the law, tax returns and formats may make the job bit complex. That’s it. In this article I wish to write about certain points which you …

Filing income tax return is fairly a simple topic to write. The topic becomes complicated when we discuss about the due date for filing the return, basic exemption limit, whether a  non-resident has to file the return etc. Let me try to make the topic as simple as possible. If …

Yes. A minor can apply for PAN Card (Permanent Account Number) represented by either parent.  Is PAN card required for a minor? In our practice, we have come across many people who seeks our services to obtain PAN card for their ‘just born’ or ‘just started walking’ kids! When such …

This is in continuation of my previous article ‘Invest in FD but still save income tax on Interest’.   TDS on Interest When bankers pays the interest on FD, they have to deduct tax at 10% (called TDS) u/s 194A if the interest is over Rs.10,000/- per year. TDS Exemption …

The known fact is that the Interest Income on Bank Fixed Deposits is subject to Income Tax. The lesser known fact is that there are options through which you can save tax on Interest. We wouldn’t have thought about writing this article but for Mr. Sri Krishna’s query.  Mr. Sri …