Tax Planning

All you need to know about Form 12BB to claim Income Tax Deductions: Prior to the circular issued by Ministry of Finance, employees were required to submit self-declaration of their investments/ expenditures to their employers for the purpose of income tax deduction at the start of every financial year. Also, there was no standard format or […]

Here is how you can e-Verify your Income Tax Returns (ITR): Did you know that Verifying your ITR is as important as filing your return? Please be noted that your ITR will not be valid until it is verified. As per the conventional process, you can verify the return either using Digitally Signed Certificate (DSC) or by

All about Income Tax Refund process: Mr. Raj Malhotra, an IT Professional files his Income Tax Return every year on time. He filed his ITR through paper mode for the Assessment year 2015-16, and the Income Tax amount which he paid was higher than the amount computed by the Income Tax Department. As a result, he

Here is how you can handle a notice for Non-Filing of Income Tax Return: Mr. Rakesh Mourya is a regular Income Tax payer who files his Income Tax Return every year on time. For the financial year 2013-14, he skipped filing the IT Return as he changed his job and also his gross income did

Implications of Goods & Services Tax (GST): The Goods & Services Tax (GST) legislation; which intends to levy a single indirect tax rate of 18% by April 2017, has been passed by the Rajya Sabha and is pending in Lok Sabha for approval and ratification by at least 15 states before finally receiving the assent

Here is all you need to know about your Salary and its Tax Implications: Mr. Anil Gupta, recently got his first salary. When he was verifying the salary amount that was credited to his account, he was surprised to find a lesser amount than expected. As it was Mr. Anil’s first job, he was unaware

Tax Deduction at Source (TDS) rates for the Fiscal Year 2023-24 & Assessment Year 2024-25: Tax Deduction at Source i.e. TDS came into existence with an objective to collect income tax at the point of origin of income by the Government of India (GOI). As per the norm, a person (deductor or payer) who is

All you need to know about Income Declaration Scheme 2016: If you have undisclosed income then here is a golden opportunity to come out clean. The Income Declaration Scheme (IDS) 2016, which came into effect on 1st June 2016, helps you to  legalise your unaccounted money by paying tax, surcharge & penalty, all totalling up to