I like to pay taxes. With them, I buy civilisation. – Oliver Wendell Holmes Jr. In the Union Budget 2018, several tax changes have come into effect. One of them is the penalty on the late filing of income tax filling. Knowing these tax changes will help you to save yourself from penalties. So it is … Read more
As you all know that the end of the financial year 2019-20 is approaching. 31st March 2020 is an important date to remember for individual taxpayers in India. This date is the deadline for finishing all your financial obligations. In this article, I will share the income tax checklist that you must complete before 31st … Read more
Form 15G is a form that is used by Indian residents to avoid Tax Deduction at Source (TDS) on interest income earned from fixed deposits, recurring deposits, or any other interest-bearing deposits. In this article, we will discuss on Form 15G Download in Word Format & PDF Format and how to fill it and submit … Read more
Tax harvesting, also known as tax-loss harvesting, is an investment strategy that can be used to minimize the tax burden of investors. The process involves selling securities or investments that have lost value to offset capital gains taxes owed on profitable investments. In India, tax harvesting is a popular investment strategy among investors who are … Read more
LPA = Labor Pension Act The Labor Pension Act (LPA) is an important piece of legislation that is designed to protect the rights of workers in India. The act was first introduced in 1952 and has been amended several times since then. In this article, we will explore the LPA Full Form, its history, key … Read more
Tax harvesting is a strategy employed by individuals and businesses to optimize their tax liabilities. In India, where taxation plays a significant role in the financial landscape, tax harvesting has gained popularity as a means to minimize tax burdens and maximize savings. This article explores the concept of tax harvesting in India, its benefits, strategies, … Read more
As you know July 31st is the last date for filing your income tax. As a taxpayer, it is a very important activity. Make sure your income tax return is error free. Nowadays, the income tax department is equipped with the latest technologies that they can catch you easily if you are trying to act … Read more
In India, calculating income tax is one of the most complex tasks for a layman. There are so many salary components which make the task difficult and cumbersome. Before moving forward and do the actual tax calculation through income tax calculator, let’s first understand the different component for salaried person. Income Tax Slab For the … Read more
Income Tax Return (ITR) is an important financial document that every taxpayer needs to file annually. It is a declaration of a taxpayer’s income, deductions, and taxes paid in a financial year. After filing ITR, it is important to verify it to complete the process. In this article, we will discuss how to do ITR … Read more
India has a population of 1.2 billion, but very less number of people holds PAN card. In India, only about 2% of the population is paying income tax. Despite such a small number, income tax is the biggest source of income for Indian Government. Thus income tax department wants more and more people to have … Read more
When it comes to financial planning, one of the crucial aspects is tax-saving. In India, individuals have various options available to reduce their taxable income and optimize their overall tax liability. Understanding the best tax saving option can help individuals make informed decisions and achieve their financial goals while minimizing their tax burden. Importance of … Read more
Did you receive a notice from Income Tax Department recently? IT department has started a campaign, e-campaign notice to those people who have not filed their income tax return or not reported high-value transactions in their income tax statement. This notice has been sent for the income tax filing for the financial year 2019-20. There … Read more
Are you a salaried person? Looking for a way to save income tax in India? then this article is for you. In India, the income tax deduction happened at the time of salary disbursement. The employer has to deduct the TDS (Tax Deducted at Source) from the salary of the employees every month. This is … Read more
The income tax department has reduced the timeline for ITR E-verification from 120 days to 30 days. It is mandatory to either submit the physical copy of your ITR (Income Tax Return) to Bangalore office or you can get the same ITR E-Verification online. Many of you may be thinking that mere submitting the ITR … Read more
In this article, we will discuss how to save TDS on fixed deposits in Bank, Post office, etc. We will discuss topics like when this TDS is deducted? on what amount the TDS is deducted, What is the % of TDS that will be deducted? How to save TDS on fixed deposit? What to do … Read more