With the advent of globalization, many organizations now hire their workforce on contract basis. This means that the hired person is not a full-time employee of the company, rather the person is hired with a view to complete a certain task and then would be released or re-hired by the company later on. Income Tax … Read more
People are always keen to find themselves their first home. For this purpose, they work tirelessly day-in and day-out. However, before one buys or sells a house there are certain tax implications that needs to be taken care of. Without prior knowledge about applicable tax liability, house owners and sellers can find themselves into tax … Read more
Tax compliance is one of the most important things that a person should look after. As per the Income Tax Authorities, every tax payer whose taxable income exceeds Rs. 2, 50, 000 in a financial year should pay taxes on the basis of the respective tax slab. However, there are certain areas where the department … Read more
If you are salaried person, it is the time to submit your tax proofs to your employer. Now the FY 2016-2017 has been completed. After the demonetization, bank A/C of the person are flooded with the cash deposits. To meet the exigencies, the money deposited by you is used because this is the money may … Read more
Still the Jury may be in doubt that whether the demonetisation has benefited the country or not. But the thing is that it has instilled the fear in everyone’s mind. Now many more humorous are spreading over the country, mainly about the gold held by the households. So now the discussion is about the amount … Read more
There have been restrictions imposed on the cash transactions to promote digitalization in Budget 2017. In this article, we will have a look on the such restrictions as imposed on the cash transaction. Today in India, the tax evasion had become the common pattern of many people. There are many things that adversely affect the … Read more
As per section 285BA, specified reporting persons are required to file statement of Financial Transaction. Rule 114E of the income tax act specifies that the statement of financial transaction required to be filed as per section 285BA should be filed in Form No. 61A. The specified schema for the Form 61A can be downloaded from … Read more
Today earning money is the most important part of our life and it is also right to say that saving it is also as important as earning. The best way to save the money is to get the advantage of tax saving deductions means to minimize the tax outgo as much as it is possible. … Read more
Surcharge is one of the key areas while determining payable income tax for individuals and companies. As per the guidelines issued by the IT-Department, the rate of surcharge affects entities whose income is more than INR 50,00,000 in a financial year after the Budget 2017. The rate of surcharge witnessed a hike in the Finance … Read more
From 1th Feb,2017 the procedure of locating AO / Tax Ward/ Circle/ Range has been changed. Earlier these could be located with PAN only. Below is the new method which could be used to locate tax ward/ Range/ AO/ Circle. Do your always confuse about these terms like AO code, My area ward number, my area … Read more
Owning a residential house is a dream of every person. The privilege of owning a house not only gives you the liberty to operate with ultimate freedom with respect to construction and modification, but also lets you have a status symbol. One thing that you would be pleased to hear is that even the Government … Read more
Nowadays every taxpayer is eager to discover avenues whereby he or she can reduce the tax liability. One of the most celebrated ways to reduce tax is to invest in capital gain bonds. Here we will talk about National Highway Authority of India (NHAI) or by the Rural Electrification Corporation Ltd [or any other notified … Read more
The IT-Department of India has maintained a special provision for people who are engaged in hiring, plying or leasing goods carriages. Any individual, business or organization who is engaged in renting out goods carriages would be deemed to have an income of INR 7500 per month per vehicle. The section which specifically deals with this … Read more
After the Budget 2019, the income received by people is made transparent i.e. IT department is aware of the income received as all the transactions are to made through bank or digitally. Nobody wants to pay tax. After the budget 2019, the taxpayers are burdened for taxation. There are some ways through which you can … Read more
Perquisites are benefits earned by employees of a company along with their normally received wages or salaries. They are also called as perks. It is like a gratuity or incidental payment for which the employee has the sole right. These are fringe benefits paid for a genuine reason. They can be either given by the … Read more