Income Tax India
Tax Saving options beyond Sec 80C
As per the income tax under sec 80C deductions, you can invest up to INR 150000 to save on your income tax but there are more ways to save taxes other than 80C. There are various other methods for deductions under Section 80 you can use to save on income tax.
For example, income tax benefits on home loan interest and health insurance policy premiums payments.
You can buy medical insurance pol... >> More
Income Tax Filing and Accounting
Income Tax Filing and Accounting
The process of interpreting, recording and reporting financial transactions is known as accounting. This is mandatory for the functioning of any business. There are different types of accounting and the major ones being tax accounting, managerial accounting and financial accounting. No matter what type of business you own corporation, proprietorship or par... >> More
Why One Should Pay Income Tax
Simple knowledge on paying income tax and why
For the smooth functioning of most governments monetary assistance is needed and hence the citizens of that country are liable to pay income tax. This tax is calculated based on the individual’s annual income. It’s not only salary that is taxable but royalties, dividends, rents, interest accrued as well as profits from businesses... >> More
Types of Taxes in India
It’s a well-known fact that every citizen of a respective country, with the exception of a few, should pay a certain amount of income tax. There are different types of taxes for different incomes. However, now everyone is aware of these various taxes and how they are applicable. This article will give you an insight on the different types of taxes and how they are applicable.
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Hassle free online income tax filing
Income tax applies to all Indian citizens whose earnings are over 5 lakh per annum. In most cases people are not aware of the procedure to file income tax and seek the assistance of professionals to do it. This article gives you an overview of how to file income tax on your own using the IT official website or a host privately owned websites.
According to the new IT provisions those salaried i... >> More
All About Service Tax in India
Service tax one of the many indirect taxes, which are operating in India today. It is similar to excise duty. However, it is chargeable on the value of service rather than the value of goods manufactured. The prevalent rate of service tax became 14% from 12% as a result of the budget earlier this year. However, due to the Swach Bharat Cess (0.5%) it will now become 14.5% effective from 15th Novemb... >> More
Service Tax Laws in India You Should Know About
The Indian taxation system is a mesh of taxes presently. In Direct tax we have Income tax, state professional taxes, and wealth tax (it has been abolished from F.Y. – 2015-16). In Indirect Tax there is the all encompassing Service tax, excise tax, customs duty, Value added tax, Central Sales tax and octroi. The Service tax laws affect us in our day to day affairs far more intricately.
Ser... >> More
Income Tax Exemptions For Women in India
Tax is unbiased and is levied without prejudice on all income from all people. The Indian tax system is extremely well structured. The taxation happens at various levels and tax laws even till FY – 2011-12 gave a higher minimum exemption limit to resident female assessees. This was however changed from FY- 2012-13. There are various exemptions for both men and women as per the latest tax law... >> More
How to Calculate Income Tax?
The process of calculating tax at the beginning of the year can be quite challenging. The average man does not know which rates and laws are applicable. The internet can be a misleading place for the common man in this case.
For instance, something as basic as which slab rates to follow can be a challenge. The tax department laws always refer assessment year while the assessee may consider this a... >> More
Easy Steps to File Income Tax Returns
Income tax is a mandatory requisite placed upon an individual if he or she fulfils certain filing limits stipulated by the CBDT or Central Board of Direct Taxes. The process of filing tax returns has become simpler over the years. The tax forms have become self explanatory.
For the average filing taxes is a tedious and nerve wracking job since he does not possess the requisite know how to... >> More
Income Tax Rate Alabs for F.Y. - 2015 - 2016
The Indian tax season is on. For individuals who do not have income in excess of Rs. 1 crore or 25 lakhs for business and professionals respectively, the due date for filing is 31st July. It is at this juncture when the common thought is how much TDS has been deducted and how much do I need to pay more. In some cases some people also have refunds to claim for excess Tax deduction at source.
The... >> More
Tax Implications If You Are Being Posted Abroad
All of our youth, we keep striving such that one day we may realise the dream of working abroad.
However, there is a flip side to it which involves home country tax outlay as well as that in the country abroad. In India the residential status you acquire depends on:
Number of days of physical presence and
In some cases the intention of the trip abroad.
The smartest... >> More
7 Best ways salaried individuals can save taxes
The budget was recently declared and with this being an election year, it meant that there were going to be two budgets.
This also means we must have a relook at the investments planned for the year 2014.
1.) Home Loans:
Section – 24 (b) of the I.T Act provides for deduction benefit of home loan interest.
The principal component is eligible for deduction under section 80 C.
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How to Pay Income Tax Online in India
Paying income tax online has never been easier in India before. It is quite simple and only a few things are required. If the income tax is not paid directly from the source then paying it online is another option. One of the most important things is that one has a bank account at one of the 26 banks that the government allows to do e-transfers.
Create a Bank account --- > First, if on... >> More