Income Tax Tips

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.    ... >> More

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. ... >> More

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

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