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2015

Gold Monetization Scheme and its benefits

  • India is a poor country with rich people. According to the World Gold Council (GWC), an estimated 22,000 tonnes of gold are currently held in Indian households, worth more than $1 trillion which in turn is more than 50% of the country's GDP. Similarly there are huge quantities of gold held by various temples in the country. Recently when under the orders of Hon'ble Suprem Court, the vaults of Shri Padmanabhswamy Temple, Trivendrum were opened, an estimated Rs. 1,00,000 crores worth treasure was found.

2015

Tax deductions you hardly knew

  • Although 80C deductions are the most popular ones there are some less known deductions that may also provide some major tax savings.
  • Though most deductions need to be claimed before your employer has deducted the income tax, the income tax return filing stage is your last chance to claim the missed tax benefits.
  • Check this list of deductions often forgotten by taxpayers to avoid remorse later.

2015
  • My taxes have been deducted at source, no more tax to be paid.Have you been thinking your responsibility ends there and you needn’t file returns?
  • Wake up! You need to do a fair amount of calculation based on your tax bracket and assess whether the tax deducted is sufficient to meet the liability. You will either have to pay more taxes or request refunds based on your total tax liability.
  • Find out if you have been committing other bloopers, while filing tax returns.

2015
  • Due date for filling of Income Tax Returns has been extended form 31-8-2015 to 7-9-2015 for Gujarat State, vide CBDT Notification dtd: 31-8-2015.
  • Notification is attached herewith.

2015
  • With the Income Tax Department becoming net savvy and going online, it has become very easy for them to identify discrepancies in your papers and to keep a close eye on almost every financial transaction. Therefore, while filing return, one needs to be extra careful. Any wrong details furnished might put you in trouble.
  • From past few years, almost every taxpayer is receiving notices from Department. Now, it has become important that every provision and clause of tax laws shall be strictly abided. There are few reasons due to which notices are being issued and these reasons are very common among taxpayers.

2015
  • Filing your income tax returns was once a cumbersome task. With things gone online, the process has become much easier over the years. But, there’s always a possibility of making silly errors. Here’s a list of a few errors you might make inadvertently. Read on, so you won’t make the same.
  • 1. Getting numbers wrong: The most common mistake tax filers make while filling in is giving incorrect PAN and TAN. Double check these numbers without fail.
  • 2. Mistakes in bank details: The second one is bank account number(s). Tax payers often make silly mistakes while putting the IFS code of their bank branch. Refunds are no longer issued by cheque but through ECS. Therefore, it is essential to ensure submission of correct bank details, like the full digit account number. Also, ensure that the bank account mentioned on the form is an operating account. From this year, one has to mention all operational savings and current accounts held. You don’t need to mention inoperative accounts – that have been inactive for more than three years.

Financial Management