Blog

2015

Income tax – For a better India

  • We have traditionally viewed income tax as an additional charge on our income that is paid to the government account. However we can also term income tax as simply a contribution paid by citizens of India to the government which in turn is utilized for the welfare of the people.
  • India being a great democracy has undertaken a lot of initiatives for the common man to be able to earn as well as pay taxes for the cumulative progress of people.

Archive


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.

Financial Management