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Now get your all type of tax returns filed through e filing in India starting at just Rs. 299 only. - TaxReturnWala.com

What is ELSS (Equity Linked Saving Scheme)? Is it a good option to save tax? “Govt to increase tax payer’s base !”

What is ELSS (Equity Linked Saving Scheme)? Is it a good option to save tax?

– ELSS Have you read the same headline in your newspaper? Not yet! I hope in a day or two you may be saying this eventually right . After demonetization , Govt. is now ready to take some effective steps in Budget 2017 that might divert you to visit your financial adviser’s office and make you search all the good sources about tax saving resulting in a confusion for “How to save tax this time?” Income Tax Benefit - Save a Huge Amount Of Tax by Taking a Home Loan. As the word “tax” comes to our mind, we always think about various ways through which we could avoid paying it.

Income Tax Benefit - Save a Huge Amount Of Tax by Taking a Home Loan

But I think paying your fair share should be considered one of the most patriotic activities someone can engage in. And instead of avoiding, why shouldn’t we plan it in such a manner so that we can minimize the tax liability over a financial year by making the best use of the various tax exemptions i.e. income tax benefit. Taking a Home loan is one of the best way to save huge amount of tax as it offers several tax exemptions to a taxpayer. A home loan is a big responsibility especially for middle income people but tax benefit is its best part. On the other hand, home loan creates an asset. MSME Registration - Tax Return Wala.

How to File Tax Returns when you have multiple Form 16 ? - TaxReturnWala. Multiple Form 16 is a Certificate of deduction of tax at source under Section 203 of the Income Tax Act, 1961.

How to File Tax Returns when you have multiple Form 16 ? - TaxReturnWala

It contains the details regarding- salary earned by the employeetax deducted from it by the employer In simple words we could say details of tax deducted by the employer on behalf of an employee. HRA (House Rent Allowance) - Tax Saving Tip - Save Taxes By Paying Rent To Your Parents. Pre-Planning of refunds and exemptions is significant to e-filing of IT return.

HRA (House Rent Allowance) - Tax Saving Tip - Save Taxes By Paying Rent To Your Parents

For some effective tax saving, one must ensure to get complied with all guidelines relating to different sections, for which taking an expert advice is always recommended. While in some situations, investment strategies made in name of parents to an extent can also help to lower down tax burdens. Have You Submitted Your Income Tax Saving Proofs Till Now? Gaurav Das, an employee in an insurance company realized the importance of sending timely tax-saving documents in February 2015, when he received a fifth of his stated monthly salary.

Have You Submitted Your Income Tax Saving Proofs Till Now?

Shockingly he made a call to the accounts department where he came to know that much of his Section 80C declaration and the medical insurance premium documents were not submitted. Most employees get this shock because they’re unaware of the process or show laziness. The companies insist their employees to provide proper proof of investments made or expenses incurred. How and when should you pay your Advance Tax? Advance Tax – Taxes have in present day become a very important concern for all ever since the Modi government has started being stringent towards its fight against the so called black money devil.

How and when should you pay your Advance Tax?

In present it has become very important to safeguard all data and information relating to monetary transactions as any banking transaction can turn out to be a big havoc if the audit trail of it is un-maintained. It is very important to know every minute detail about tax payment in India. Tax collection in India is generally done in two ways – Advance tax or lump sum tax payment. Now what is advance tax? How to EVC e-verify your Income Tax Return using Aadhar. The Electronic Verification code EVC is a 10 digit alphanumeric code which is sent to registered mobile number while filing returns online.

How to EVC e-verify your Income Tax Return using Aadhar

It verifies the identity of the verifier being an individual to verify his Income Tax Return or that of an HUF of which he is the Karta. It can be generated through e-filing portal of Income Tax Department. It is valid for 72 hours. The EVC can be used by a Verifier to verify his ITR 1 / ITR 2 / ITR 2A / ITR 3 / ITR 4 /ITR 4S. One EVC can be used to validate one return of the assessee irrespective of the assessment year or return filing type as it is a onetime password.

How Many Banks Have Reduced Home Loan Interest Rate After Demonetization. Home Loan Interest Rate After Demonetization – RBI Governor recently circulated his unchanged yardstick for the repurchase rate to be saved at 5.75% and the repo rate at 6.25%(Dated 9.Feb.2016 notification).He detailed this step to be a declining measure for high inflation risk status that is expected to effect growth rate of economy .While the decision sided to economy benefit point, it has a depressing outcome on loan business of banking sector.

How Many Banks Have Reduced Home Loan Interest Rate After Demonetization

Home loan accounts for a big share banking business, interest earned from such lending’s space a huge gap to bank profits. However, being a govt controlled business; it is continuously affected by changing govt monetary and fiscal policies. Capital Gain - When and to what extent they are exempted from Tax. Indian tax structure has orderly defined “How different income sources of an individual are taxed?”

Capital Gain - When and to what extent they are exempted from Tax

Specified under different heads, government has designed a proper hierarchy to know which part of your income is taxable and which is not. One such head is here we are to going to define throughout this article to help you to simplify what exemptions and benefits this section comprises for you. “Taxing of Income from Capital Gains” What is a Capital Gain? Effect of Change in Tax Reform on Indian Businesses - TaxReturnWala. Released Budget FY17: Post to demonetization effect , a relief to tax reform was a necessity for middle class.

Effect of Change in Tax Reform on Indian Businesses - TaxReturnWala

Also ,GDP index had experienced a major fallback in the last quarter, which calls for some major changes for corporate sector too. Prior to budget announcement, various taxation experts ,addressing previous years tax collections quoted that this budget might come with reforms for increasing tax payers base which would be either be done by raising slabs or reducing tax rates. List of Allowances when exemption does not depend on expenditure. While calculating Income tax liability, there are certain allowances in which the amount of tax exemption does not depend upon expenditure incurred by the employee. Given below is a list of such allowances which are very useful in determining the ways to reduce income tax liability. In these cases, the amount of actual expenditure is not considered.

The basis of exemption is the amount of allowance or amount specified in rule 2BB, whichever is lower. Special Compensatory (Hill Areas) Allowance It includes any special compensatory allowance in the nature of special compensatory (hilly areas) allowance, high altitude allowance, uncongenial climate allowance, snow bound area allowances or avalanche allowance. How are withdrawals from EPF (Employee Provident fund scheme) Taxed? EPF (Employee Provident fund scheme) For a salaried person, dependence of his family for financial matters is always a major thought of concern. An expected amount which an employee receives as his monthly salary, is not always enough to create separate pockets for savings and initiating investments. Allocation of salary becomes even difficult, when a major part of it goes to govt treasury in the form of taxes.

Eater of Black Money: Goods and Service Tax (GST) - TaxReturnWala. Black money is one of the most serious question of the Country. GST being the game changer, it is expected and presumed by the expert that after rolling Out of GST, the question of Black money will surely be addressed and as a result the GST will surely succeed in span of time to curb the black money in India. As GST will be monitored by complete online process with GSTIN (Goods And Service Tax Identification Number) which will be linked to current PAN (Permanent Account Number),lt will be difficult to escape from tracking of your transactions in any case.

GST has been a Developmental step Globally - TaxReturnWala. GST or its substitute Value Added Tax, Conceptually a destination based tax on consumption of Goods and Services has been a global phenomenon for way too long now, We can trace it back to Year “1954” when France became the first country to introduce a comprehensive Goods and Service Tax regime in that year. Currently around 160 countries in the world have adopted GST or similar Tax Regime. The most interesting thing to note is that there are around 40 different models of GST presently in force, around the world, each having its own peculiarities. The best way to categorize GST is by recognizing who has the power to Levy such tax in the country. On that basis there are majorly two categorization: Single LevyDual Levy (As in Canada & Brazil)

Deduction under Section 80 E of Income Tax Act,1961 - TaxReturnWala. Section 80 E of Income Tax Act,1961 – Being increase in number of students going abroad or foreign countries for their further higher educational qualifications, the financial institution are being approached to give loans for higher education and remit the fees in foreign currency. On the same note Finance committee encourages higher education from domestic or foreign universities by granting loans at flexible rates and tax benefits on loan applied. So while planning of flying abroad for higher education and worried about the high expenses leading to approval of education loan, one benefit that can be availed is Deduction of Interest on Education loan. Section 80 E – Defining Eligibility Criteria : Tenure of Deduction: Once all the above criteria is fulfilled, Individual can claim the deduction of interest paid on education loan taken up till eight consecutive years once start repaying the installment or until interest is repaid whichever is earlier.

Related Party Transaction Understanding Section 188 of the Companies Act 2013. Why are companies a better form of business? - TaxReturnWala. You have to pay more for cash withdrawals. SBI also joined the club now. Businesses Effected By Trademark Registration India - TaxReturnWala. Online E Filing Of Income Tax Return Is Better Than Offline. Understanding Section 44AB of Income Tax Audit in India - TaxReturnWala. Different Types Of ITR - TaxReturnWala. What Role Does TDS Deduction Play? - Tax Return Wala. Mediclaim Policy - Deduction under section 80 D - TaxReturnWala.

Cash Transaction Charge – A new levy - TaxReturnWala. Gold Loan in cash now restricted to 25,000 - TaxReturnWala. Government to boost benefits for SMEs - TaxReturnWala. Aadhaar soon to become mandatory for IRCTC ticketing site -TaxReturnWala. What is tax audit, how does it affect tax department and the tax payers. E-Verify Income Tax Return Through Electronic Verification Code.