Goods and Service Tax (GST) – Today significant portion of our income is going away in Taxes. We pay 20 types of taxes in India. From product manufacturing to consumption we have 30-35% of tax burden. Indirect taxes from central government are excise duty, customs, services tax etc. State government taxes are VAT, Entertainment Tax etc. Even municipality also imposes taxes like water tax, property tax etc. Tax rates also differ from state to state. To overcome all this complication & to […]
Financial year is about to end and you must be busy in doing tax planning or tax saving. In order to help you out we are here with answer of your tax queries for FY 2013-14. Answer of your Tax Queries (1) What is maximum limit of deduction that can be shown under section 80C, 80CCC, 80CCD, 80CCE? Deduction U/s 80C , 80CCC, 80CCD is max restricted to Rs 1,00,000/- (2) What other tax saving option do I have apart from […]
Deadline of filing your income tax return 31st July is approaching. You must be ready with necessary documents to file income tax return but this year you may not have luxury to outsource task of filing return or may not file return physically. This year as per mandate tax-payers with taxable income over 5 lakh are required to file return online. For taxpayers who are not aware about how to file tax return online this could be challenging task. We […]
Your Income tax has been deducted in excess or yet there is no news of a refund? Now you can view form 26AS Tax credit statement online. Income tax department has launched TRACES – TDS Reconciliation Analysis and Correction Enabling System. TRACES is a web-based application of the Income Tax Department that provides an interface to all stakeholders associated with TDS administration. It enables viewing of challan status, downloading of NSDL Conso File, Justification Report and Form 16 / 16A […]
The New Form No. 15G and 15H is applicable to all Tax payees who do not want TDS Deduction on their Income from Fix deposits of Bank/company, postal fix deposit, Senior citizen Saving Scheme. When can you submit form 15G/15H? Depositor whose tax liability is NIL can only submit the 15G/15H form. Depositor having interest income above basic income tax slab will not be able to submit the 15G/15H form. Suppose if any depositor has interest income of 4 lakh […]