Specific provisions of India’s income tax regulations allow tax incentives to people and their families if they or any of their family members suffer from certain disabilities.
Continue readingIndian Stamp Act Amendments 2020 – What Changes?
The Finance Bill of 2019 intended to streamline the stamp duty regime on financial securities transactions in India by amending the Stamp Act of 1899. These changes were important to facilitate ease of doing business in India.
Continue readingTax shelter: Crime or Intelligence
Tax shelter can be understood as a method of reducing one’s taxable income as a way to reduce one’s taxes. It is a slick way of paying low taxes and still following the tax guidelines laid down by the government.
Continue readingTaxation of life insurance policy
For those with dependent family members, purchasing a life insurance policy is critical. The policy will help you safeguard your parents’, spouse’s, and children’s financial futures. Insurance firms in India provide a wide range of options when it comes to obtaining an appropriate life insurance policy.
Continue readingTax rules that apply to your Equity Linked Saving Scheme ( ELSS ) investments
Diversified equity funds are known as ELSS Funds. These funds typically invest in equities of publicly traded firms in a predetermined proportion based on the fund’s investment goal.
Continue readingTypes of TDS return forms- Overview and Description
According to the Indian Taxation Code, Tax Deducted at Source (TDS) is a type of advance tax that is deducted from an individual’s or organization’s earnings before the money is credited into that entity’s account. The government can generate revenue by enforcing TDS provisions on the earnings of individuals and businesses.
Continue readingUnderstanding the state of Wealth Tax laws in India
Surprisingly, Wealth Tax is also known as ‘Trying to tax One’s Riches.’ A popular direct tax levied on idle assets that do not generate any kind of income, such as jewellery, real estate such as urban land, owned but the unrented house, and so on. Most of us would assume that it is levied on any asset that we own and that it can be avoided by transferring ownership to a spouse or children. However, any transfer of assets without adequate or appropriate consideration will be included in your net wealth for wealth taxation purposes.
Continue readingAudits- What are they and their importance in a business
In simpler terms, we can say that the word “Audits” means to evaluate. They are often executed by Auditors. An Auditor is a person or a firm appointed by a company to execute an Audit, that is to examine the accuracy of recorded business transactions. However, Employees or the head of a particular department in a Company can also execute an audit internally. The whole idea of an Audit is to check that no fraud or misrepresentation is conducted financially in the books of accounts.
Continue readingIncome Tax Returns (new) portal for e-filing: Benefits, improvements, and implications
The Income Tax Department announced through a statement a few days back that a new e-filing portal (www.incometax.gov.in) will be launched on June 7. The new portal replaces the existing one (www.incometaxindiaefiling.gov.in) and the IT department has promised taxpayer-friendliness, better software, interactive questions, and an overall seamless experience. As the authority that frames policy for the department, the Central Board of Direct Taxes (CBDT) will govern this e-filing process.
Continue readingEducation loan and tax savings
Education loan is a loan obtained from a financial institution for the purpose of furthering one’s education in order to pursue a career objective. After finishing 12th class or the equivalent, this loan can be used for any course that individual desires to pursue. When a student begins to make money, they begin repaying the loan to the bank and are levied interest on the money borrowed, just as any other loan.
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