11 Ways to Select Best Health Insurance Policy in India

Today people are suffering from many health problems and many times these problems can take one to hospitalization. Due to the emergency problem the cost of medical care and treatment may gone very up drastically which can ruin you financially. Thus, one should choose best health insurance plan, which can result as Boon for you … Read more

A Very Simple Guide for Tax on EPF Withdrawals

The biggest burden on every employee is tax on EPF. People make very wrong statement about EPF, that EPF withdrawals are not taxable but it is not purely true because these withdrawals can be taxable under some conditions that are given below. If before the completion of 5 years the employee withdraws the EPF balance … Read more

Effects of GST on the Pocket of Common People

As we all know that the Government of India is going to start GST from 1 July onwards. There are many questions related to GST among the common people. One of which is “What will be the effect of GST on the pocket of the common people??” In this article, we will answer this question … Read more

Income Tax and TDS Computation on Contract Based Employee

With the advent of globalization, many organizations now hire their workforce on contract basis. This means that the hired person is not a full-time employee of the company, rather the person is hired with a view to complete a certain task and then would be released or re-hired by the company later on. Income Tax … Read more

Important Tax Matters When You Are Selling the Property

People are always keen to find themselves their first home. For this purpose, they work tirelessly day-in and day-out. However, before one buys or sells a house there are certain tax implications that needs to be taken care of. Without prior knowledge about applicable tax liability, house owners and sellers can find themselves into tax … Read more

Tax Compliances One Must Do Before March 31

Tax compliance is one of the most important things that a person should look after. As per the Income Tax Authorities, every tax payer whose taxable income exceeds Rs. 2, 50, 000 in a financial year should pay taxes on the basis of the respective tax slab. However, there are certain areas where the department … Read more

5 Ways to Save Tax If Idle Cash is Deposited

If you are salaried person, it is the time to submit your tax proofs to your employer. Now the FY 2016-2017 has been completed. After the demonetization, bank A/C of the person are flooded with the cash deposits. To meet the exigencies, the money deposited by you is used because this is the money may … Read more

Is Government Going to Collect Tax on Gold Holdings?

Still the Jury may be in doubt that whether the demonetisation has benefited the country or not. But the thing is that it has instilled the fear in everyone’s mind. Now many more humorous are spreading over the country, mainly about the gold held by the households. So now the discussion is about the amount … Read more

A Complete Guide Ban of High Value Cash Transaction

There have been restrictions imposed on the cash transactions to promote digitalization in Budget 2017. In this article, we will have a look on the such restrictions as imposed on the cash transaction. Today in India, the tax evasion had become the common pattern of many people. There are many things that adversely affect the … Read more

The Definite Guide to SFT Report Generation Utility

As per section 285BA, specified reporting persons are required to file statement of Financial Transaction. Rule 114E of the income tax act specifies that the statement of financial transaction required to be filed as per section 285BA should be filed in Form No. 61A. The specified schema for the Form 61A can be downloaded from … Read more

5 Tax Saving Mistakes and its Solutions

Today earning money is the most important part of our life and it is also right to say that saving it is also as important as earning. The best way to save the money is to get the advantage of tax saving deductions means to minimize the tax outgo as much as it is possible. … Read more

Surcharge on Income Tax – Latest Rates A.Y. 2018-19 & A.Y. 2017-18

Surcharge is one of the key areas while determining payable income tax for individuals and companies. As per the guidelines issued by the IT-Department, the rate of surcharge affects entities whose income is more than INR 50,00,000 in a financial year after the Budget 2017. The rate of surcharge witnessed a hike in the Finance … Read more

Search Your Income Tax AO Code, Ward No, Range & Circle

From 1th Feb,2017 the procedure of locating AO / Tax Ward/ Circle/ Range has been changed. Earlier these could be located with PAN only. Below is the new method which could be used to locate tax ward/ Range/ AO/ Circle. Do your always confuse about these terms like AO code, My area ward number, my area … Read more

GST RATE SCHEDULE FOR GOODS (14th GST Council Meeting 18-05-2017)

GST RATE SCHEDULE FOR GOODS [As per discussions in the GST Council Meeting held on 18th May, 2017] The fitment of rates of goods were discussed today during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% … Read more

Deduction 80D: Complete Detail (Updated) A.Y.2018-19

The person who paid medical insurance premium himself or spouse or parents or depended children can claim the deduction from total income of the person as per the instructions given below. We will discuss here the complete detail about deduction under section 80D for the A.Y.2019-20 & A.Y.2020-21. Who can claim deduction 80D? Individual and … Read more

5 Income Tax Benefits to Own a House (Updated) After Budget 2017

Owning a residential house is a dream of every person. The privilege of owning a house not only gives you the liberty to operate with ultimate freedom with respect to construction and modification, but also lets you have a status symbol. One thing that you would be pleased to hear is that even the Government … Read more

NHAI, REC & Other Notified Bonds for Saving Income Tax

Nowadays every taxpayer is eager to discover avenues whereby he or she can reduce the tax liability. One of the most celebrated ways to reduce tax is to invest in capital gain bonds. Here we will talk about National Highway Authority of India (NHAI) or by the Rural Electrification Corporation Ltd [or any other notified … Read more

Section 44AE: Tax on Income @7500 per Vehicle for Transporters

The IT-Department of India has maintained a special provision for people who are engaged in hiring, plying or leasing goods carriages. Any individual, business or organization who is engaged in renting out goods carriages would be deemed to have an income of INR 7500 per month per vehicle. The section which specifically deals with this … Read more