Legal Ways Of Tax Deductions To Keep You Out Of Jail
Tax Club

Legal Ways Of Tax Deductions To Keep You Out Of Jail

We’ve all heard that with great power comes great responsibilities. But when it comes to taxes, with great responsibility comes great power! This power comes in the form of reduced tax liability and is known as a tax deduction. Interesting right? Let's walk you through this “power training course”.

Continue Reading about 6 days ago
What is Tax Credit? (Don
Tax Club

What is Tax Credit? (Don't sulk already!)

What would you call a person who can simply wake up one day and leave for an impromptu vacation or impulsively buy an expensive car? You might call this person privileged and irresponsible and yet, envy him. One could be a billionaire and throw cash at things, but every individual checks, rechecks and sulks before making one payment, tax. It is the one liability that unites humankind with its undesirability, irrespective of the person’s station. In a struggle to find ways to reduce this burden somehow, tax credit is a crutch that can not be ignored. But what exactly is a tax credit? Let's find out!

Continue Reading about 25 days ago
Is Filing of Income Tax Return Compulsory?
Finance

Is Filing of Income Tax Return Compulsory?

Did you know that an Income Tax Return (ITR) is a form used to file your income sources and tax liability information to the Income Tax Department in India?

Continue Reading about 1 months ago
How to save capital gain tax on sale of residential property?
Tax Club

How to save capital gain tax on sale of residential property?

Taxes are something that no one enjoys. But what if I told you that there are some simple ways to save money on taxes while selling your most valuable asset, your own 'house'? Yes, there are some exemptions available to you under the Income Tax Act that allow you to earn a tax break on the sale of your home.

Continue Reading about 3 months ago
Understanding Tax Havens
Tax Club

Understanding Tax Havens

The story goes that the Swiss bankers had invented secret banks to protect the assets of Jews from the Nazis. But in reality, they were invented to protect the bankers from prosecution by other states. This was among the first instances of ‘safe havens’ for people with special monetary needs. 

Continue Reading about 3 months ago
Income Tax Incentives for Startups in India
Startups

Income Tax Incentives for Startups in India

Who does not want to own a business? Well, everyone does. But the dynamics have changed. Owning a business no longer means opening a shop in a famous mall or at a popular marketplace. The way of doing business has been completely revamped in the 21st century, and this new way of business is Startups.

Continue Reading about 10 months ago
Do Olympic Athletes have to pay Taxes on Awards?
Tax Club

Do Olympic Athletes have to pay Taxes on Awards?

“...aur fir hum Gold jeetega, aur humara Jhanda lehrayega”

Continue Reading about 12 months ago
What is Gratuity? And how to calculate It?
Finance

What is Gratuity? And how to calculate It?

The job market has witnessed a shift from being employer-oriented to employee-oriented. This means, previously, the employer had the upper hand in deciding all aspects of employment, including salary, work culture, perks, working hours etc. The employee had to give in.

Continue Reading about 1 years ago
In and Out of Excise Duty!
Tax Club

In and Out of Excise Duty!

While seeing the news about petrol and diesel's skyrocketing prices, you may have heard about excise duty. Did you know that it still exists even after 3.5 years of the new GST regime? After the implementation of GST, Excise Duty has been abolished on most items. But there are a few products on which excise duty is still levied, which is liquor and petroleum products.

Continue Reading about 1 years ago
What Budget 2021 Mean For Taxpayers, Investors And Consumers?
Tax Club

What Budget 2021 Mean For Taxpayers, Investors And Consumers?

The annual Union Budget is like packaged candy for a crying kid. And if it isn't very obvious, the wrapped candy is the expected budget reforms, and the crying kid is the economy. This year, the kid had been crying quite loudly, and while the entire nation was already hoping for candy, it was also expecting it to be bigger in size and sweeter in taste. 

Continue Reading about 1 years ago
Penalties Charged for Late Filing of ITR
Tax Club

Penalties Charged for Late Filing of ITR

A lot of people seem to assume that filing tax returns is elective and therefore disperse it as unnecessary and burdensome. But a lot of individuals are not aware that this is not a very healthy perspective on tax-filing.

Continue Reading about 1 years ago
16 Important Deadlines for 2021
Finance

16 Important Deadlines for 2021

The world changed dramatically in 2020. We were hit by a rare disaster, the COVID-19 pandemic, which resulted in a substantial loss of human lives. And, to contain the spread of this contagion, the country had to go into the Great Lockdown. The result? There has been a magnificent collapse in the economic activities with lingering uncertainty about its revival. 

Continue Reading about 1 years ago
New Tax Regime vs Old Tax Regime: Which Suits You More?
Tax Club

New Tax Regime vs Old Tax Regime: Which Suits You More?

The Budget of 2020 brought quite a few changes to our tax system. The most prominent change was the introduction of the New Tax Regime. However, this New Tax System was optional. But, many taxpayers were still confused as to which system they should follow.

Continue Reading about 1 years ago
Understanding Short Term Capital Gain Tax
Tax Club

Understanding Short Term Capital Gain Tax

Holding capital assets as an investment has been a widespread practice for some time now. There is no doubt that capital assets are quite profitable investments. People keep buying and selling them to acquire that difference between the buying and selling price.

Continue Reading about 1 years ago
Long Term Capital Gain Tax: How can you save it?
Tax Club

Long Term Capital Gain Tax: How can you save it?

Every person wishes to have a piece of property one day, which he could claim to be his own. But the process and the later obligations of owning a property isn’t as easy as dreaming to have one. A list of documentations, legal requirements, and other obligations are associated with buying a piece of property. One such requirement and consideration is the capital gain tax.

Continue Reading about 1 years ago
Everything you need to know about ELSS Mutual Funds
Mutual Funds

Everything you need to know about ELSS Mutual Funds

As a new investor in the market, it can become very hectic to find a long-term scheme that can generate wealth, give regular returns, with lower risk, and save taxes, all at the same time. There are various schemes in the market that offer regular returns; however, they are taxed accordingly.

Continue Reading about 1 years ago
Taxation of Mutual Funds and their Effect on Returns
Mutual Funds

Taxation of Mutual Funds and their Effect on Returns

Taxation on mutual funds might be complex for those investors who do not have any prior knowledge of the industry. And planning to invest in mutual fund schemes without knowing the taxation, might lead to a loss of your money in the form of tax.

Continue Reading about 1 years ago
Is Leave Travel Allowance (LTA) worth claiming?
News Platter

Is Leave Travel Allowance (LTA) worth claiming?

Shimla, Manali or Goa, where are you traveling for a vacation in the upcoming new year? What if I tell you that by traveling to your favourite destination you can save a lot of tax? Yes, this is true. Now you might be thinking, how is this possible? It is possible in a Leave Travel Allowance.

Continue Reading about 1 years ago