Posts Tagged: tax havens

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.

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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.

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Tax Shelters: Crime or Intelligence?

"The best things in life are free, but sooner or later, the government will find a way to tax them."

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How to save Income Tax in India

Are you someone who loves Bollywood a lot? Do you also find Bollywood life glamorous? The life of celebrities always seems so exciting and full of glamour. Whether it comes to clothes, travel, or lifestyle, they are always ahead.

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How to file income tax return online for salaried employee

Lockdown caused a serious problem to all our day to day activities. Even getting out to purchase some groceries instilled a feeling of entering into a war zone. But a few things blossomed despite all these shortcomings such as Netflix, Zoom and E-Filing.

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Budget 2020: Which Tax Regime Should You Opt For?

The budget simply welcomed a series of thumbs up and relatively higher criticisms. It's high time you understand the new tax regime and what it has in store for you. Now just picture the Avengers in a different scenario. In the climax, the powerful infinity stones are held by Thanos.

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Document Identification Number (DIN): Transparent and Accountable

The companies in India sell you the goods, earn their money, and pay the taxes. These taxes are paid to the government in two forms. The Direct tax that is income tax or corporate tax is levied on the income of the company. Other is the indirect tax now known well as the Goods and Service Tax or the GST and Customs duty.

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Tax Collected at source

Tax Collected at Source or TCS is a direct tax implemented by the seller on the buyer of certain goods. TCS is an income tax collected according to the provisions mentioned under Section 206C of the Income Tax Act, 1961. TCS is applicable on the purchase of only certain specified goods mentioned in the Act.

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TAN :Tax Deduction and Collection Account Number

Our everyday life from birth till death is connected to this one thing. Let the guessing start.

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Tax Benefits under Section 80C of Income Tax Act

In a bid to entice citizens to invest in various avenues, the Government allows deductions while computing Income Tax. The most popular ones are covered under Section 80C.

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Wealth Tax

Wealth tax is a form of direct tax, evolved after the commencement of the Wealth Tax Act, 1957 enacted for imposing the tax on the net wealth of an assessee. It is a tax on an individual’s wealth rather than on his income.

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TDS Filling

TDS means Tax Deducted at Source. It is the tax which is deducted from income, interest on securities, rent payment, payment of commissions etc. The full form of TDS makes its meaning quite clear that TDS is such type of tax which is deducted at the very source of it. For example, if a bank has to pay a certain amount of interest to a person who has an account in that bank, then the person is going get such interest with a deduction of a certain amount, that deduction will be the TDS. In this example, the deductor is the bank and the deductee is the account holder. Deductor has to file this TDS to the Govt.

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Tax Incentives to Startups in India

The introduction of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code, 2016 and the General Anti Avoidance Rule are instrumental in bringing more business under the vigilance of government and preclude tax evasion and corruption. The OECD data of 2017 cuts India’s growth forecast to 7%, according the secretary general Angel Gurria reports that India tops in tax reforms amongst the G- 20 countries, further calling the reforms to be historic and effective.

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Minimum Alternative Tax

Companies often have tendency to escape the taxes, to get more and more profit, and in order to escape it, they often become “zero tax companies” i.e. those companies which incur high profit but gets exempted from paying taxes by using undue advantages of various deductions, incentives tools provided to them for their benefits.

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Income Tax Return Filling

Income-tax is a tax levied and collected by the Central Government on income of a person. The provisions relating to the income-tax are governed by the Income-tax Act, 1961. Income–tax return (ITR) is a statement of income and tax thereon, which is to be supplied by a taxpayer to the Income-tax Department in permitted form. All year dissimilar forms of returns of income are approved by the Income-tax Department for different taxpayers having different income from different sources.

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Income Tax Slabs and Structure

In India, there is a three-tier tax structure which comprises of the central government, state government and local municipal bodies. Article 256 of the constitution give teeth to this structure which states that no tax shall be collected except by the authority of law. So basically, taxes are classified into 2 categories i.e. Direct and Indirect taxes. Direct taxes are those whose burden cannot be shifted upon another person, whereas indirect taxes are those where burden can be shifted to the third person like goods purchased from shopkeeper includes the value of tax paid by a shopkeeper in it.

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TDS Deduction Rules in India

TDS or Tax Deducted at Source is income tax deducted at the source of income i.e. by the person or organization making the payment. Following are the rules regarding deduction of TDS applicable in India

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What is TDS (Tax Deducted at Source)?

Tax is a compulsory contribution to state revenue, levied by the government on workers income and business profits, or added to the cost of some goods, services, and transactions. Technically it is a strain and burden on the people. In India Income Tax Department a government agency supervise tax collection by government of India. This is under department of Revenue of Ministry of Finance. The bottom line is that taxation should foster equal distribution of resources.

Posts Tagged: tax havens

Taxation of Mutual Funds and their Effect on Returns

Is Leave Travel Allowance (LTA) worth claiming?

Tax Shelters: Crime or Intelligence?

How to save Income Tax in India

How to file income tax return online for salaried employee

Budget 2020: Which Tax Regime Should You Opt For?

Document Identification Number (DIN): Transparent and Accountable

Tax Collected at source

TAN :Tax Deduction and Collection Account Number

Tax Benefits under Section 80C of Income Tax Act

Wealth Tax

TDS Filling

Tax Incentives to Startups in India

Minimum Alternative Tax

Income Tax Return Filling

Income Tax Slabs and Structure

TDS Deduction Rules in India

What is TDS (Tax Deducted at Source)?

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