Taxation of Mutual Funds and their Effect on Returns
Mutual fund

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 9 days ago
Is Leave Travel Allowance (LTA) worth claiming?
Market News

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 21 days ago
Tax Shelters: Crime or Intelligence?
Taxes

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."

Continue Reading about 1 months ago
How to save Income Tax in India
Taxes

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. You must be knowing that these actors are always paid a jaw-dropping, hefty payment for everything they do, whether it's movies, song albums, advertisements, or performances.

Continue Reading about 1 months ago
How to file income tax return online for salaried employee
Taxes

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. Yes, you read it right. E-filing of income tax returns in India for the FY 2018-2019 saw a 14% increase. Filing your income tax return online has become an easy job.

Continue Reading about 6 months ago
Tax Benefits under Section 80C of Income Tax Act
Taxes

Tax Benefits under Section 80C of Income Tax Act

Section 80C of Income Tax Act, 1961 talks about deductions of tax. The Section 80C directly reduces the taxable income because of the section 80C the tax liability comes down drastically. Most of the person enjoys the fruits of section 80 C directly or indirectly. The maximum rebate of Tax is up to Rupees 1.5 Lakh. Presently an individual who is less than 60 years and his income is Rupees 2.5 lakh or less is exempted from paying tax but through section 80C exemptions can be increased up to 4 lakhs. However, there are several conditions also on section 80C. Exemptions of tax helps an individual to improve his/her financial status, provide incentive for education, on investing money of different Governmental schemes etc.

Continue Reading about 2 years ago
Wealth Tax
Taxes

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.

Continue Reading about 2 years ago
Income Tax Return Filling
Taxes

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. 

Continue Reading about 2 years ago
Income Tax Slabs and Structure
Taxes

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. Now with the introduction of GST, several other taxes like sales tax, excise duty, entertainment tax, octroi, service tax have been clubbed under 1 tax only. GST comprises of 3 parts i.e.

Continue Reading about 2 years ago
TDS  Deduction Rules in India
Taxes

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

Continue Reading about 2 years ago
System of Advance Tax in India
Taxes

System of Advance Tax in India

Were you aware about the fact that the taxes that we usually paid at the end of every financial year, could also be paid in installments throughout the year?

Continue Reading about 2 years ago