Finance Minister, Arun Jaitley, surely had reasons to smile when he announced a growth in direct and indirect tax revenues for the April-December 2016 period. Of course, demonetization was only present in the months of November and December and could also manifest with a lag. However, it is surely gratifying that the government reported 12% …
Come January, and there is a frantic rush among tax payers to rustle up all the required proof to claim deductions from taxable income. Under Section 192, your employer is obliged to deduct tax from your salary, if you are on their rolls, and deposit tax deducted at source (TDS) into the government account. How …
For income tax assessees, the beginning of the New Year also marks the onset of the tax planning season. That is when most individuals start worrying about how exactly to reduce their tax outflow. The big debate over life insurance versus ELSS crops up at this point of time. While tax planning is a necessary …
What to do if you missed your tax filing deadline… Filing tax returns is every Indian citizen’s duty as long as they fall within the taxable income limits. Any individual assessee with an annual income of Rs.500,000 is obliged to file his/her returns. Normally, the last date for filing returns is the last working day …
