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Income tax returns benefit: Gift your way to saving tax, spread festive cheer among kin

Income tax returns benefit: Gift your way to saving tax, spread festive cheer among kin

Thu, Oct 18, 2018

Any immovable property received as a gift would be taxed in your hands. The next step would be to determine the value that must be taxed. For this, the law prescribes something called the Stamp Duty Value (commonly referred to SDV) of the asset, which is nothing but the value of the property adopted by stamp valuation authorities for determining the stamp duty.

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Income tax solutions and much more, what ClearTax does, CEO Archit Gupta explains

Income tax solutions and much more, what ClearTax does, CEO Archit Gupta explains

Tue, Oct 02, 2018

The personal income tax related services segment, which is a business to consumer (B2C)-focused offering, has recorded almost a 100% growth year on year.

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Advance Tax 2018 benefits for salaried employees, professionals, small business, married couples, seniors, homeowners, families

Advance Tax 2018 benefits for salaried employees, professionals, small business, married couples, seniors, homeowners, families

Wed, Sep 12, 2018

Advance Tax 2018: Filed Income Tax Return? Good. But that's not all. It's now time to clear advance tax. 

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Is there fine on cash use in business deals?

Is there fine on cash use in business deals?

Tue, Sep 11, 2018

During tax proceedings of a taxpayer who was engaged in the transportation business, the tax officer observed a discrepancy in the gross receipts. The taxpayer had disclosed gross receipts of Rs. 71.61 lakh, but total receipts in his bank account was Rs 89.06 lakh. 

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Failed Income Tax Return (ITR) filing? Not just Rs 5000, these penalties await you: Do this now

Failed Income Tax Return (ITR) filing? Not just Rs 5000, these penalties await you: Do this now

Sat, Sep 01, 2018

Income Tax Return (ITR) filing deadline for Assessment Year 2017-18 ended Friday (31 August 2018). 

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Do I need to file Income Tax Return (ITR)? Know why and how to save Rs 5000

Do I need to file Income Tax Return (ITR)? Know why and how to save Rs 5000

Tue, Aug 21, 2018

Do I need to file Income Tax Return (ITR)? Just 10 days are left for filing ITR.  Are you still wondering whether you need to file ITR or not? 

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Income Tax Return (ITR) filing important query answered: Should you attach documents with return of income?

Income Tax Return (ITR) filing important query answered: Should you attach documents with return of income?

Mon, Aug 13, 2018

Income Tax Return (ITR) filing 2018: The last date to file Income Tax Returns for the last financial year is not very far. 

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Get help for your tax issues on equity, derivatives, commodity, currency, MF investments; here's how

Get help for your tax issues on equity, derivatives, commodity, currency, MF investments; here's how

Sat, Jul 14, 2018

Together these firm will address tax woes of over 9 lakh customers on its platform. 

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Income tax returns (ITR) filing tips: Be safe, do these 6 things right

Income tax returns (ITR) filing tips: Be safe, do these 6 things right

Thu, May 31, 2018

Filing returns is mandated by law and is an important proof of your tax compliance. Let us look at the things you need to be mindful of when filing your ITR this tax season: 

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Income tax return filing: Warning! Big changes made, here is how it may impact you

Income tax return filing: Warning! Big changes made, here is how it may impact you

Thu, May 31, 2018

The due date for filing your tax returns for the previous financial year, that is, April 1, 2017 to March 31, 2018 is July 31, 2018. This applies to individuals who are not supposed to get their accounts audited. Basically it covers all the salaried class taxpayers. For all other class of taxpayers, the due date is September 30.

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What is tax deducted at source? Your income tax returns (ITR) filing explained in brief

What is tax deducted at source? Your income tax returns (ITR) filing explained in brief

Wed, May 16, 2018

What is tax deducted at source? Income tax returns (ITR) filing is expected from every Indian citizen who is earning through self-employment or working in an organisation. TDS steps are to be followed consistently on annual basis.

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Income Tax notice: Time to panic over your income tax returns filing?

Income Tax notice: Time to panic over your income tax returns filing?

Mon, May 14, 2018

Citizens pay income tax for various things. Sometimes they fail to divulge the real state of their income. This can happen unknowingly too. If that is the case and an Income Tax Returns notification is received by taxpayers then, is it time to start panicking?

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Income tax returns (ITR) filing: What is tax avoidance

Income tax returns (ITR) filing: What is tax avoidance

Wed, May 09, 2018

In an effort to save tax, do not take the wrong road that meanders into illegalities. The effort may tempt you to follow certain steps that may come under unlawful way of savings taxes, but do not go that way. Taking advantage of loopholes in our income tax laws to reduce tax outgo is not right.

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Income tax returns filing: 1 in 4 employees unaware of tax benefits in salary

Income tax returns filing: 1 in 4 employees unaware of tax benefits in salary

Tue, Apr 24, 2018

Among the employees that opt out of reimbursements, 56  per cent  of them do so for higher in-hand salary, thereby not using the full potential of the tax benefits offered to them, the Zeta employee benefits survey commissioned to Nielsen India said today. Employee tax benefits are tax saving benefits offered by companies to salaried employees as part of their cost to company (CTC)

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From April 1, 10 income tax returns filing changes you will have to deal with

From April 1, 10 income tax returns filing changes you will have to deal with

Sat, Mar 31, 2018

 While the changes are simple, they still have to be correctly assessed and then given  adequate  explanation when you eventually file your tax returns. Not knowing them is not an option. Ultimately, a taxpayer will have to deal with them. And the sooner they do, the better it is as otherwise they will be left with no option but to try and fix it at the last moment and that is a certain recipe for disaster since mistakes will be made in the rush

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From April 1, here is how your financial life will change

From April 1, here is how your financial life will change

Sat, Mar 31, 2018

The Central government has made numerous proposals in the Budget that have been cleared for implementation and to get you up to speed on them, we list some of them here point-wise so that you are not caught by surprise by some happening mid-way through the fiscal. Union Finance Minister Arun Jaitley had presented Budget 2018 in the Lok Sabha on February 1 and this was his fourth one

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From Lokeshwar Dev to Arjun Sonka, Income Tax dept looks to name and shame defaulters

From Lokeshwar Dev to Arjun Sonka, Income Tax dept looks to name and shame defaulters

Fri, Mar 30, 2018

In full-page advertisements issued in major national dailies as part of its name and shame policy on defaulters, the department advised them to pay their tax arrears immediately. The businesses of the defaulting firms as shown in the list include food processing, bullion trading, software, real estate, breweries and manufacture of ingots. The total default amount of 24 entities from cities like Ahmedabad, Guwahati, Vijaywada, Nashik, Surat, Delhi, Vadodara, Kolkata and others, is around Rs 490 crore. 

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Income tax offices to remain open on holidays for filing of returns

Income tax offices to remain open on holidays for filing of returns

Tue, Mar 27, 2018

The government has said that all income tax offices will remain open during holidays between March 29 and 31 to facilitate filing of returns. All Ayakar Seva Kendras (ASKs) will also remain open on these days, an official statement by Ministry of Finance said.

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Income tax: CEA Arvind Subramanian reveals when direct tax reforms report is expected

Income tax: CEA Arvind Subramanian reveals when direct tax reforms report is expected

Tue, Mar 27, 2018

Chief Economic Adviser Arvind Subramanian said that one of the India's biggest challenges is how to get more and more people pay income taxes. "I think that is very critical and we are really falling short on that. Any direct tax system must encourage voluntary compliance to get more and more taxpayers in and this is something we should be focusing on," he said.

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Income tax returns (ITR) filing: How to save tax; amazing tips to make your money stay in your wallet

Income tax returns (ITR) filing: How to save tax; amazing tips to make your money stay in your wallet

Thu, Mar 15, 2018

Income tax returns (ITR) filing: As the investments made are generally with a long term perspective, it is important that informed decisions are made based on the tax benefits available as well as risk appetite, time horizon and liquidity requirements of the investors. 

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