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Income Tax Slabs for Senior and Super Senior Citizens

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Income Tax Slabs for Senior and Super Senior Citizens For FY 2014.15 and FY 2015.16   1. Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year i.e. born on or after 1st April 1935 but before 1st […]

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Are you making the most of PPF?

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Are you making the most of PPF? In the financial year 2014-15, the maximum amount that can be invested in PPF has been increased to Rs 1,50,000 from Rs 1,00,000. The maximum amount that can be claimed under section 80C is also increased to Rs 1,50,000. PPF is a very popular investment under Section 80C of the […]

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Business Expenses paid to Relatives may be disallowed

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Business Expenses paid to Relatives may be disallowed As a freelancer, when you take the first few steps towards financial independence and setting up your own work – it is common for family to help you get started. This help may be in the form of giving you a place on rent, providing a service […]

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What are Capital Gains?

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What are Capital Gains? What are Capital Gains? Any profit or gain that arises from the sale of a ‘capital asset’ is a capital gain. Such gain or profit is charged to tax in the year in which the transfer of the capital asset takes place or when the sale is affected. In case of […]

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How to save tax on Capital Gains on Sale of Agricultural Land

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How to save tax on Capital Gains on Sale of Agricultural Land In some cases, when you sell Agricultural Land – it may be entirely exempt from income tax or it may not be taxed under the head Capital Gains – Agricultural land in Rural Area in India is not considered a capital asset. Therefore […]

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Tax Reforms recommended by TARC

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Tax Reforms recommended by TARC Any statistics related to India’s tax filing are shockingly disappointing. Abysmally less number of people file their returns and the lesser said about the tax collections the better. One after the other government is always aiming to change this scenario about tax collections in India. TARC (Tax Administration and Reforms […]

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Is Stipend Income Taxable?

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Is Stipend Income Taxable? Is Stipend Income Taxable? Taxation of Stipend Income has been a matter of much debate. In the Income Tax Act from a purely factual standpoint there is no mention of ‘stipend’. ‘Salary’ received by an ‘employee’ is taxable in the hands of the employee. Under Section 17(1) – Wages, pension, gratuity, […]

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New Guidelines For All Digital Signature

  New Guidelines For All Digital Signature Digital Signature Dear Friend, New Guidelines For All Digital Signature (1)     For the purpose of DSC application to CA (paper), all signatures including DSC subscriber and authorized person should be with blue-ink only. (2)     In case subscriber’s signature is different from that in ID Proof, a physical verification needs to be carried out. (3)     […]

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Who cannot file ITR 4S?

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Who cannot file ITR 4S? The ITR-4S Form also called Sugam is the Income Tax Return form for taxpayers who run small businesses. It is applicable where the total turnover or gross receipts for the year are less than Rs 1 Crore and where the income has been calculated under the presumptive method as per Section 44AD […]

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Tax implications for NRIs who want to sell property in India

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Tax implications for NRIs who want to sell property in India NRIs who have sold house property which is situated in India have to pay tax on the Capital Gains. The tax that is payable on the gains depends on whether it’s a short term or a long term capital gains. When a house property […]

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