5 Major Types of Taxes We Pay In India
Why does the Government want to take away our money? What are they using it for? Why do we have to pay tax on the all the income we earn? These are some of the most common questions, taxpayers ask. Well, India is a democratic country, so you have no choice but to pay tax. However, what you do have, is options to save the tax that you pay. The reason as to why we have to pay tax, is...
5 Simple Ways To Save Your Income Tax On Long Capital Gains
We all want to make that extra money on the side, and if you really put your mind to it, you can make your ends meet. Do you think, the beggars on the road have no choice to make a living for themselves? They do have a choice. We gave them money, when they come to beg, is only encouraging them more, to continue begging. Even the roadside vendors, may not have their shops registered or may not...
Common Mistake While Filing Income Tax Return
As the ITR (Income Tax Return) filing date has again extended till 31st December 2020, the taxpayers are compiling their tax related documents and other relevant certificates and making their sacred rounds to the tax consultant’s office. But what if I tell you that you can file your own Income tax returns without making certain common repetitive mistakes. This would not only...
ITR filing deadline for 2019-20 extended
On Saturday, CBDT (Central Board of Direct Taxes) extended the deadline for filing income tax return (ITR) for FY 2019-20 (AY 2020-21) from 30th November 2020 to 31st December 2020. This is the second time that the due date has been extended this year. Usually, the due date is 31st July which now has been extended till 31st Dec for the current assessment year. This announcement...
Know These Changes In ITR Forms Before Filing!
Income Tax Return (ITR) forms are used by every taxpayer to provide details regarding the revenue earned, sources of income and the amount of tax payable. There are seven kinds of forms issued by the Income Tax Department which you can choose from. The Central Board of Direct Taxes (CBDT) issues new ITR forms every year. The ITR forms for AY 2020-21 (FY 2019-20) have introduced new additional...
Different 80C Options You Are Completely Unaware Off
Tax Awareness’ is keeping yourself up to date with current tax rules made. Tax is vast and it is very difficult too, to keep up with the changes in these rules every year. And it is because of this lack of awareness, people just pay the tax that gets deducted from their salary. They feel that tax is so complicated, that is better to just pay it off. Some people have had bad investment...
Tax Planning Demystified
Income tax is always a complicated subject. It’s difficult to understand for a layman. For a salaried person understanding complicated and confusing tax terminology is a nightmare. Through this article, we will make your life simple and make you understand tax jargon in an easier manner. In today’s article, we will discuss the basic difference between Exemption, Deduction, and...
Saving Tax On Long Term Capital Gain
I’m sure that, more than half of the nation, wishes that, they didn’t have to pay tax. Life would be a lot easier if we didn’t have to pay. Sadly that’s not possible in India. This is because most of our Government earnings are dependent on the public through tax. It is our duty as citizens of India to pay tax, where our money goes, is a whole different thing...
What Is Form 16?
Form 16 is the most important document for which any salaried individual waits for. This document is issued by the employer mostly till 31st May for previous financial year. Being a valuable document for return filing for any salaried individual, It is very easy to understand and this article will give you insights on the same. What is Form 16? Form 16 is nothing but TDS Certificate...