Do You Need To Pay Tax On Diwali Gifts?
Diwali is just around the corner and we are eagerly waiting to once again hear the sound of laughter in our home, filled with family and friends remembering the old times while making new memories. We are even excited to light up our balconies with lanterns and doorsteps with diyas to make this festival of lights even brighter. Diwali is that time of the year when we wake up early in...
Clubbing Of Income – FFC 51
Clubbing of Income means that the Income of some other person would also be included in your Income. You would be required to pay tax on such income of the other person.The provisions of clubbing of Income were introduced by the Govt so as to ensure that a person does not try to reduce his tax liability by splitting his income in different names.We recommend you to watch our video...
What is HUF & How It Saves Tax– FFC ep 45
The concept of Hindu Undivided Family, commonly known as HUF, was derived from the ancient Hindu laws. The oldest male member heads the HUF, and is called the ‘Karta’. He is responsible for making and taking decisions for the HUF. The other members in the family are called co-parcerners. In an Hindu Undivided Family all the members can contribute, but once the contribution is...
Do Not Miss These While Filing ITR – FFC episode 43
ITR filing due date is fast approaching. All taxpayers are required to file their ITR by 31 December 2021. In the rush to file ITRs by the due date, many taxpayers may miss out on reporting some income and that could get them into trouble with the income tax notice.It is advisable that taxpayers should be extra careful while filing their income tax returns. Our video will take you...
Set-Off Of Capital Gains – FFC episode 42
You can set off your losses from property sale against long-term capital gains (LTCG) from shares. It is now perfectly legal to set off tax liability across asset classes. A tribunal has held that LTCG from one asset class could be set off against another and such tax planning are undertaken to reduce the tax burden is legal. To know about LTCG in shares and can how it be set...
How to Check Income Tax Refund Status Online?
Income tax refund comes to the picture when individuals pay taxes higher than the actual income tax liability for that particular financial year. A taxpayer can claim a refund of this excess amount, and after proper assessment and going through certain documents, the income tax department makes the refund. ● According to reports, between April 1, 2021, to April 26,...
ITR Filing Online Process Step-By-Step
An income tax return (ITR) filing doesn’t have to be a worry. You don’t need to take help from an expert or continuously worry about deadlines. Today we can file taxes online. The process of filing taxes online is called E-filling. It is quite a simple task and E-filling can be done in just a few minutes from the comfort of your home or office. As per Income Tax Act, 1961 every individual...
How to Save Income Tax? Tax Saving Guide.
Coming close to the end of the Financial year all of you might be thinking about How to save our Income Tax?Deductions allowed under the income tax act help you reduce your taxable income. You can avail these deductions only if you have made tax-saving investments or incurred eligible expenses. Equity Linked Savings Scheme ELSS is also known as Equity Linked Saving Scheme. ELSS is a...
TO AVOID UNNECESSARY TAXES, IT PLANNING.
What is tax planning? Tax planning is the analysis of an individual’s financial situation from a tax efficiency point of view so as to plan an individual’s finances in the most optimized way. It allows an individual to make the best use of various taxes. Income tax planning involves planning under various provisions of the Indian taxation laws. In India, tax planning offers...