Tax experts expect some rationalisation as there is a steep jump in tax rate when income exceeds ₹5 lakh Some tweaking in dividend distribution tax, long term capital gains tax on listed shares are also high on the wish list…
10 Best Tax Saving Investments
Best Tax saving investment schemes for those who are looking for safe, assured and fixed returns on their investments meant for saving tax have three popular options to look at. The 5-year tax-saving bank fixed deposits, post office time deposits…
Benefits of filing ITR on time
Taxpayers are required to file their income tax return (ITR) before the set due date of the assessment year (AY). The government normally gives a 4-month window for taxpayers to consolidate their income details and file their ITR every AY….
Corporate Tax Rates Slashed To 22%
Finance Minister Nirmala Sitharaman today announced a big reduction in income tax rate for corporates. The government has slashed basic corporate tax rate to 22% from 30% while for new manufacturing companies it has been cut down to 15% from…
TDS on Cash Withdrawal above ₹1 Crore
The revenue department on 30August19 said the 2 % tax deduction at source (TDS) on cash withdrawals of over Rs 1 crore will come into effect from September 1. The Central Board of Direct Taxes (CBDT) further said that if…
Tax on Gold and Real Estate
The two physical asset classes of real estate and gold have for long been considered safe havens by Indian investors, and are usually a very large chunk of portfolios. While financial products are gaining ground with investors, real estate and…
Income Tax Slab 2019
The Budget 2019 has been passed by the Parliament. Given below are the latest income tax (I-T) slabs applicable for financial year 2018-19 (assessment year 2019-20). These will be applicable for FY 2019-20 as well. The basic exemption limit for…
Tips for a Smooth ITR Filing
The due date for filing of personal income-tax returns for financial year 2018-19 has been extended from July 31, 2019 to August 31, 2019. All individuals whose total income exceed Rs 2.5 lakh (Rs 3 lakh for senior citizens) are…
Post Office Deposits Income Tax Benefits
A post office offers various deposit schemes to investors. These are also known as small savings schemes. The USP of these schemes is their sovereign guarantee, i.e., it is backed by the government. Some of these schemes also offer tax-saving…
How to Correct Mistakes in ITR?
While filing our income tax return (ITR) we take the utmost care not to make any mistakes. However, at times it may happen that we make a mistake while filing our ITR at the last minute. These could include mentioning…