Category Archives: Income Tax

Income Tax related blogs

TDS on 7.75% GOI Savings (Taxable) Bonds, 2018

TDS on 7.75% GOI Savings (Taxable) Bonds, 2018 The government of India introduced 8% Savings (Taxable) Bonds, 2003 in 2003. Under the existing law, the interest received by the investor is taxable. Further, the payer is liable to deduct tax at source under section 193 of the Act at the time of payment or credit […]

ITR will not automatically fetch income tax notice in case of mismatch in Form 26AS

ITR will not automatically fetch income tax notice in case of mismatch in Form 26AS Budget 2018 has proposed to remove the existing system of income tax return assessment where a return filer would be automatically sent a notice if his/her Form 26AS details did not match with the income declared in the return.

Unexplained deposits in focus

Unexplained deposits in focus The income-tax department will in all likelihood go into overdrive in the next three months with the Central Board of Direct Taxes — the apex body — alerting all senior tax officials that their performance is being “monitored at the highest level.” It will also give a renewed push towards imposing […]

How to claim deduction under section 80c on tuition fees

How to claim deduction under section 80c on tuition fees Sending kids to school has an inbuilt tax advantage for parents. This is because tuition fee qualifies for tax benefit under Section 80C of the Income-tax Act, 1961. The amount of tax benefit is within the overall limit of the section of Rs 1.5 lakh […]

Is long-term capital gains tax on equity coming?

Is long-term capital gains tax on equity coming? A Union Budget is approaching, and once again the issue of imposing long-term capital gains tax on equity has come up. A newspaper report earlier this week claimed that such a tax – abolished in 2005 – was actively being considered by the finance ministry. Predictably, there […]

Submit tax saving proofs to your employer to avoid excess TDS

Submit tax saving proofs to your employer to avoid excess TDS With your company’s accounts department knocking on your door to submit your income tax saving proofs, it’s time for you to tax saving proofs. Since April 2017, the department would have been computing taxes on your salary based on the proposed investment declaration submitted […]