Tag Archives: Income Tax updates

Leave Encashment – Exemption and Tax liability

Leave Encashment – Exemption and Tax liability Some time the employees can not avail all these earned leaves which were allowed to him. He may encash these leaves and earn salary for the number of days which were allowed to be taken as leaves. The number of leaves allowed to be taken and the leave […]

Save Capital gains tax on selling a shop

Save Capital gains tax on selling a shop I recently sold my shop and made capital gains of Rs 33 lakh. How can I save tax on these gains? You will need to pay tax on short-term capital gains at the applicable slab rate,unless you have any capital losses to adjust.If the shop was held […]

Cashback on shopping could be taxable!

Cashback on shopping could be taxable! In festive season, Cash backs offered by e-shopping websites to attract customers.  But this year, Mr. Sharma is a little hesitant in buying anything from these websites. Last year, he bought a smartphone, laptop, refrigerator, AC, and TV for his new house from one of the e-commerce websites. He […]

Things you must know about tax audit

Things you must know about tax audit 1. As per the provisions of section 44AB/44AD of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1 Cr./ 2 Cr. (as the case may be) or carrying a profession whose receipts exceeds Rs. 50 Lakhs in the financial year 2017-2018,Must get his […]

Expenditures Under Section 80C that Help You Save Tax

Expenditures Under Section 80C that Help You Save Tax Most of us want to save our money. Now, there are many plans and policies that help us save for our future as well as for rainy days. Careful planning can help us save in our taxable income as well. Various schemes and expenditures fall under […]