The Finance Minister laid out statistics regarding the number of tax payers in India during the Budget Speech 2017, vis-a-vis amount of expense incurred by the individuals disclosed an utter distinction between the acknowledgement of expenditure and income. In order to make changes in the present scenario and draw on ease in revealing the income and filing of income tax returns, the Government of India has taken mindful and careful steps in rolling out the new income tax forms.
The Double Tax Avoidance Agreements (DTAA) is essentially bilateral agreements entered into between two countries, in our case, between India and another foreign state. The basic objective is to avoid, taxation of income in both the countries (i.e. Double taxation of same income) and to promote and foster economic trade and investment between the two countries.
The State Government in Kerala seems to be on the warpath. It seeks to eradicate all forms of vices from the state. The new liquor policy made people sit up and take notice. They made such a radical move by closing down all alcohol outlets, barring the five-star variety. It is indeed a revolutionary one
Are you still hassling over filing your returns for the year 14-15? Don’t bother calling up your chartered accountant when you can easily log on to your active internet connection and login to begin the e-filing income tax return. Take ownership of your own finances, as no one will know the nitty-gritties of your finances better than you. Let’s see how one can file returns easily online.
Taxpayers that are filing their income tax returns will have to follow few extra steps in order to make sure that they do not have any problem in the future. One of them is email id and mobile number. Till date, providing these details was not mandatory. However, since this year, these things have become mandatory for filing returns.
We earn. We spend. We save. And then, at the end of the fiscal year, we compute our income tax. Many of us hurriedly invest in a bid to reduce our tax liabilities. The government has capped the tax reduction at Rs 1 lakh. However, it is worth looking at these instruments as some of them offer good returns.
Capital Gain (both long terms as well as short term) happen to be an important criteria as well as an invaluable area of discussion whenever it comes to the aspect of the sale of any of your crucial asset. Capital Gains are treated as highly valuable and important from the point of IT return.
New Year has started and the financial year is near to end. Most of us would by now have started tax planning. A working couple by jointly making use of their dual income and following income tax rules to their advantage can efficiently manage Tax.
The Laffer Curve could be defined as the geographical representation of the relationship between tax rates, tax revenue and taxable income. The principle behind the Laffer curve theory is that a zero tax rate would produce zero revenue, while 100% tax rate also results in generating zero revenue, because there would hardly be any incentive to work