Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
Capital gains exemption benefits are available under Section 54 and 54F of the Income Tax Act. Individuals, however, need to be aware of the conditions attached to these provisions, suggests Archit Gupta, founder and CEO, ClearTax.
Archit Gupta -- founder and CEO, ClearTax.com -- lists common mistakes and how to avoid them for filing a hassle-free income tax return.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
Many hurdles that investors could have faced after enrolling for the scheme have been removed.
Tax-saving investments should not be made with the sole purpose of saving tax, but should also help an individual grow his wealth, suggests Archit Gupta, founder and CEO, ClearTax.
The government has made employers responsible for verifying whether the claims filed are according to the law. Earlier, companies went only by self-declaration of employees.
'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.
New ITR form may be simpler, but some changes could stump you.
Three key instruments that can help you meet your financial goals, while also allowing you to enjoy tax deductions are ELSS, term cover and health cover.
Taxpayers can claim a deduction on tuition fees for a maximum of two children.
Individuals often postpone tax planning till the end of the financial year. As the deadline for showing proof of investments draws near, they invest randomly in any product that will help them save tax for that year. Later, they realise that it is not suited for them, so they abandon it. Tax planning should not be a standalone, one-off activity, but should be in sync with your overall financial plan, says Sanjay Kumar Singh.
An Aadhaar card can fast-track the KYC procedure for some instruments.
Equity-linked savings scheme, PPF and Sukanya Samriddhi Yojana are recommended instruments.
The fight between Aam Aadmi Party leader Arvind Kejriwal and BJP's Prime Ministerial candidate Narendra Modi for supremacy in this temple town has divided students of IIT, Varanasi into two camps who will campaign for their chosen candidate in their own ways.
The Forbes 30 Under 30 list is harder to get into than Stanford or Harvard University. Meet the desis who made the cut this year.
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