September 15 is the deadline for paying the second instalment of advance tax. This is income-tax (I-T) taxpayers need to pay every quarter, instead of a lump sum at the end of the year. Ashutosh K Srivastava, senior associate, SKV Law Offices, says, "The tax has to be usually paid when income is earned. "Nonetheless, according to the I-T Act, the taxpayer has to estimate his income for the entire financial year. Based on that, he/she pays tax at specific intervals."
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
Keep sufficient funds in your bank account until the cheque is cleared.
'Check every SMS you get. Many people ignore them.' 'Remember if there is an activity in your account, your financial institution will send you an SMS, not a WhatsApp message.'
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
You can avail of tax deduction on expenses incurred on preventive health check-ups. This provision is beneficial to younger people who don't exhaust their Section 80D limit with their health insurance premium.
'By filing a belated return, you can avoid the consequences of non-disclosure of income.' 'You can also avoid a notice from the I-T department for not filing an ITR.'
Did you know that an individual can, in addition to the tax benefits she/he is entitled to, also leverage the benefits available to family members to reduce this liability?
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
Rediff.com's Hitesh Harisinghani, Mayur Sanap and Afsar Dayatar introduce us to the best dressed cuties off the ramp at the Lakme Fashion Week.
Don't download a rent agreement from the Internet or sign blindly on one prepared by the broker.
Remember, pension from EPS will be taxable at slab rate, reducing the post-tax income for people who remain in the higher tax brackets after retirement.
In corporate India where family disputes have become far too common, the Miglanis work as a team.
The searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion, they said.
If an assessee misses the December 31 deadline, s/he can file a belated tax return by paying a late filing fee. 'This must be done within three months from the original filing date.'
To some of the economists and business leaders who as his campaign cheerleaders dared to dream of a Thatcherite revolution, he seems not to be listening.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
With a 4-5 per cent rise in steel prices on January 1, cars and consumer durables are set to get dearer.
The main reason for the move is the volatility in prices and inconsistent supplies for value-added grades.
The Nasdaq-listed information technology company Keane Inc will triple its headcount in India to 5,000 next year to expand operations and will chalk out plans for the fourth development centre in the country.
"We cannot start reducing the best institutes, like the Indian Institute of Management, to the lowest common denominator," says Ravi Miglani.
There was no relief for existing home buyers who are stuck in stalled projects and are paying both rent and EMI on their home loans.
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
But he is actively pursuing greenfield steel plants in Karnataka and Jharkhand; ultimately, only one of these might come up.
The contract would give a big boost to India's $150 billion nuclear power programme, and a broader push to curb greenhouse gas emissions.
Israel and India are likely to finalise a free trade agreement next year
Reskilling and online certification are the biggest earners in the Indian online education market
ndia has said it is ready to sign the global trade deal as early as next month if other WTO members agree to its demand for concessions on food subsidies.
The success of Anil Ambani's ambitious defence plan will depend partly on whether he can persuade government officials and international partners that he can build sophisticated equipment and partly on whether the PM can get India's notoriously slow procurement process to work, say Paritosh Bansal, Sanjeev Miglani and Promit Mukherjee.
Still, the failure of the agreement should signal a move away from monolithic single undertaking agreements that have defined the body for decades.
The country imported 9.31 million tonnes (mt) of steel in FY15.
My goal is to implement the Sevak project all over India and make the villages true Gandhian villages -- self sustainable in every way, including health, says Dr Thakor Patel, head of the American Association of Physician of Indian Origin's Public Health Committee. Aziz Haniffa reports
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