Investments and expenses under section 80 C allows various tax benefits, says Harjot Singh Narula
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.
'He was asked to do the KYC again because the earlier exercise would not do as they were 'computerising.' 'Getting the records transferred to the reluctant computer would take time and so he was advised to come a few weeks later.' 'My only prayer is that post offices will survive the modernisation process with at least some customer base intact,' says Subir Roy.
Prime Minister Narendra Modi will on Friday launch two schemes of the Reserve Bank of India (RBI) that may go a long way in changing how the household sector invests, and complains if anything goes wrong with their savings. These schemes - retail direct and an integrated ombudsman - will be launched by the Prime Minister virtually, in the presence of Finance Minister Nirmala Sitharaman. With the introduction of retail direct, a common man can directly take a position in government securities (G-Sec), considered to be the safest asset class a sovereign can offer.
To improve compliance, govt may introduce lottery reward for filing GST. The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.
Incomes such as dividend, interest on tax-free bonds, eligible gifts, etc should also be reported even though they are tax exempt, suggests Sanjay Kumar Singh.
You filed your income tax returns for 2017-2018 and think you tax problems are over for now. But have you paid your advance tax this quarter, asks Samkit Maniar.
As education loans are given on a floating-rate basis (and not fixed), one needs to account for probable spikes in the EMI while choosing the loan tenure. Loans are available for up to 15 years, which could lower your EMI and ease your repayment burden, advises Mohan Jayaraman.
With over Rs 15,000 crore in deposits, its strategy is a hit for now, but the real test will come when it starts lending to retail and corporate customers in a big way
Payment banks may not be viable option to attain financial inclusion.
After taxpayers file returns, IT department checks them.
"As an organisation committed to the rule of law, our operations in India have always conformed with our national regulations. The principles of transparency and accountability are at the heart of our work.".
Across Yes Bank branches, the busiest people were the relationship managers, trying to soothe nerves. Many were seen advising clients the situation was only temporary and that their money was safe.
Discussion paper fixes Rs 1,000 cr as minimum capital for these specialised banks
Evaluate recurring investment products and do the numbers before making any investments.
Priya Nair tells you how you can use technology to invest better and maximise returns.
A simple primer on how much money taxpayers can save under various sections of the Income Tax Act.
Under the plan, the government has categorised IL&FS group companies into green, amber and red based on their respective financial positions.
From the date you put in your papers, the employer will promptly freeze your salary payouts and you will get everything along with the full and final settlement.
In a major crackdown on domestic shell companies, the government on Friday decided to take "harsh punitive" action, including freezing of their bank accounts used to launder money or evade taxes.
Rejecting the Election Commission's suggestions on transparency and accountability in poll funding, the Congress party has expressed its inability to issue receipts to all persons or companies making donations to it for elections as it "neither practical nor possible".
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The rupee appreciated further on Thursday, adding 106 paise to 66.01 against the dollar, after steps taken by new Reserve Bank of India Governor Raghuram Rajan to attract US currency inflows boosted market sentiment.
Tax Guru Anil Rego answers your personal income tax queries.
The agency said it searched a Mumbai-based operator who was running 700 shell companies with 20 dummy directors and had "converted Rs 46.7 crore for Chaggan Bhujbal", the jailed ex-Maharashtra deputy chief minister.
In an online chat with readers on July 8, Anil Rego answered their tax queries. Here's the chat transcript in case you missed the chat
Keep at least one family member in the know of all your investments
Government to pay disproportionately high interest for borrowings from savings, overturning a nearly two-decade-long process of reforms in the management of public debt.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
NDA government has shunned populism.
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