Without doubt EPF continues to be the most loved product for the salaried. Both the employee and employer contribute to the EPF kitty; and we stand in hope of it coming to our rescue at difficult times. But when TDS is deducted on EPF balance, it comes as a harsh blow. Let’s understand the reasons […]
How to report F&O trading in tax return
Those who trade in Futures & Options find tax filing a big hassle. Many do not report if they have F&O losses. But not reporting F&O gains or losses can be a reason for the taxman to send you a notice. Besides, F&O losses come with tax benefits. Let’s understand tax filing with F&O trading […]
Six-month plan to save taxes by investing in ELSS funds
The month of October will mark the beginning of the third quarter of the financial year. This means you will have only 6 months left in the year to invest in tax-saving instruments like ELSS funds. But a lot of people will think that even 6 months is a lot of time. Generally, tax-savers tend […]
Sign on bonus refunded to employer cannot be reduced from taxable salary: case law
While salary returns are one of the easiest to prepare and file; the topic of sign on bonus and its refund to previous employer, has been a grey area for most taxpayers. Some common questions that get asked are- Should sign on bonus form part of my taxable salary if I have already returned it […]
How ClearTDS solved a real-world problem for an ecommerce company
One part of this story is about convenience. The other part is about expertise. It would be wrong to generalize that people are lazy, but they definitely do want their work to be done more conveniently and expertly. Sure, some people are just plain lazy, but the desire to make tasks convenient appeals to them […]
High equity allocation will be allowed in NPS
The young are often called reckless. But those who are young also have a large appetite for risk. And investing in equity offers a perfect backdrop for anyone who’s young and is ready to bet on risk. To make NPS (National Pension System) more suitable to the young (and not so reckless), PFRDA has decided […]
What is Input Credit? And how to claim it?
Enough has been said about what a significant reform GST will be. But if there is one thing that completely stands out about this new tax, it is – the mechanism of input credit under GST. Here’s a quick check about you can expect from this blog post – For beginners – Don’t worry if […]
Transactions that require PAN to be quoted
We receive a lot of queries from taxpayers about Permanent Account Number (PAN). The common questions are – Which transactions require PAN? Where should PAN number be quoted? The Income Tax Department is getting stricter about tracking high-value transactions. It has laid out a list of transactions where it is mandatory to to quote PAN. […]
Should I include employer’s contribution to NPS in my taxable salary?
It is true that many of us spend little time planning our retirement. We rely on EPF accumulations to come to our rescue. But for some of us, things have changed or soon will. Central government and a lot of private employers have moved to NPS. EPF is losing its glory in a falling interest […]
Due date of return filing for Businesses extended to 17th october
Businesses that need an audit have a due date of income tax return filing of 30th September. CBDT has extended the due date of return filing to 17th October for businesses which have to get their accounts audited. Due date of filing income tax returns for FY 2015-16(AY 2016-17) is 17th October 2016 Due date of submitting […]