Archive | income tax return

Revise your income tax return if you must but exercise caution

One by one, the tax department has been plugging loopholes to prevent tax evasion.  The latest is the diktat on revision of tax returns. A recent release from the tax department has warned people to not revise their returns to accommodate excess cash as current year’s income. Let’s understand in detail.   Who can revise […]

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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 […]

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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 […]

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