Service tax is paid by the service provider or the recipient of services in some cases.When service tax was introduced it was applicable only on few services.But,with the passage of time almost all services have been brought in the service tax net.Now,only the services mentioned in the negative list of services as provided by government, … Read more
PAN or Permanent Account no.is a unique 10 digit alphanumeric identity given to any “person” by the Income tax department.It is in the form of a laminated card and serves as an identity proof.Its main objective is to use universal identification for tracking various financial transactions and hence preventing tax evasion. The government can easily … Read more
Through this blog, we shall make you aware about all the details on Income tax on gifts received in India from relatives as well as non-relatives. Your childhood days were the best days ,when you received a whole lot of gifts wrapped in love from your relatives and friends and you had nothing else to … Read more
The Finance Act 2013,had introduced Section 87A under The Income Tax Act,to provide relief to the small tax payers. This section provided for a Tax rebate of Rs.2000 to the Resident Individuals having a Total Income less than or equal to Rs.5 lakhs. Further,as per recently presented Union budget in Feb 2016 ,the Finance minister … Read more
As per the Union Budget 2016 ,there has been no change in the Income tax slab rates for the financial year 2016-17.The Income tax slabs are the same as that of financial year 2015-16. Income tax is calculated on the Taxable income of an assessee as per the Income tax slab rates that are applicable for the … Read more
Since the past few years there has been a tremendous increase in the internet and mobile app users leading to the fast growth of the e-commerce industry.Further,driven by robust investors and funding these web based small businesses have turned into magnificent giants. In the aggregator model of business it was not easy for the government … Read more
Through this blog we will make you aware of few Tax saving options for salaried people.In simple words, you will get to know few simple tips on How to save Income tax on salary ? Are you a salaried person,worrying about your hard earned money ? Have you done proper tax planning in the previous year? Did you … Read more
Through this blog, we shall discuss a small but very important part of your tax savings. We are talking about Income Tax deduction under Section 80TTA of The Income Tax Act. When you deposit money in a Savings Bank account, you earn a fixed rate of interest on the balance in your Savings account. Right! Now, … Read more