Income Tax Implication on Gifts In India

Have you received any gift recently and wondering if you have to pay any tax on it? He is a blog post that explains the tax implications of gifts received by anyone in India as per the Income Tax Act 1961. First let’s start with defining the term ‘gift’. Gift can be any asset like … Read more…

Taxation of Leave Encashment – Exemptions and Tax Calculation

Is leave encashment taxable? Read on to know. During the service of an employee, he will given different kinds of leaves to be availed like earned leave, medical leave, casual leave etc. However all of them will either lapse or can not be converted into cash (encashment). Earned leaves are the only type of leaves … Read more…

What is Self Assessment Tax? When and How to Pay it Online?

Self Assessment Tax or SAT in short is the balance income tax that an income tax assessee has to pay before the filing of income tax return (ITR) after deducting the TDS and Advance Tax paid from his total tax liability. Self Assessment Tax (SAT) = Total Tax Liability – Advance Tax – TDS Why … Read more…

Income Tax Slabs for AY 2018-19 (FY 2017-18)–Individuals

Income Tax Slabs provide you the first hand information about how much tax you are liable to pay at the end of the financial year. Having knowledge of the income tax slabs puts you at an advantageous position as you can do tax planning and tax saving beforehand. In India, every year during the Annual … Read more…

Advance Tax – Who Needs to Pay And How?

Advance Tax, as the name suggests is the tax that you pay to the Income Tax Department in ‘advance’ i.e., in the same financial year in which you earn the income. Hence it is also called as ‘Pay as you earn’ scheme of income tax. Let’s learn more about the Advance Tax. Who needs to … Read more…

Check Income Tax Refund Status Online

Income Tax Refund: Income tax refund arises in a situation when you have basically paid the taxes to the income tax department (ex: in the form of TDS deducted) more than your tax liability. How to claim? In order to claim your refund, the basic condition is that you need to file your Income Tax … Read more…

Change PAN Jurisdiction–Assessing Officer

PAN or Permanent Account Number is the unique 12 digit alpha-numerical identification number given to all the tax payers by the Income Tax Department / CBDT. If you have income above Rs. 2.5 lakh and more you will have to file income tax return for which PAN is mandatory. Once you have PAN, all your … Read more…

Gratuity Calculation And Tax Benefits

Gratuity is one of the retirement benefits provided by the employer to the employee in gratitude of the services rendered by the employee to the employer. As per Payment of Gratuity Act 1972, gratuity is to be given by an institution having 10 or more employees. An employee will receive gratuity a. after superannuation b. … Read more…

Mutual Funds Taxation In India For AY 2018-19

Mutual Funds in India are gaining traction all thanks to the bull market conditions prevailing for the last few years especially after 2014. If invested early and in right schemes, Mutual Funds can provide you with long-term wealth. Though the number of subscribers for mutual funds is constantly growing, still lot of people are clueless … Read more…