The Government of India today announced the launch of new taxable savings bonds 2018 replacing the 15-year old 8% taxable savings bonds for retail investors in India. Here are few facts about the newly launched savings bonds scheme, 2018. Who Can Buy These Bonds? Any resident individual Indian or HUF can buy these 7.75% savings … Read more
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
Is leave encashment taxable? Read on to know. During the service of an employee, he will be 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 … Read more
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 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, 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
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
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
Compounding is the single greatest thing to have ever happened in terms of personal finance. But barring a few, not many of us completely understand how magically it increases the net worth of our money if kept invested for long. Let us first understand what compounding is and how it affects every one of us. … Read more
Gratuity is one of the retirement benefits provided by the employer to the employee in gratitude for the services rendered by the employee to the employer. As per the Payment of Gratuity Act 1972, gratuity is to be given by an institution having 10 or more employees. An employee will receive a gratuity a. after … Read more