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Income Tax
Indian Income Tax Rates | India Tax rates | High taxation in India
Can Personal Expenses Be Shown As Business Expenses In Filing Income Tax?
General Principal says that amount you spend for personal or family reasons are not deductible business expenses. However, if you are doing business from home or have a family business, there are expenses which are both in the nature of…
Filing Income Tax Returns? Documents You Need…
The last day of filing tax returns, 31 July, isn’t far away and if you are one of those who wait until the last minute, you aren’t alone. Every year in July, there is a last-minute scramble among assesses to file income tax returns.…
How to File Tax Returns For Future & Options Trade
There is a confusion in the minds of tax payers engaged in non-delivery based trading on the stock markets, commonly referred to as Futures and Options (or at F&O). We thought it to be very important to focus on this topic in an…
High Salaried Indians Pay Much More Taxes Than Most In Developed Nations
When it comes to income tax in India, the salaried individuals, especially the ones who earn over 10 Lakh a year have to pay much higher taxes. Infact, the taxes are so high that they fork out some of the highest taxes in percentage terms.…
Income Tax E-Filing Statistics: State-Wise Breakup and More…
E-Filing of Tax Returns for year 2013-14 was officially closed yesterday after the 5 day extension was over on 5th August.
As we mentioned earlier, e-filing of tax returns has been a big hit this year with nearly 50 percent increase in…
Non Tax-Payers Beware! Govt. gets tough, identifies 12 Lakh non-filers
Government needs money, and it needs it really badly to fill its coffers. The deficit situation in Indian is not getting better even after taking multiple measures including stake sale of PSU companies.
Now, it has turned its attention…
E-Filing Income Tax Return Date extended to 31st Aug. 2012
If you are one of those who for some reasons have not been able to file the Income Tax Returns by end of today, worry not…. The due date for E-Filing of Income Tax Returns for Assessment Year 2012-13 has been extended by a month up to 31st…
Cleartax offers Free Tax Return filing for Indian women
In last couple of years online tax return filing has taken off – According to reports, 51 lakh (out of 3.4 crore ) people filed their tax returns online in the year 2009-10, this number ballooned to 91.57 lakhs in 2010-11. That is…
Income Tax Return Filing -Govt. setting up Tax kiosks & Mobile Vans
As you all know, Income Tax Return Filing season is upon us and it is great to see that Indian Income Tax department is taking steps to ensure that the whole process is as easy as possible for Tax payers. According to NDTV news, IT…
Income Tax Return Filing – 7 Formulas for Error Free and easy filings
The Income Tax Return Filing season is upon us. Businessmen, professionals as well as Individual tax payers are starting to worry about their tax returns, as the due date for the tax returns for financial year 2011-12 (AY 2012-13) i.e.…
Income Taxes paid by Indians [Overview, Numbers & Graphs]
Do you know how many Indians pay Taxes and how much?
You would be surprised with some of the numbers. According to the report released by Indian Finance Ministry, estimated number of taxpayers for financial year 2011-12 stands at just…
4 Android Tax Calculation Apps for Indians
The end of the financial year is upon us and fervent calls to chartered accountants and tax planners are bound to me made. If you want to avoid calling your accountant for knowing a few quick answers, put your Android smartphone to good use…
No income tax return filing upto Rs. 5 Lakh earnings!
Its Official – If you are salaried and earn less than Rs. 5 Lakh a year – There is no need for you to file income tax returns for assessment year ending 2012. What his means that salaried persons will not have to file returns for earnings…
Top 10 Tax-saving Instruments for Investors!
Let me share with you a small personal tryst with investment in Equity-linked Savings Scheme (ELSS) for tax-saving purposes. Since I track stock markets closely, my preference is usually tilted towards direct equity investments rather than…
Direct Tax Code [Calculations & Updates]
The much-awaited Direct Tax Code (DTC) Bill was approved couple of days back and few more clarifications have come out – some positive, some negative. In fact, there is difference of opinion among various analysts. Some say that the new…
Direct Tax Code Bill approved – Positive for Individuals, Dampener for Corporates!
Finally, India is warming up to broadest tax reforms in the form of Direct Tax Code (DTC) and Goods and Services Tax (GST) . The former is centered around expectations to minimize tax exemptions, but widen tax slab on personal…
Weekly Wrap-up: $35 tablet, Doordarshan DTH, Iphone 4 launch, mobile movies, IRCTC CWG food,…
Last weeks biggest news undoubtedly was the launch of low-cost $35 tablet by the Indian Government for Educational purposes. Trak.in saw huge surge of traffic as we managed to bring out this news before anyone else and also procured some…
New GST structure – Whats in it ?
During his Union Budget 2010 Speech, Finance Minister Pranab Mukherjee had pointed out that the prospects for imposing the Direct Tax Code from April1, 2011, was strong. However, he didn’t sound as much confident speaking about the same for…
File your Income Tax Return now – Download Online Tax return ITR Forms…
There are so many people that ask me this questions – Why should I file my Tax returns, if I have already paid my taxes. Infact, many wrongly believe that there is no need to file the tax returns at all. This is a completely wrong…
Buzzing News of the Week – World Cup, Octopus, Indians vs Americans, Tax Collections, Brand…
The last week has been packed with surprising events wherein the laggards have made a sort of amazing comeback – be it Re-rating of the depressed Telecom Sector or even FIFA World Cup Favorites having been shown the door by the minnows (not…