Income Tax

Tax on Sale of Gold in India in 2018

Gold can be held in various forms like Jewellery, Coins, Bars, ETF’s Bonds etc. In this article, we’ll explain the levy of gold on each of these forms. Tax on… Read more

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Tax on sale of ULIP’s in India

ULIPS stands for Unit Linked Investment Plans and is an Insurance cum Investment Plan. The Premium paid is invested in Equity, Debt and Money market instruments and the person opting… Read more

Save Tax on Interest by doing FD in Parents name (Mother/ Father)

Fixed Deposit is one of the best options for earning secured fixed income. It’s not only safe but is also easy to create and break providing proper liquidity to the… Read more

Investing in Wife name may NOT help you save Tax: Clubbing of Income

A lot of people try to act smart and divert their own income in their wife’s name so as to reduce the tax burden. People normally do this if the… Read more

Section-44AD

Section 44AD & 44ADA: Income of Business – 8%, Profession – 50%

To reduce the burden of compliance of small taxpayers, the govt provides for a scheme of Presumptive Taxation which is very easy to understand and comply with. Under the scheme… Read more

Advance Tax Payment: Due Dates and Interest on Late Payment

If the Income Tax Liability of any taxpayer is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in installments during the year… Read more

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Is Income from Shares – Business Income or Capital Gains?

A lot of people trade and invest in stocks – some do it part-time as an investment and some do it full time as a business. From the point of… Read more

Compliance Notice: Non-filing of ITR – Reasons and How to Respond

An Income Tax Return is mandatorily required to be filed if the Total Income is more than the minimum amount which is exempted from the levy of tax. In other… Read more

How to deal with Intimation under Section 143(1)(a) of Income Tax

As the name states, an Intimation under Section 143(1) is only an Intimation and not a Scrutiny/ Assessment Order. Intimation under Section 143(1) is an auto-generated letter by the computers… Read more

Section-94A-Income-Tax

How to submit ITR 1 Form (SAHAJ) online in 2017

ITR 1 Form (also known as Sahaj) is one of the most popular form for filing Income Tax Returns because it applies to most of the Salaried Employees. However, it… Read more