Direct tax is something that every earning individual faces in life. Even if you are not from a finance background, understanding the basics of direct tax helps you become a responsible taxpayer. In today’s session, let us navigate through the fundamentals of direct taxation to gain a clear, high-level understanding of the subject. Samit is […]
Understanding Direct Tax Compliance: A High-Level View Read More »
If you want to understand how perquisites work in salary, just scroll through this story. It was a late afternoon at the old city coffee house with its familiar aroma of freshly brewed filter coffee. I had settled in my usual corner with my finance book, trying to revise the chapter on sources of finance
The World of Perquisites: The Hidden Part of Your Salary Read More »
The income tax assessment procedure is a systematic process undertaken by the Income Tax Department to determine the correct tax liability of an individual or entity based on their income and other financial information. This blog is going to give you an idea of the assessment procedure through a short story. Ronita and Rohon, two
Understand Income Tax Assessment for your Benefit Read More »
Tax planning plays an important role in managing finances effectively. It involves arranging financial affairs in ways that comply or avoid taxes by taking advantage of tax deductions, credits, and exemptions legally. Beginning April 1, 2020 (FY 2020-21), the Government of India implemented a new optional tax rate system for individuals and Hindu undivided families (HUF).
Deductions & Taxable Income — Old vs New Tax Regime Read More »
For India, “individuals with 60 years of human life and above are “recognised” as elderly people. The usual conditions of elderly people either they are retired (if they are employed) or semi-retired, health problems show more and more. At this stage, their financial needs and responsibilities change, making it essential to understand the incomes available
Common Perception- Know Income from Other Sources! Read More »
Be alert before filing your tax return! My student, Ankit, has always been a serious during his college days – MBA in Finance working in a Fintech company He is always well-organized in filing his ITR before the due date. But this financial year he is looking bit concerned. One day he was telling me
Set Off and Carry Forward of Losses — Every Tax Payer must Know Read More »
Understanding the head ‘Income from Salary’ is important for students because when students after graduating step in their first dream job, their enthusiasm turns into a query – What is my actual salary? A few new terms like Basic, DA, HRA, Conveyance allowance, PF and Professional Tax deduction seem very perplexing. They can’t understand why
Income from Salary — Understand Real World Pay Roll Structure Read More »
Imagine you are going to appear for an interview for the post of ‘Tax Associate’ without knowing properly the ‘Heads of Income” under the Income Tax Act, 1961 chaos! So, when you sit for interviews for such a job role, interviewers often test your basic knowledge of such subject. Let study one story of Miss
One Business with Two Profits—The Puzzle Read More »
Let’s begin this discussion with a question asked by one of the students in my class Sir, is depreciation method different under accounting and income tax? Simple question but very relevant in accounting and tax world. This is the puzzled question Arnab, a management student with no finance background, asked during my tax class. Let’s
Depreciation Riddle under Two Different Acts Read More »
Compliance is an essential expectation of every sphere if it’s a contribution to the nation’s development. Here is the query? Do people respond logically whenever it’s a question of payment of tax. Imagine you have earned some extra money and keeping it safe in cash, thinking no one will notice. It’s a conscious action of
Undisclosed Income – A Trap for Tax Evasion Read More »
