Tax planning is the analysis of one’s financial situation from a tax efficiency point of view so as to plan one’s finances in the most optimized manner. Tax planning is a legal way of reducing income tax liabilities. Tax planning allows a taxpayer to make the best use of the various tax exemptions, deductions and benefits to minimize their tax liability over a financial year. It helps you to save your taxes in ways that are legally recognized and allowed. Tax planning will help you understand what expenses will lead you to pay more taxes and what investments will help you avoid taxes. You will learn about tax exemptions and what investments will provide greater interest rates and returns in long term. Tax planning will help you save that extra amount and put it to good use in investments and securities that will earn you interest and provide you tax exemptions on your income.
Did your tax-saving plan get jeopardized due to the current pandemic? Don’t worry! You can still invest in some tax-saving Mutual Funds, i.e. the ELSS funds until the 31st of July and claim your tax deductions for the last fiscal year. People keep looking for investment instruments to grow their wealth and also save on […]
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A Payslip is such an important document that it is required to be produced for availing benefits and separation payments to an appropriate recipient after an employee is deceased. What is Salary Slip or Payslip? A salary slip or Payslip is a document issued by an organization to its employee that comprises a list of […]
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Sukanya Samriddhi Yojana (SSY) is a savings scheme started by the Government of India that encourages parents to save money for their girl child. The scheme motivates the parents/legal guardian of the girl child to build a fund for marriage expenses and future educational purposes. SSY scheme was launched by Prime Minister Shri Narendra Modi […]
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With the introduction of GST, chartered accountants are being compelled to expand their range of services and comply with the new regulatory compliances. Top tax consultancy services are aware of the sudden shift in the business marketplace. They can provide the necessary information on tax exemptions policies associated with the expenses of expanding your practice. […]
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Income tax in India can be categorized in Direct tax and Indirect Taxes. Taxes can be categorized according to their nature, aim and method of taxation. Some economists differentiate direct taxes from indirect taxes based on the shifting of the ultimate burden of taxation. Thus, it can be said that a direct tax is a […]
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Around 5.52 Crore citizens and 8.41 Lakh companies filed for income tax returns in the financial year 2017-18. Form 15G and 15H have to be submitted to avail tax exemption benefits on total investment. Any tax deduction on interest income can be restricted up to a stipulated limit through such forms. Form 15G has to […]
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There are multiple reasons for why you as a registered taxpayer, might receive a tax notice from the income tax department like missing the due date of ITR filing, calculation errors, claiming excessive losses, etc. The income tax department issues the tax notices to registered taxpayers under the Section 139(9), 143(1), 143(2), 143(3), 245, 144, […]
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The end of a financial year is a period of hectic activity for businesses. Every business needs to complete their accounts for the fiscal year for the purpose of calculating taxes payable by the business. The recently passed tax laws are encouraging for small businesses operating entirely domestically. Startups or small businesses who have all […]
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GSTR-3B is a return that has to file by every registered taxpayer. Every taxpayer needs to file this GSTR-3B until June 2019. GST Portal provides the facility of filing GSTR-3B. However, you may face some problems while filing GSTR-3B on GST Portal: Values cannot be copy-pasted. This may increase the chances of errors due to […]
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Saving taxes is one of the trickiest undertakings for any earning individual as with the rising prices of commodities and increasing inflation it has become imperative for the salary men and businessmen alike to save taxes and increase savings. In this article we shall talk about the most efficient ways available today to help you […]
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