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Know Income Tax When Transfer Money To Wife

Transferring money to spouse account is a common practice which we all of us do. Be it for monthly expenditures or gifting or for any other purpose the money transfer is without any hassle. Till now giving money to your spouse in cash was more common. But with digitization thrust and discouraging cash transactions, even […]

Why Review Tax Planning In March?

We are on the verge of the end of this financial year i.e. FY 2016-2017.  March is always a significant month in our lives. Many things come to an end where from April we start with new. Be it a promotion in job, children school sessions, our own finances, and others. It’s important then that we do a quick […]

Estate Planning With Private Trust-Part 2

Taxation of Private Trust Although there is a lot of consideration before a private trust can be created one very important element which is required to be addressed is the taxation. The primary reason is that income of a private trust is taxed differently in different structures and any ineffective planning can lead to maximization […]

5 Facts To Know When Filing ITR Late

31st July, 2014 is the last date for filing your income tax returns. Whatever tax liability you have incurred should be paid by this date. Many of us with income tax to be paid will be busy ensuring we do not miss the deadline. Any non-payment of tax due by this deadline will demand a penalty. For others also filing […]

Gift Tax – Who Pays and Who Is Exempted ?

Gifts Tax Act was introduced in India firts time in 1958 as gifts can be a big source of money laundering if there are no limits. But this tax was abolished in 1998. Realizing the misuse it was introduced again in 2004 thus making gifting a taxable transaction under head “Income From Other Sources“. So […]

E-filing mandatory for income above Rs 10 lakh

The CBDT has made filing of IT returns electronically mandatory for individuals with annual income of Rs 10 lakh or above. Along with this, there are also several changes that will have significant impact on the information one disclose.  In this article I share few tips which will help  during the process of e-filing. http://www.moneycontrol.com/news/tax/e-filing-mandatory-for-income-above-rs-10-lakh_730091.html

Do not ignore “Income from other Sources”

For salaried individuals filing income tax returns is an easier process as their employers are liable to deduct tax on their income. Also, a salary income is fixed and so much easier to identify. However, there can be other incomes which are taxable above a specified limit but do not fall in either of four […]