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      6 Ways To Save Tax: All You Need To Know

      Thursday, July 20th, 2017 Amritesh one response

      Tax Planning is the evaluation of individual’s financial position from the tax point of view so as to optimize the Finances in the most efficient way. It helps to make optimal use of the tax benefits available in order to reduce the tax liability during the financial year. Tax Planning is the ethical mean to reduce the tax liability through proper tax exemptions channels available to the Tax Payers. Most of the Individuals are aware of the Tax Deductions available U/S 80C up to the maximum limit of Rs 1,50,000/-. However, Individuals are eligible to avail additional deductions under some of the other Sections of the Income Tax Act which has been discussed below. Edelweiss brings to you 6 ways…

      How to e-File Income Tax Return (ITR1-Sahaj)?

      Saturday, July 8th, 2017 Amritesh 3 responses

      The last date to file income tax returns for the Financial Year 2016-17 (Assessment Year 2017-18) is 31st July, 2017 ITR-1 (Sahaj) is applicable for following class of Income for the Individuals: Income from Salary/Pension Income from House Property (Only 1 House) Income from Other Sources This form is not applicable for following class of Income for Individuals: Income from more than 1 House Property Winnings from Lotteries or Horse Races Income from Capital Gains Not Exempt from Tax (Short or Long) Income from Agriculture Income in excess of Rs 5,000/- Income from Business or Profession Losses brought forward from previous years or Other Head Sources. I have discussed about the various Tax Forms and their applicability in my previous…

      Income Tax Return Filing: Types of Income Tax Forms

      Tuesday, July 4th, 2017 Amritesh 2 responses

      Income Tax Forms for the Financial Year 2016-17 (Assessment Year 2017-18) may be downloaded from the Income Tax Department (ITD) official portal. Income Tax Department (ITD) has provided number of forms for the Income Tax payers depending on the source of income of the respective individuals. The various types of Income Tax Return (ITR) and its applicability have been discussed in this post. Few major changes have been made to the ITR Forms to make it simpler. Changes introduced in the Income Tax Return Forms for the Financial Year 2016-17: Paper Returns can only be filed by Individuals above the age of 80 years or one’s (includes HUF) whose annual income is up to 5 lacs during the Financial Year.…

      Foreign Account Tax Compliance Act (FATCA): All You Need To Know

      Saturday, May 6th, 2017 Amritesh no responses

      FATCA (Foreign Account Tax Compliance Act) has been made mandatory for the Investors and Bank holders alike from 1st May 2017 in India. FATCA is an anti tax evasion agreement signed between United States and India which is effective from 31st August 2015. FACTA regulation is aimed at curbing tax evasion practices and bringing uniformity in Global Tax compliance. India had entered into an agreement with the United States for implementation of FATCA with effect from 31st August 2015. Bank Account holders as well as Mutual Fund investors need to comply with the regulation and have to submit the FATCA Declaration form to their respective Bank Branch and Financial investment intermediaries. How does FATCA Impact? FATCA facilitates automatic exchange of…

      Income Tax Deductions Available For The Financial Year 2017-18

      Thursday, April 20th, 2017 Amritesh no responses

      Individuals whose Annual Income is above Rs 2,50,000/ p.a- will be liable to pay Taxes on the earnings above the prescribed amount. However, Individuals earning up to Rs 3,50,000/- p.a can avail Tax Credit up to Rs 2,500/- Under Section 87A on the Tax payable. Thereby, implying that Individuals with Income up to Rs3,00,000 would not be required to pay tax as per the new Tax Slabs for the Financial Year 2017-18. In this post we would discuss the Tax Deductions available under various Sections and the investment options available to the Individuals. Kindly refer to the Link shared below for the latest Income Tax Rates. Income Tax Slabs & Rates Financial Year 2017-18 (Assessment Year 2018-19) Deductions Available Under…

      Tax Saving Investment Options For The Financial Year 2017-18

      Sunday, April 9th, 2017 Amritesh no responses

      The New Financial Year is here and I’m pretty sure that most of you have started with your investment/tax planning for the year. The Investment Schemes discussed here can provide you with maximum tax saving Under Section 80 (C) of Rs 1,50,000/-. Please refer to the links shared below to read in details about the schemes and benefits offered. I will be discussing the some of the notable investment options available under various Sections in my upcoming post for the Financial Year 2017-18. However, in this article I will restrict only to investment options which offer decent returns under section 80C. Do subscribe to my Wealthtech Speaks Blog and Youtube Channel for more updates. The Investment schemes “Header” are hyperlinked…

      Income Tax Implication For The Financial Year 2017-18

      Friday, February 24th, 2017 Amritesh no responses

      FY stands for Financial Year. The Tax Implications shown above is applicable for Individuals below 60 years of age. In the above illustration, I have used the maximum deduction applicable under each income group to minimize the Tax Liability. Income Tax Slabs & Rates Financial Year 2017-18 (Assessment Year 2018-19) BUDGET 2017-18: Things To Know Income upto Rs 2,50,000/- is exempted from Tax. Tax Rebate U/S 87A of Rs 2,500/- is available to Individuals with Income upto Rs 3,50,000/-. Education Cess (2%) and Secondary Higher Education Cess (1%) totaling up to 3% is additionally levied on the Income Tax payable. U/S 80C: Tax Deduction up to Maximum of Rs 1,50,000/- is available on Investment in Life Insurance policies, Public Provident…

      Income Tax Slabs & Rates Financial Year 2017-18 (Assessment Year 2018-19)

      Monday, February 20th, 2017 Amritesh one response

      Revision in Tax Rates was announced in the Budget 2017 for the next Financial Year. The chart above shows the latest Tax rates applicable for the FY 17-18 (Assessment Year 2018-19). Also refer to the points discussed below, explaining in details about the applicability of Cess and Surcharge on Taxable Income. The exemption limit for Senior Citizens has also been discussed. Please also read about the Tax Liability in the Financial Year 2017-18 in the link provided below. Income Tax Implication For The Financial Year 2017-18 *Tax Rebate of 10% (Rs 2500/- maximum) is available under Sec 87A to individuals whose Taxable Income is in the range of Rs 2,00,001-3,50,000/-. No Rebate is available on annual Income above Rs 3,50,000/-.…

      New Income Declaration Scheme (IDS): Pradhan Mantri Garib Kalyan Yojana 2016

      Wednesday, November 30th, 2016 Amritesh no responses

      Post Demonetization, Government has realized it needs to do more in terms of tax reform to eradicate the influx of Black Money in the economy. The new amendment bill introduced in the Parliament is aimed at plugging the loopholes in the Income Tax Act which may be exploited by the illicit money holders. However, the Government has once again given an option to the concerned individuals to disclose their undeclared income. The ones voluntarily disclosing their undeclared wealth will be taxed/penalized the least while steep tax and penalty will be levied on the rest. The disclosure scheme has been named as Garib Kalyan Yojana 2016 which is an amendment to existing Income Tax Act, levies tax and penalties U/S 115BBE…

      Income from Other Sources: Inclusions and Tax Implications

      Sunday, October 2nd, 2016 Amritesh no responses

        “Income from Other Sources” is any income which is not taxable under any other “Heads of Income”. Any income which does not specifically come under Income from Salary, Income Business or Profession, Income from House Property or Income from Capital Gain, will be taxed under “Income from Other Sources.   Income from House Property: Tax Implications   Income from Salaries: Tax Implications   Following Incomes are taxed under “Income from Other Sources”:   Dividends received from non Indian entities is chargeable to Tax. Dividend received from Domestic company is exempt from tax if it chargeable to dividend distribution tax U/S 115-O. But as per the Finance Act,2016, Dividend in excess of Rs 10,00,000 received by any individual/HUF/Firm is chargeable…