Dummy’s guide to tax-filing documents

Dummy’s guide to tax-filing documents

Though the process is not tedious, it still saves time if one has all the proofs of these documents ready for submission, says Anil Rego. The hustle and bustle of the New Year has not yet completely engulfed us. We are still settling in the New Year. We may still be dreamy eyed and viewing this year with rose tinted glasses! Sorry to break into your La La Land, but we want to talk about income tax and the related documents to be submitted! Immaterial of if you are salaried…

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Income Tax Exemptions – The layman’s look up

Income Tax Exemptions – The layman’s look up

Talking about Tax Exemptions, the Salaried individual would have heard lot of jargon from the HR or finance personnel in the company regarding elements in the pay structure which are exempt from tax. Well, if you really want to know what these exemptions are all about, and the effect it has on your taxable salary read on….   What are Tax exemptions really? Tax exemptions are monetary exemptions. It reduces the total taxable salary. An item from the income that is exempt from tax or not taxable has a tax…

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Income Tax – Bust the Myths with Facts

Income Tax – Bust the Myths with Facts

Knock, Knock … who’s there? It’s the Taxman because we are in July. Many of us dread this knock on the door this time of the year. The terms ‘Deduction’, ‘Under Section’ and ‘Taxable Income’ can look perplexing to the tax paying Indian. Ignorance and misconceptions are the primary reasons for this confusion and fear. Let’s look at busting some of the tax myths and misconceptions so that the Income tax filing exercise for AY 15-16 is a matter-of-factly and fearless one.   Myth 1: Income Tax Filing is complex,…

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Income Tax filing gets faster, easier, better than ever before

Income Tax filing gets faster, easier, better than ever before

A guide to the forms to be filled while filing income tax returns, how to file both offline and online, the new rules and more.. It is time again to evaluate all your earnings of the previous financial year (FY)—1 April 2015 to 31 March 2016—and file your income tax returns (ITR) accordingly. If there are any taxes left, after taking into account tax deducted at source (TDS) and advance tax paid, those, too, have to be paid. Similarly, if excess tax was deducted, make sure you claim a refund….

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