The new Direct Tax Code (DTC) will come into effect on April 1st 2012. DTC is meant to replace the Income Tax Law 1961. By the time the implementation of the DTC begins, we would have enough time to be excited and subsequently forget the impact of DTC on our income tax slab. This isRead More
Tax
Your guide to advance tax
Paying taxes is a game that is going to catch up with you all the year round. So if you have just filed your income tax returns (ITR) for last year, it’s time to swing in action to pay advance tax depending on what time of the year you are in. Who pays advance taxRead More
Income Tax (IT) deduction of House Rent Allowance (HRA).
House Rent Allowance or HRA is an allowance given by the employer to the employee for taking care of his rental or accommodation expenses. Note that your employer can choose to offer you HRA in your salary package irrespective of whether you live in a rented accommodation or in your own house. While most ofRead More
Taxation of Debt Mutual Funds for AY 2010-2011
A debt mutual fund invests primarily in debt instruments, that is government securities, bonds and money market instruments. A debt mutual fund is defined as one which invests less than 65% of its assets into equities. Let us check on what taxation of debt mutual funds means to the retail investor. The scope of theRead More
Missed the income tax return (ITR) filing deadline of 31st July?
What happens if you missed the income tax return (ITR) filing deadline of 31st July ? How can you ensure you still pay tax to the government without the law catching up with you ? While an assessee has paid advance tax and TDS (Tax Deducted at Source) by 31st March of every year, 31st July isRead More