INDIAN TAX SOURCE

Haven’t filed your Income Tax Return yet? 31st March is the last date to file If you haven’t filed your Income Tax Return for the past 2 financial years, do so before  31 st  March 2016.        So Contact your Income tax Practicioner or C.A. To File it.

Finance Minister withdraws EPF tax proposal In a move that is going to be highly appreciated and warmly welcomed, our esteemed Finance Minister Arun Jaitley has just made an announcement in the parliament that the proposal to tax EPF investments has been withdrawn. The proposal was to tax 60% of the invested corpus in the EPF at the time of withdrawal. This proposal turned out to be the most controversial budget highlight and was admonished by the opposition, financial experts and the public at large. The general consensus was that the government shouldn’t put its hands into the retirement kitty of the working class. and with the large interuptions. at finally the government has withdraws their proposal.

Safeguard yourself from fraudsters posing as Income Tax Department The income tax department has made significant progress by taking communication with taxpayers online. While this is a great move to connect easily and quickly with tax payers; some fraudsters are posing as the tax department and sending phishing emails to tax payers. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. Safety measures to protect yourself from fraudsters: Fake emails will have misspelt or incorrect sounding variants of websites of the Income Tax Department. Check for the domain name carefully. Check the message header – for example in Gmail it can be viewed by select...

Tax Benefit on Children’s School Fees With less than two months to go to make tax-saving investments under Section 80C, most people will be rushing to buy insurance products or mutual funds that some distributors or agents will try to sell to them. But before you try to fill up your 80C requirements with rushed investments, do remember that the school tuition fees paid for your children’s education are also an eligible 80C deduction. The Income Tax Act allows you to get tax benefits on school fees of two children. This deduction is applicable for individual citizens, but not for HUFs. The tax benefit can be claimed by both parents for two children each. Hence, if you are paying the school fees for more than two of your children, you can claim benefits while filing the IT returns for yourself and your spouse. The benefit is available in case of divorced couples, an unmarried parent as well as for an adopted child. This is one of the most basic tax deduction that parents s...

Indian Tax Souce Wishes You a happy " Sankranthi "

Need Rent Receipts for HRA exemption? ClearSave is here To claim HRA exemption, you have to submit rent receipts to your employer. Usually employers need this proof of rent in January or February, before the financial year ends. It helps your employer give you exemption on HRA and adjust your TDS. Now you can prepare and print your rent receipts at  ClearSave . 1) Enter to clearsave .https://cleartax.in/save/rent and by Entering your rent and your door no. the below page will appear                  and now you should enter your name and your mail address and your owners name and owners pan number,from which date to till you would ike to take the receipt.      Just enter a couple of details to print these receipts and submit to your payroll department. You can even save & use them later. Remember to tell all your friends about it!           ...