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Income tax notice: You may be fined, sentenced if you fail to comply with these provisions-
If you fail to reveal your income and pay taxes, you may have to face penalties and even imprisonment from 6 months to 7 years, along...


I-T Dept to issue notice where cash transaction is above Rs 20,000 in property purchase-
As per the tax law formulated by the Central Board of Direct Taxes (CBDT), which is effective from June 1, 2015, any transaction in real...


Proof of investment, expenses to avoid TDS: Here is a checklist
All investments you make should be linked to your overall financial goal and not just for saving taxes. Is your employer asking you to...


Income Tax: Income of a minor child is clubbed in hands of parents
In case of a minor child, any income accruing to such minor child is clubbed in the hands of the parent whose total income is higher. By...


When HRA deduction can be claimed on rent paid to spouse?
Many salaried men register the house that they have bought in wife's name to get a cheaper home loan, pay lower registration amount as...
ITR: 10 things salaried people should follow
There are many ways in which salaried individuals can make mistakes in their ITR - something that occurs mostly due to negligence or lack...


Income Tax Return (ITR) filing: Avoid last minute rush! Know how ELSS, PPF, insurance help you save
Although the Income Tax Department generally gives a scheduled time for filing ITR once a year, yet there is always last minute rush...


10 changes in income tax rules this year
Here are some of the important changes in income tax rules you need to be aware of. LTCG tax on equity mutual funds and stocks, dividend...


Fig leaf of PAN would be inadequate as taxman is watching every high value cash transactions
The government has done well to reiterate the five types of cash transactions one must steer clear of in particular. You can afford to...


Failed to file ITR? Pay Rs 5000 late fee and file before Dec 31, else pay Rs 10,000 till March
If you are among the people for whom filing ITR is mandatory, but just want to avoid ITR to escape from paying late fees, you should know...
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