Monthly Archive:: May 2016

Rules to tax on online advertisement : Equilisation levy

he income tax department on Monday released rules for equalisation levy — a tax on online advertisements that would come into effect from June 1. Announced in the Budget for 2016-17, the six per cent levy —

Don’t forget to get your return e-verified in case file filed online

Several taxpayers diligently file their tax returns but forget to verify them. They believe their return filing process is complete once return has been duly submitted to the income tax department. Your income tax (I-T) return submission

Now declare black money and pay 45 % tax and get Immunity from prosecution under the Income-tax Act and Wealth Tax Act

The Income Declaration Scheme 2016 will remain in force till September 30 for filing of declarations and payments towards taxes, surcharge and penalty must be made latest by November 30, the Finance Ministry said in a release.

Rule 72 – Finance Rule for interest and inflation

*RULE 72:* Simple, handy and useful. In personal finance, if you divide the number 72 by the rate of interest, you get to know the number of years it will take for you to double the money..

Now pay additional tax of 10% on dividend income in excess of Rs 10 lakes

NEW DELHI: The new 10 per cent Dividend Tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by

Now High Net worth individuals to disclose their personal assets : CBDT

NEW DELHI: People with annual income of over Rs 50 lakh will have to disclose the acquisition cost of all the assets like land, building and jewellery in the Income Tax return forms for assessment year 2016-17.

Income Tax : now submit proof of expenditure to claim Leave Travel Allowance (LTA)

The Income Tax Department has brought out a new form making it mandatory for salaried taxpayers to furnish proof of travel for claiming tax deduction on LTA or LTC. The Central Board of Direct Taxes (CBDT) has

All about tax planning in the context of Panama Papers

Panama Papers’ disclosures now and earlier dealings of Vodafone through Cayman Islands are stories of famous tax havens, which evoke discussions of how tax evasion takes place.These are all direct taxes, mainly corporate tax, and not indirect