How changes in Income Tax Rates affect you

How changes in Income Tax Rates affect you Change in Income Tax rates may either encourage or discourage individuals to invest and work more/less. It is also related with economic growth of the country. If taxes are high, it will definitely hamper the national income. On the other hand, Income [...]

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Important Lessons from Panama Papers case

Important Lessons from Panama Papers case About 11.5 million papers shining a light on how some of the world’s richest hid billions of dollars to avoid tax were leaked containing information about the black dealings last year. The Panamanian law firm and service provider whose papers got leaked, Mossack Fonseca [...]

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Income Tax Deduction in India

Income Tax Deduction in India Introduction: Income Tax Deduction is a way of reducing the total amount of taxable income of an individual or a company i.e. the taxpayers, though this is dependent upon the type of tax benefit claimed by the taxpayer. Benefits of Tax Deductions: There are a [...]

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Income Declaration Scheme 2016

Income Declaration Scheme 2016 With the Income Tax Department discovering Rs. 43,000 crore of undisclosed income in the last two fiscal years and the problem of black money still prevalent in India, the Ministry of Finance on 11th of May introduced the Income Declaration Scheme 2016 in a bid to [...]

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How to save taxes legally

How to save taxes legally? At the end of each financial year, an assess finds himself with huge taxes on taxable income and make tax investments in a hurry. However, if an individual from the very beginning goes ahead with proper planning and knowledge he can feel relaxed at the end. [...]

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Shadow economy/Black economy

Shadow economy/Black economy India has second highest rate of shadow economy in the world. It is that part of economy involving goods and services which are paid in cash but have not been declared for the payment of tax. Illegal economy indicates underground trading of goods and services. Black market [...]

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Income from Interest on Bank Deposits included while filing ITR

Income from Interest on Bank Deposits included while filing ITR It has been made mandatory now for the individual taxpayers to include their income earned from interest on bank deposits in their tax returns while Income Tax Return Filing. Taxpayers are now required to file revised income-tax returns for the past two [...]

Tax Benefits of Mutual Funds in India

Tax Benefits of Mutual Funds in India What are Mutual Funds? These are the funds which collect funds from the public and invest in securities or bonds. These bonds help the investors earn interest. Classification of Mutual Funds These funds can be classified into two categories: Equity mutual funds- They are [...]