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Category: Tax Consultancy

June 12, 2018 / Tax Consultancy

Tax Law of India: Direct and Indirect Tax Laws

A tax may be defined as a pecuniary burden laid upon individuals or property owners to support the Government, a payment exacted by legislative authority. A tax is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority. Tax law in India consists of direct tax law and indirect tax law, and may be paid in money or as its labour equivalent (often but not always unpaid labour). India has a well-developed taxation structure. The …

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June 12, 2018 / Tax Consultancy

Benefits of filing income tax returns – Tax consultant in India

Here are some advantages of filing ITR: 

Loans

Having filed the ITR will help individuals, like the one in the example above, when they have to apply for a vehicle loan (two-wheeler or four-wheeler). All major banks can ask for a copy of tax returns.

State Bank of India asks vehicle loan applicants for the latest salary-slip showing all deductions, TDS certificate / Form 16, copy of ITR for last two financial years.

Additionally, showing a copy of ITR receipts …

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June 12, 2018 / Tax Consultancy

File your Income Tax Return for Assessment Year 2014-15 and 2015-16 by 31st March 2016

The Central Board of Direct Taxes (CBDT) has notified the Income Tax Returns (ITR) for Financial year 2014-15 (Assessment Year 2015-16). The new ITR forms have been released by CBDT for FY 2014-15 Income Tax Returns Filing.

What is Assessment Year & Financial Year?

Financial year (FY) is the year in which you have earned the income. If you are filing a return this year, the financial year will be 2014-15. For example, if you have had an income between …

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Government might get Rs.400 cr in financial year 2016 via this levy

The government will impose a Swachh Bharat Cess of 0.5 per cent on all services presently liable for service tax, with effect from November 15, the finance ministry stated on Friday. The proceeds are exclusively for its Swachh Bharat initiatives. The funds would go to the Centre’s kitty and would not be shared with the states.

Finance Minister Arun Jaitley had announced the cess in his 2015- 16 …

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