Category Archives: Taxation

Things to bear in mind while filing tax returns online

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Filing tax returns online is easy and convenient. You need not depend upon any tax advisor or agent for the same. The last date for filing tax returns is July 31 2018. Filing tax returns online is mandatory for those whose taxable income exceed Rs.5 lakh or who want to claim a tax refund or who are filing returns in ITR forms other than 1 and 2. Let us have a look at a few aspects to bear in mind before filing tax returns online

No TDS does not mean no tax liability

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Recently, a relative invested a huge lump sum in National Savings Certificate (NSC) for the first time. He told me he chose NSC over bank fixed deposits and recurring deposits because there was no TDS applicable on interest income of the former. It soon became clear he was under the wrong impression that the interest income from NSC was tax free. Many investors have this misconception about TDS and adopt the wrong approach of choosing investment options based on applicability of TDS.

Pitfalls of doing Tax Planning at the end of Financial Year

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Frequent ads on tax saving splashed through newspapers and running on TV channels nowadays serve as a quick reminder that the financial year is drawing to an end in just over a month. This is the time when employees realise that they have a deadline to submit their tax saving proofs to HR for claiming benefits. People invest in a hurry usually around January-March just to claim deduction for section 80C. Majority people do their tax planning at the fag end of the year. Investing in a haphazard manner for submission of tax proofs becomes a priority.