Tuesday 27 Aug '13People travelling to foreign destinations and wanting to claim higher tax exemptions has been an issue of much debate of late. Here is what the law says on leave travel concession (LTC).
Tuesday 06 Aug '13The extended deadline for filing income-tax returns for FY13 has expired. The deadline was extended from July 31, 2013, to August 5 as from this year, online filing has been made mandatory for taxpayers with income above R5 lakh, resulting in an increase in traffic on the tax authority’s web portal.
Tuesday 14 May '13Provisions of Tax Residency Certificate (TRC) require specified people to obtain this certificate from their home country for claiming relief under the Double Taxation Avoidance Agreements (DTAA) that India has entered into with the other country.
Tuesday 18 Dec '12The IT Act makes it mandatory for individuals, professionals and corporates to pay advance tax if the estimated tax liability after adjusting TDS is Rs.10,000 or more during the financial year.
Tuesday 04 Dec '12All of us enjoy receiving gifts from friends and relatives on weddings, birthdays, etc. But many people do not realise that some gifts — whether in cash or kind — may have tax implications.