Profit

Tax

  • National Pension System (NPS): 10 Things To Know Before March 31, 2018
    National Pension System (NPS) is an easily accessible, low-cost, tax-efficient, flexible and portable retirement savings account. Under the NPS, the individual contributes to his retirement account. His employer can also co-contribute for the social security/welfare of the individual. NPS is designed on defined contribution basis wherein the subscriber contributes to his account, there is no defined benefit that would be available at the time of exit from the system and the accumulated wealth depends on the contributions made and the income generated from investment of such wealth. You can claim an extra exemption of Rs. 50,000 by making investments in NPS. Before the financial year closes on March 31, one can make investments to avail tax benefits. Any investment made after the deadline of March 31 expires will not entitle you to claim a deduction for the previous year 2017-18.
  • Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
    While a substantial number of income tax payers may have cleared their income tax (I-T) liability for the assessment years 2016-17 and 2017-18, the ones who have not paid as yet can still do so by filing the belated income returns. Ideally, the salaried individuals are expected to pay the income tax return before July 31 of the year following the one for which the income tax return is filed, however, there is a provision to file the return anytime afterwards but before the next financial year's 31 March. Sample this. For the financial years 2015-16 and 2016-17, also known as assessment years 2016-17 and 2017-18 in the income tax parlance; the income tax payers are meant to file their returns anytime before July 31 of 2016 and 2017, respectively. However, the belated income tax (I-T) returns for these years can also be filed before March 31 of 2018, which is just two weeks from now. Making use of this provision, income tax payers can file the return for these two years gone by.
  • Income Tax Department Launches New Helpline For Taxpayers
    The new helpline numbers can be called in case of any trouble on the e-filing portal, a senior official said.
  • GST Council Clears E-Way Bill Mechanism For Movement Of Goods
    An e-way bill is required for movement of goods worth more than Rs 50,000. When goods are transported for less than 10 km within a state, the supplier or the transporter need not furnish details on the GST portal.
  • GST Council May Prune List Of Items In 28% Slab
    The GST Council, comprising state finance ministers, is set to review the GST returns filing cycle and make it taxpayer-friendly.

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