TAX

PAN Aadhaar

Your PAN will become invalid if not linked with Aadhaar by 31st March

If you have not linked your Permanent Account Number (PAN) card with your Aadhaar card yet, then you have time till 31st March 2019. According to the Income Tax department, all those whose PAN is not linked with Aadhaar would not be able to file income tax returns (ITR) and even risk cancellation of their …

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advance tax

Pay advance tax on personal income- save interest

Income Tax Department strives to make it as easy and convenient for citizens to comply with advance tax payments. So, one has the option of paying it in 4 installments over the financial year. However, if you default, there are some consequences in the form of interest penalty. While salary is subject to tax withholding …

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LTCG

LTCG tax: How should you react?

The Budget 2018 proposed to change how long term capital gains (LTCG) on equity shares and units of equity-oriented MFs are taxed in your hands. Till 31st March 2018 no LTCG will be chargeable. If you sell after 31st March 2018 the LTCG will be taxed as follows: The cost of acquisition of the share or …

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Direct Tax Code

Direct Tax Code

Direct Tax Code (DTC) is a move towards rationalization of direct tax structure. This code is a single code for all direct taxes including wealth tax. The overall aim of the new direct taxes code is to lower income tax rates, and more taxpayers. There is a possibility that DTC could be implemented from FY …

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leave travel allowance

Go on a tax free vacation

Leave Travel Allowance (LTA) is a type of allowance which is given to an employee by his employer to cover his travel expenses when he is on leave from work. Sometimes it is also known as Leave Travel Concession (LTC). LTA is exempt from tax u/s 10(5) of Income Tax Act, 1961. Only individuals whose …

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