Category: Tax Matters

Budget 2018 was the last complete budget that the current government announced prior to the nation-wide general elections of 2019. Many experts and the public in general had expected that this budget would feature a number of populist policies including tax benefits for a wide class of individuals. About two months later, we know for...

In order to track large value transactions in the country, the government is planning to launch a PAN activity monitoring and analysis software tool. The platform will be called Income Tax Business Application-Permanent Account Number (ITBA-PAN) and is currently being put to final tests. The software tool will help the Income Tax department to track...

The Ministry of Finance issued a notification on 30 December 2015 making Permanent Account Number (PAN) mandatory for various transactions from 1 January 2016. The move is aimed at curbing the circulation of black money and expanding the tax base of the government. The notification states that if a person not having a PAN card...

India’s Income Tax (IT) Department has implemented a new technology designed to identify and eliminate duplicate Permanent Account Number (PAN) entries. This new technology is an electronic smart platform named ITBA-PAN (Income Tax Business Application – Permanent Account Number) and it has already been put into operation by the IT Department. This platform is designed...

The deadline for Income Tax Return (ITR) filing for FY 2016-17 (AY 2017-18) has been extended to 5th August 2017 from 31st July 2017.   It has come as a relief for a number of taxpayers who were facing problems due to multiple changes made in the procedure lately. These changes include the mandatory linking […]

While most of us have one or more savings accounts, very few would be aware of the interest earned and calculate the tax implications around them. Most banks offer an interest rate of 4% on savings accounts. However, this may go as high as 7% under certain schemes offered by some banks. The interest earned […]

31st July 2017 is the last date for filing Income Tax Returns (ITR) for the Financial Year 2016-17 (Assessment Year 2017-18). Filing ITR can be a complex process and preparing for it last minute may result in mistakes that might have negative impact on your finances. Some non-disclosures and inaccuracies might also expose you to […]

The Income Tax Department has released an e-service module named Aaykar Setu with an aim to educate the masses on income tax payments, return filing and other processes. The module is also available for desktops apart from the android app. Users can get their queries related to tax matters resolved from experts online. Read more […]

Do you have queries related to income tax and you want to get an expert opinion? Do you find it difficult to track your TDS (Tax Deducted at Source)? Do you want to apply for a PAN (Permanent Account Number) card or pay tax online? If any of your answers is in affirmative, be ready […]