ITD Warns Salaried Class Against Filing Wrong Returns

Income Tax Department Warns Salaried Class Against Filing Wrong Returns The Income Tax Department on Wednesday cautioned salaried class taxpayers against using illegal means like under-reporting of income or “inflating” deductions while filing their returns, stating violators will be prosecuted and their employers will be intimated to take action against… Continue reading

Tax rules you should know to plan your savings for F.Y.- 2018-19

With the starting month of the F.Y.-2018-19 , it is a good time to start reviewing your tax-saving plans. And to do so, you must know the new tax rules that are effective from financial year 2018-2019. Standard Deduction In Budget this year, the government introduced, rather reintroduced, standard deduction… Continue reading

Deferred Tax

Deferred tax refers to the tax effect of temporary differences between accounting income that is calculated by taking into consideration the provisions of Companies Act, 2013 and taxable income that is calculated by taking into consideration the provisions of Income Tax Act,1961. Temporary Differences: While calculating taxable income, certain expenses debited… Continue reading