Do you file your income tax returns every year? If not, are you aware whether you should file your yearly return of income or not? There are many misconceptions due to which people do not bother to file return of income. Some people believe that their employers deduct the tax from their salary and [...]

An income tax refund is actually a kind of tax rebate. In simple words you can say that it is actually a return on taxes you receive when the amount of tax liability is lesser than the actual tax paid in a single financial year. In this case you can claim maximum refund because [...]

Union Budget, in the language of a financial analyst, is the estimated sources and application of funds for a particular fiscal year. It is normally placed before the House of Parliament in the last week of February.
To the common citizens, budget is all about rise or fall in the prices of goods and services [...]

In an attempt to monitor all deposits made under post office schemes and bring them at par with bank interest earnings, the Central Board of Direct Taxes (CBDT) has notified that income from post office savings schemes will be taxed from the current financial year.
By making it mandatory for individuals to declare investments in [...]

Finance Minister Pranab Mukherjee today asked Income Tax (I-T) officials from across the country to maximise tax collections as he talked to them through video conferencing from the national capital.
Mukherjee addressed the Chief Commissioners of Income Tax (CCsIT) and other senior I-T officials in 48 cities from office of the Chairman of Central Board [...]

1. Income-tax, in India, is a tax payable, annually, at the rate enacted by the Indian Union Budget (Finance Act) for every Assessment Year, on the Total Income earned in the Previous Year by every Person.
2. The chargeability is based on the nature of income, i.e., whether it is revenue or capital. The principle [...]

A current survey in India reveals 67 percent of employees received salary hike in the year 2010. Which is beyond expectation. Indian finance ministry declared a new income tax scheme for government and non-government employees. Here is some popular tax saving option for Indian citizens – tax saving bond, funds. Eventually government of India [...]

Finance Minister Pranab Mukherjee on Friday revised the tax slabs for the next Tax financial year.
There will be no tax for income upto Rs 1.6 lakh. The earlier slab was 1.6 – 3 Lakh
For income between 1.6 lakh – 5 lakh, the tax liability will be 10%. The older slab was 3-5 lakh.
For income [...]