Category Archives: Wealth Tax

What can you do before year end? – Check list for the year end.

It’s a time to gear up and get ready for the year end necessities with respect to finalization of accounts and income tax related requirements. As we all know March ending is approaching very fast and this is the best time to get your accounts in order and plan for processing of year end. This… Read More »

Rules regarding quoting of PAN for specified transactions

PAN (Permanent Account Number) is a ten digit unique alphanumeric number issued by the Income Tax Department. PAN gives identity to each tax payer thru which the income tax department code and co relate the income and taxes. There are certain transactions which require mandatory action of quoting of PAN. Thru which your transactions are… Read More »

Different types of Income Tax Penalties

An assessee has been made liable to penalties for the defaults or non-compliance committed by him under the various provisions of income tax act. As against various exemptions, reliefs & deductions income tax act also levy/charge various types of penalties on its tax payers who does not comply with provisions of the income tax act.… Read More »

E-Sahyog the pilot Project; Aims at Minimize Compliance Cost, Especially for Small Taxpayers

The Finance Ministry thru CBDT has launched new feature ‘e-Sahyog’ on a beta basis. The aim of the feature is to minimize compliance cost, targeting to all small and medium taxpayers. This initiative is in line with the government‟s commitment under Digital India to enable public services for the benefit of the citizens. The objective… Read More »

Key Facts about Wealth Tax and Wealth Tax Return

Most people only focus on their personal tax planning and working towards saving as much of income tax. They invest funds in 80C eligible instruments, invest in tax free bonds, carefully managing their capital gains etc. But if your net wealth exceeds Rs. 30 lakhs then you are liable to pay WEALTH TAX. Wealth tax,… Read More »