Tax Gyan - The Makeyourtax Blog

Can you still file your ITR?

Haven’t filed your return within due date? Can it be filed after due date? In this article we will discuss about filing of return after due date and its consequences. The due date for filing of Income Tax return for Individual and HUF who are not required to get their accounts audited under Income Tax …

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All about Taxability of Gifts

Do you know that some of the expensive gifts that you receive in your marriage are subject to tax? Do you know that the house u got as gift may be subject to tax? Individuals receive gifts from their relatives or friends on different occasions. The gift so received may be taxable in the hands …

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Survey says 72% find CBEC policies tax payer friendly 

  The government’s efforts to improve the indirect tax regime and make it more taxpayer friendly have got the thumbs up from a majority of respondents in a survey conducted by the Central Board of Excise & Customs (CBEC).     While 72% of respondents said they saw a “perceptible” change in policies of CBEC, …

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10 reasons why you should file your Income Tax return

The due date of Income tax return filing for Individuals i.e 31st of July is fast approaching. It’s time to file your return and pay your taxes. Tax payers generally take filing of return as a burden or an additional compliance put on by the government. In fact, Income Tax Return is just a Statement …

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How to calculate TDS on salary

If you are paying salary, tax laws require you deduct TDS before you pay your employee. The taxes are deducted at the source of payments such as salary paid to an employee or commission earned by a broker. TDS provides a way for the government to ensure steady collection of taxes throughout the year, while …

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Top 6 changes in ITR for AY 2016-17

Government has notified the new forms with the onset of the new financial year i.e., 1st April, 2016. The Finance Ministry published a gazette order in this regard on March 30 and taxpayers can file their ITRs till the stipulated deadline of July 31.   In this regard, following changes in ITR for AY 2016-17 need …

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