Tax Gyan - The Makeyourtax Blog

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1 per cent tax on cash purchase of car for over Rs. 2 lakh

Buyers of cars and premium two-wheelers who pay more than Rs 2 lakh of purchase price in cash will be levied 1 per cent tax as part of the government’s drive to stifle the black economy.  Finance minister Arun Jaitley had announced 1 per cent tax collected at source (TCS) on cars costing more than …

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Imprisonment with fine to Income Tax Inspector in Bribe Case

FOUR YEARS RIGOROUS IMPRISONMENT WITH FINE OF RS. 1.50 LAKH TO THEN INSPECTOR OF INCOME TAX IN A BRIBERY CASE The Special Judge, CBI Cases, Patiala House Courts, New Delhi has convicted Sh. Jai Prakash, then Inspector, Income Tax Department, Delhi and sentenced him to undergo four years rigorous imprisonment with fine of Rs. 1.50 …

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Google Payments Notification regarding Equalization Levy

This is to inform you that as per the Notification No. 37/2016: F.No. 370142/12/2016-TPL dated 27 May 2016 read with Finance Act, 2016, Government of India has levied an ‘Equalization Levy’ on provision of online advertisement services or any other service or facility for the purpose of online advertisement by a Foreign Company provided on …

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5 documents to be kept ready for hassle free ITR Filing

The due date for filing of Income Tax Return in July 31st, 2016. It is that time of the year again when our inbox gets flooded with reminders and warnings. More often than not, in the last moment, we find ourselves utterly hassled at the last moment. The hassle being which document to use, which …

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New forms released for claiming rebate on LTA, HRA

New forms released for claiming rebate on LTA, HRA.The income tax department has come out with a standard Form 12BB for salaried taxpayers to claim tax deduction on leave travel allowance concession (LTALTC), house rent allowance (HRA) and interest paid on home loans. Taxpayers will have to furnish to their employers proof of travel in …

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How to plan for taxes on your salary

At the end of every financial year, many taxpayers make investments to minimize taxes, without adequate knowledge of the various available options. The Income Tax Act offers many more incentives and allowances, apart from the popular 80C, which could reduce tax liability substantially for the salaried individuals. In this article, we will tell you how …

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