Tax Gyan - The Makeyourtax Blog

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10 myths about ITR Filing for salaried employees busted

We have reached that time of the year again when we need to file Income Tax Returns. The time when the day is fast approaching and you start hearing conflicting things from your colleagues, friends and family about what to do and what not to do when filing your taxes. Often the reality is far …

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Marriage, gifts and tax planning

Raju is a software engineer working in a technology company in Bangalore City. He is very excited these days as he is getting married in the month of December this year. He hails from those typical south Indian families, where marriage is very big affair, when whole of congregation of relatives takes place. Raju is …

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What to do when you receive IT Assessment notice

Mr. Agarwal, a medium size wholesale trader from Meerut, is somewhat worried and is not able to concentrate fully on his business from the time he has received a notice from Income Tax Department. His tax consultant has told him that his file has been selected for scrutiny and the assessing officer will ask for …

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1% tax on gold jewellery withdrawn by department

In Budget FY 2017, FM Arun Jaitley has announced 1% TCS levy on cash transactions over Rs 2 lakh to buy gold jewellery. Now, the government has rolled back the Budget decision of charging 1% tax collection at source (TCS) on cash purchases of gold worth over Rs 2 lakh much to the relief of …

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Due Date for e-filing of CIT appeals extended to 15.06.2016

The CBDT vide Circular No. 20/2016 dated 26.05.2016 has clarified that in order to mitigate any inconvenience caused to the taxpayers on account of the new requirement of mandatory e-filing of appeals, it has been decided to extend the time limit for filing of such e-appeals. E-appeals which were due to be filed by 15-5-2016 …

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