Not all taxpayers in India pay their income tax

India is one of the countries in the world where only one percent of the overall population pays their income tax. The Central Board of Direct Taxes released the income tax data in the year 2011-12 in which only 12.9 million people paid the tax. Comparing the percentage ratio of the United States, fifty five […]

Government’s action changed the perception of the public

For the first time in India, the government officials who have not performed well in their jobs were removed from their post. In the parliament on May 5th, 2016 the Finance Minister said that the government has taken stringent steps to prove their good governance. As a result, the Finance Minister dismissed seventy two tax […]

Finance bill targets the Automobile industry

The Finance minister, Arun Jaitley proposed an amendment in the recent Finance Bill for the year 2016, and Lok Sabha approved it.According to the amendment, if a person buys a car that exceeds ten lakh then they have to pay one percent as tax. Similarly, for people whose dividend income is above ten lakh, they […]

Government focuses on the tax evasion

The Finance bill proposed an amendment in favor of the startups regarding the capital gains tax of an unlisted company.At present, the share of unlisted firms faces capital gains tax of twenty percent for every three years, while the listed firms have exemptions in capital gains tax on shared transactions for those whose stocks are […]

Filing period for Tax-exempt organization

The deadline for individual taxpayers is over, but May 16th 2016 is the last date for filing, for tax exempt organizations. They need to file their information regarding returns on the 15th day of the fifth month after the end of the tax year. If the 15th day is a holiday the next working day […]

Tax details of employees endangered on ADP portal

ADP the payroll company was attacked by Cyber identity thieves. Salary and tax data of employees of customers firms were stolen, KrebsOnSecurity revealed. ADP stated that the incident took place as the victim companies’ published sensitive details of their ADP account online. This data made it easy for fraudsters to launch their cyber attack; they […]

Revenue from income tax benefits the State

Many people forget to declare the income tax form, the last date to submit the form is May 31th, and the assessment will be issued by the end of August.President of St.Martin, Aline Hanson said that the tax is due for 2015 and only around fifty five percent of the recovery rate. But the National […]

The tax freedom day is a catalyst

In the United States of America, the Tax foundation released the Tax freedom day’s annual report. And for the year 2016, April 24th was the Tax freedom day.When the Nation acquires enough income to pay their state bills, local and federal bills, that day is the Tax Freedom day. For the year 2016, the people […]

Health insurance plan is a tax-free plan

There are many schemes available that will help to deduct the income tax amount from the annual income. Among several schemes the health insurance scheme is one of the best schemes, and it contributes even before the tax year. The main reason of the health savings account (HAS) is that it will reduce the gross […]