Pakistan’s financial budget to include legal cover for foreign trust

Pakistan’s finance bill for the year 2016-17 presented by the government has proposed amendments to clause 23 of income tax ordinance. According to which legal cover will be provided to undeclared wealth held through foreign trust by the nation’s individuals.Vice president of Pakistan’s people party Sherry Rehman questioned the amendments and quoted them as suspicious. […]

Compliance window is not tax amnesty

Finance Arun Jaitley stated that the present chance given to disclose income does not fall under the category of amnesty or voluntary disclosure of income (VDIS) of 1996.Presenting the 2016-17 budget finance minister said he wanted to give a compliance window for the non complaint citizens without any further legal action. One can clear the […]

Income tax department to name and shame all crorepatis

The government in the year 2015 released 67 names of the tax defaulters list. These names were released in 3 installments under the “name and shame policy. The source of income for majority of the individuals and entities in the list is through jewelry, diamonds and gold. The first list released was released in March […]

IT department facilitates ATM based filing for income tax returns

Income tax department of India has launched automatic teller machine (ATM) based validation system for electronic filing of income tax returns. This facility is to boost the paperless regime of filing annual IT returns. Electronic verification code will be generated by pre-validating in the ATM of the bank, where the taxpayer has an account. State […]

Filing income tax return for the financial year 2015-16

Any citizen having taxable income is supposed to file income tax return. Tax is levied on citizens having income more than INR 2.5 lakhs per annum.The income tax department can refund only if a tax return is filed. In a tax return filling all details regarding income and tax deduction at source (TDS) is provided.A […]

Incentives given to own a house

To make own house a reality for all people in India the government has brought in various schemes. Let us look at the incentives provided for owning or constructing a residential house and tax benefits provided to a builder or developer. Home loans for individualsAmong all the loans provided by the banks such as business […]

Avoid paying Income tax in the rush hour

The deadline for paying income taxes in India is June-end. However the Reserve bank of India (RBI) has requested the citizens to pay in advance to avoid rush at the last moment. It is well known that remitting taxes at the end of the time period in RBI and other authorized banks becomes crowded at […]

Important forms to be remembered for last hour tax payers

The deadline for filing tax this year is July 31st. But most of us keep procrastinating and rush in the last minute. To all those final hour working people. Here are the forms that should be ready with:Form 16 and Form 16A:Form 16 is for declaring the basic information regarding income earned and tax deducted […]

Government implements tax collection at source

Under the provisions of Tax collection at source (TCS) specific persons require to collect tax at 1 to 5 percentage for niche transactions from opposite parties. The percentage is dependent on the type of transaction. These transactions are mostly constrained to business activities and not day-to-day money exchange. The person collecting TCS is given credit […]

Facts about Indian tax payers and the system

India has undergone a sea of change in taxation. In the early 1990s India opened its economy for foreign investment and liberalization of economy began. Since then the income of the nation has been increasing and various tax reforms started to come into effect to increase government revenue.Here are some of the interesting facts regarding […]