Any land used for agricultural purpose shall be treated as agricultural land. It can be situated in rural area or urban area.

The tax proposals in the Budget 2017 have now become law. In addition, some amendments were also introduced in the Finance Bill that was passed by the Lok Sabha.

The government has proposed to make Aadhaar card mandatory for filing income tax return and also applying for permanent account number (PAN).

With hardly a fortnight left for the end of the financial year 2016-17, the March 31 deadline remains sacrosanct for several tax-related matters.

You can save tax by investing upto Rs 1.5 lakh in equity-linked savings scheme (ELSS) under section 80C of the Income Tax Act.

The government’s decision to raise the tax-free gratuity limit to Rs 20 lakh for non-government employees may lead to big tax savings. The decision has yet to be approved.

When we think about making tax saving investments, the first thing that comes to mind is section 80C of Income tax Act. But readers, slow down. We will only tell you what’s available, and what’s good for you, from a tax saving point of view.

Yet if you have not re-designed your Salary Package , then this is the change available with you to smartly restructure the same to avoid extra tax burden

The present burden of taxation is mainly on honest taxpayers and salaried employees.” Keeping this in view, he tried to disperse the tax liability on everyone so that there is a uniformity in paying tax amongst all

It is already March and soon the financial year 2016-17 will end. By this time you should have better picture of your total Income, any investment you made or may make before the end of financial year.

We are hearing a lot about 200% penalty on undisclosed income, particularly after the announcement by Hon’ble Prime Minister for discontinuation of currency notes of Rs. 500/- and Rs. 1000/-. It has triggered various kinds of misunderstanding and rumours about the rate and incidence of penalty on (i) undisclosed income or (ii) furnishing inaccurate particulars of income, as prescribed under income tax laws.

Apart from the above beneficial provisions under income-tax Act, beneficial provision in respect of payment of service tax on quarterly basis and facility of payment of service tax on receipt basis is being extended to a One Person Company (‘OPC’) with effect from 1 April, 2016, which would also benefit start-ups registered as OPCs.

Assignment of right to use the spectrum and its transfers has been deducted as a service leviable to service tax and not sale of intangible goods.
Customs Act to provide for deferred payment of customs duties for importers and exporters with proven track record

Stamp duty and registration charges and other expenses related directly to the transfer are also allowed as a deduction under Section 80C, subject to a maximum deduction amount of Rs.1,50,000. Claim these expenses in the same year you make the payment on them.

The word salary includes dearness allowance if terms of employment so provide and commission based on fixed percentage of turnover but exclude all other allowances and perquisites.