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Tag Archives: income tax return

Penalties for tax evasion

Is Prosecution the Best Treatment for Tax Evasion?

Tax evasion as an offence: Tax evasion is an illegal act which occurs for failure to file income tax return or altering the tax amount which is to be paid. It differs from tax avoidance. Tax avoidance is legal as one can rightly use the tax laws to decrease the amount of tax to be paid. When is penalty imposed? ... Read More »

Capital gains tax rates

capital gains tax rates

Depending upon the type of capital assets you have made investment in the tax rates of your capital gains are decided. There are few investments that taxed certain rates. And then, there are certain other investments that are eligible for tax-exempt status. Herein we are discussing different types of assets and tax rates on such capital gains. Collectibles: If you ... Read More »

Long Term Capital Gains computation and tax rates

capital gains

In simple layman terms capital gains as the name suggests is a type of monetary gain which has been acquired from various types of capital goods. Long term capital gains or LTCG is applied in context with two different types of Capital Assets. One of the capital assets is house and the other is mutual funds/shares. So, simply speaking any ... Read More »

Key dates for Indian taxes

Key income tax dates

There are many who think that the major rush for filing return and submitting different income related certificates is only in between January and March. But all the year through there are deadlines for submitting income tax certificates and filing returns which solely depend upon the source through which an individual or a company earns business. Some of such key ... Read More »

Using Tax Calculator for Calculating Indian Income Tax

tax calculator

Income tax calculation is one of the most complicated things for many people. Those who are not aware of the rules and regulations of income tax fear calculating the tax and planning their returns. Most of them hence, approach the chartered accountant for even smallest of information or detail required. But now the tax calculator is available on the internet ... Read More »

Income Tax Scrutiny Can you Save Yourself From IT?

Income Tax

Evasion of income tax is a serious crime and everyone is expected to pay tax on the income they have earned annually. There are many who try to hide their certain income resources by different malpractices. But in the end if you are found guilty you not only have to pay the tax amount, you are also penalized. As a ... Read More »

Effects of Not Filing Income Tax Return in Time

Though filing of Income Tax return is voluntary but the Government of India has made the filing of return for any income which is taxable compulsory for the people. If a person having taxable income escapes to pay the tax, he is said to do an unlawful act and is liable to pay penalty for the same. But someone having ... Read More »