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Investment Proofs For Claiming Income Tax Deductions FY 2012-13

Are you done with your investments to avail tax deductions this financial year? If yes, then you must know that submitting the proofs of your investments to your employer as evidence of your investment is equally important as making investments. In simple words, as a tax payer you are required to submit the proofs of your investment to your employer …

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Public Provident Fund (PPF) In India: Safe Investment To Save Tax

Financial year 2012-13 is moving towards its end and this is the time when most of the tax payers think of investing in different tax saving instruments to save tax. Tax saving instruments are those investment schemes which offers tax deduction under income tax act 1961. Although there are number of tax saving instruments available in the market like ELSS, …

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Income Tax (IT) Implications On Gift Received In India

Gift is something we all like to get from our loved once but are we aware about the tax implications on the same. Under Income Tax Act 1961, there are many rules on receiving gift  based on the nature of the gift and from whom the person has received the gift. As per income tax act, gift received in the …

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Penalty On Default/Late Payment Of Income Tax Or Advance Tax In India

As we all know payment of income tax comes with a deadline every year which make us pay a part of our annual income in the form of tax to income tax department. We all need to make the payment of income tax on or before that deadline else income tax department levies some penalty in the form of interest. …

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