What is Advance Tax?

Advance tax is an Income tax. As the name suggests advance tax is paid much before the period of filing of income tax return. Income tax act has prescribed section 208 that makes it obligatory for the taxpayer to pay tax in advance. There have been few conditions and due dates prescribed that taxpayer must […]

Frequently Asked Questions about Income tax return

What is Income tax return ITR stands for income tax return. As the name suggests that it is a declaration of income by person in every financial year to the income tax authority. Income tax authority has prescribed the forms for filing income tax return. A person falling under the mandatory category should file his[…..]

FAQs on Salary Income

What is considered as salary income?​​​​​​​​​ section 17​​ of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. What are allowances?​​Allowances are fixed periodic amounts, apart from salary, which[…..]

Why Singapore is a Hub for Indian Startups?

The economies that rank highest in the ease of doing business are those that have consistently well designed business regulation and Singapore is amongst the top 3 countries as per the report of Worldbank. Several Indian startups, although operating in India, have registered holding companies in Singapore to benefit from increased funding opportunities, business and[…..]

Government may relax you from Angel tax

On Monday a committee of 5 members has been set up by the government to look into the Angel Tax issue come up with guidelines in one week. Department of Industrial Policy and Promotion (DIPP) on 16th January 2019 issued a notification, which exempt the Startups from Angel tax. Few conditions were laid down in[…..]