Category Archives: Tax evasion

5 Benefits Of Filing Income Tax Returns

It’s income tax filing season. If you’re planning to give it a miss, here are 5 benefits of filing income tax returns that should help you change your mind.

Fake Rent Receipts Could Get You In Trouble

Providing fake rent receipts to claim deduction under HRA is a tactic used by many salaried employees. The Income Tax department is now going to scrutinize the receipts carefully. Here’s what you need to know.

IDS: Why You Should Declare Your Undisclosed Income Right Now

Haven’t disclosed a part of your income while filing tax returns in the past? Now is the right time to make full use of the Income Declaration Scheme.

Are You An Honest Taxpayer?

According to recent data released by the Income Tax Department, hardly 1% of the population in India pay their taxes. More than 5,000 individuals paid taxes of over Rs.1 crore. Most people seem to earn between Rs. 5.5 lakh and Rs. 9.5 lakh. Hooked? We have more astonishing stats!

Your Global Assets Could Land You in Jail: Prevent it Now

A Princess in the middle east was gifted a completely gold toilet on her wedding. The wealthy love spending and we love to hear about the diamond studded BMWs and private jets that they gift each other. So many of us wistfully wish we could visit their sprawling mansions with indoor pools in exotic locations.… Read More »

How to avoid tomfoolery in the New Financial Year

March with its feverish frets and yearly targets is over. April 1st was (no, not All Fools Day) the start of the New Financial Year. So, did you make those financial resolutions for the new year? Or did you end up like Teena and Prateek? Teena and her husband Prateek, a newly-wed couple, had a… Read More »

The little-known secret of how metros buy insurance

Insurance sales start surging in January of every year and peaks in March. So, are more accidents happening during this period? More people getting hospitalized? Or, a sudden realization in the new year that one needs life cover? It’s Option D – none of the above. The reason is painfully simple – tax saving! So,… Read More »

How do you know when your tax planning strategy has backfired?

Well-planned movies become debacles. As do game strategies in chess. The dressing room strategies of the Indian cricket team always seem to be in the danger of backfiring. Can’t then your tax planning strategy? Here are 7 surefire indicators that it has. You find yourself struggling to use up the Section 80 limit People tend… Read More »