CountMagic

The financial year is going to end soon and you may be busy planning last minute tax saving for FY 2016-17. But no matter what time of the year it is, understanding how to save taxes on salary can be very helpful. Changes announced in Budget 2017, have lowered taxes for all in FY 2017-18 (unless you earn more than Rs 50L). Take a look  here  to check how much tax you will save in FY 2017-18. You can also use our calculator  here . If you are looking for information on how to lower taxes on SALARY INCOME, this article explains how. This article will help you to Save tax legally on salary   income Change your salary structure There are various allowances and perks which are exempt from tax and you can easily claim them  provided that they are a part of your salary structure . So by restructuring your salary, and including these allowances, you can reduce your taxes in a big way. You will have to rework your salary structure with your ...

The GST bill has been passed in Lok Sabha. The bill is now waiting to be approved in the Rajya Sabha. Here are 8 things you must know about GST Bill – What is GST? GST or the Goods and Services Tax will replace all the existing taxes of VAT, Sales Tax, Excise Duty, Customs Duty, Central Sales Tax and Octroi. Some goods are also taxed differently based on whether they move inter-state or intra-state. With the introduction of GST there will be a single levy on goods and all the taxes mentioned above will go away. Why are so many rates an issue?  The several rates which are in force increase the compliance burden for businesses. Besides this some goods may invite more than one type of tax and there are no clear mechanisms for taking credit where some taxes are already paid. This increases the overall burden on the goods and for businesses who manufacture them. What is the approval timeline for GST? Since the implementation of GST requires an amendment in the constitution ...

New Delhi, Sept 25:  Packaged consumer goods displaying the old maximum retail price (MRP) will be confiscated from October 1 under the new Goods and Services Tax (GST) regime, reported  Zee News . After the roll-out of the GST,  Food and Consumer Affairs Minister Ram Vilas Paswan had extended a three-month dispensation  to all manufacturers and traders till September 30 on old stock they were holding. From October 1, products with pre-GST prices will be confiscated. The government had earlier allowed companies to print, stamp, or use stickers to show the new MRP on a product package.  The guidelines  were issued to ensure that companies and retailers have a way of dealing with older (so-called pre-GST) stock, and preventing profiteering in the name of new MRP. The original MRP shall continue to be displayed and the revised or post-GST price shall not overwrite on it, said the guidelines. There has been ample confusio...

Narendra Modi took oath as the Prime Minister of India on 26 May 2014. A lot has happened in these past three years, not only on the political front, but in the world of personal finances as well. Has it been Achche Din for your money? Let’s take a look at how the Modi Government has affected your personal finances. 1) We’re now holding debt funds for longer because the long-term period was increased from 12 months to 36 months 2) With money lying idle in our bank accounts after demonetisation, we have started investing in mutual funds a lot more 3) Fixed income investments have become less attractive after interest rates went down 4) Home loan interest rates have come down to make it easier to own a home, especially with additional  tax benefits  also made available 5) We’ll now be paying less  income tax  after the tax rate on the 10% slab was reduced to 5% 6) Freelancers, professionals and consultants can pay income tax on onl...