5 Tips for Keeping Your Day Job While Launching Your Own Business

In an ideal world, you have at least a year’s salary saved up and you can quit your day job in order to focus 100 percent on your entrepreneurial venture. Unfortunately, that’s just not feasible for many entrepreneurs who end up being successful. Maybe you have a family to take care of, massive student loans, debt or a mortgage you can’t negotiate lower, or perhaps the medical benefits of your current employer are just too good to let go. Many entrepreneurial mentors will tell you to quit...

4 thing you must know about Rent receipts & claiming HRA

Of all the tax benefits, HRA exemption is the most popular. Here are a few must know things about claiming HRA. Submit rent receipts If you are claiming HRA through your employer, they’ll need a proof of rent payment to allow you exemption. The income tax act has made it the employer’s responsibility to collect rent receipts. On the basis of rent receipts submitted by you, your final tax liability shall be calculated and TDS adjusted accordingly. Landlord’s PAN details If the annual rent paid by you is more than Rs 1,00,000, it is compulsory to get PAN of the landlord and report it to your employer. In case due to some reasons the landlord does not provide you the PAN or does not have one, you can ask for a declaration to this effect from the landlord with name and...

Income Tax Return Filing for Beginners in India

For a beginner, income tax return filing may seem like a big deal. If this is your first time at it, here's are some pointers to help you sail.1. Should I file a Return? The IT department requires that one must file an income tax return if their total income is more than Rs 2,50,000. This total income is essentially the sum of income earned from all sources - salary, interest income from the bank, any rental income etc. Also the Rs 2,50,000 is your gross income before reducing any Deductions. Non-filing of returns may attract some penalties from the IT department.2. All my tax is already deducted? While, TDS may already have been deducted from your salary and other incomes, disclosing all your incomes and filing your return timely is your responsibility. So we go back to the thumb rule of...