View quick summary Certain Non-Government Organisations (NGOs) have received notices from the Income Tax department. Several notices not only demand taxes to be paid but also press for revoking the NGOs’ registration under the I-T Act.
When shifting jobs, the new employer assumes that you didn't earn any income in the previous months. Tax liability will be calculated according to the income you earn for the following months that remain in the financial year. This concludes to paying lesser tax than what was supposed.
When shifting to a new company, the PF account under the previous company can be transferred to the new company. This way, the PF amount contributes to retirement planning. By withdrawing the PF amount while shifting jobs, the individual is liable for tax on the amount withdrawn.
Be it school fees, medical insurance, etc., only the member making payment can avail the tax benefits offered. Both the spouses cannot claim the same tax benefit.
Owning a vacant second home can attract wealth tax. The tax will be charged on the notional rental income of the property, keeping the market rent of the property's locality as basis.
- < Older posts
- |
- Newer posts >
- NGOs receive shocks from tax notices
- Tax evasion checklist: Taking benefit of basic exemption limit twice in a year
- Tax evasion checklist: Withdrawing PF within five years of joining a company
- Tax evasion checklist: Both spouses claiming tax benefit on same expenses
- Tax evasion checklist: Not paying wealth tax on second house
Infosys, Bangalore



















