OLTAS (Online Tax Accounting System) is a system for collecting, accounting and reporting receipts and payments of direct taxes from all kinds of taxpayers, through a network of bank branches. Different kinds of direct … READ FULL STORY
A person authorised under the Income Tax Act (ITA) of 1961 is required to deduct tax at the source for payments above a certain threshold. The TDS rates for various categories vary between 1% … READ FULL STORY
A challan is a bill receipt, invoice or an official summons, while TDS is Tax Deducted at Source. This is managed by the Central Board of Indirect Taxes. Challan ITNS 281: Background The manual … READ FULL STORY
Advance tax payment is a monetary liability that individuals and companies in India, that earn a specific type of income, must fulfil. This guide explains advance tax and related aspects. We also discuss the … READ FULL STORY
Anyone who provides services or supplies goods must pay GST, if the output tax exceeds the input tax liability. Businesses in India can make GST payment online, as well as offline. This guide will … READ FULL STORY
For online tax payment or e tax payment, taxpayers must use Challan 280. This guide will explain Challan 280, when is it used, which income taxes are paid using Challan 280 and how to … READ FULL STORY
Taxpayers can claim income tax refund from the Income Tax Department in India, in case excess tax has been deducted from their salary or other income, due to delayed or non-submission of investment proof. … READ FULL STORY
ITR full form ITR is the acronym for Income Tax Return. Who should file an ITR? Filing an ITR is necessary in case of any of the following conditions: 1. If gross income … READ FULL STORY
What is an income tax calculator? The Income Tax Department’s income tax calculator is an online tool that helps you to arrive at your total tax liability. However, to use the tax calculator, the … READ FULL STORY
Under its Pradhan Mantri Awas Yojana, the central government has been offering PMAY subsidy to those building, constructing and buying homes in India. This guide will help you understand how the PMAY subsidy works … READ FULL STORY
Capital gain refers to the profit that one earns through the sale of a capital asset, such as real estate, or even stocks or bonds. It is the difference between the selling price of … READ FULL STORY
What is income tax? Income tax is a direct tax that the government levies on the income of people and businesses during a financial year. Under the provisions of the Income Tax Act, 1961, … READ FULL STORY
In addition to your basic KYC documents (like your proof of address and identity) and property documents (like chain of documents and title deeds of the land), the home loan lender asks you to … READ FULL STORY
