Government levies income taxes on people and corporations in relation to the income or profits that such people and businesses make. Individuals and corporations are required to file an income tax return each year … READ FULL STORY
While filing income tax returns (ITRs), it is important to know about various sections of the Income Tax (I-T) Act under which you must declare your income, expenditure, and investments. As a taxpayer, you … READ FULL STORY
As an individual earning a regular income in the form of salary, you would be required to pay professional tax. However, unlike the income tax one pays to the central government, the professional tax … READ FULL STORY
Salaried workers account for a sizable portion of all taxpayers in the nation, and thus have a substantial impact on the amount of taxes collected. The salaried class has access to a variety of … READ FULL STORY
The government has implemented several profit-linked deductions and incentives to promote investment across a range of industries. Even though they can pay regular taxes, taxpayers who qualify for such deductions or incentives may become … READ FULL STORY
There are several upsides to filing your income tax returns on time. Those who fail to file their tax returns or pay taxes on time face several fines and even legal action, as outlined … READ FULL STORY
In India, every person within the tax bracket has to provide income details to the Income Tax (IT) department. These are submitted by way of filing IT returns. Once filed, the IT department verifies … READ FULL STORY
If your income tax returns (ITR) have already been submitted, you must confirm them. Your ITR will not be processed by the tax department until it has been verified. Additionally, you can only receive … READ FULL STORY
Capital gains refers to any profit received through the sale of a capital asset. The profit received falls under the income category. Thus, a tax must be paid on this income, which is known … READ FULL STORY
Standing for Hindu Undivided Family, HUF can be utilised as an effective tax-saving instrument to lower taxes via careful tax planning. Given that joint families are common in Indian culture and that an individual’s … READ FULL STORY
Under India’s income tax law people making certain payments are responsible for deducting tax at source (TDS) from the amount. Section 195 of the Income Tax Act deals with TDS deductions on NRI income. … READ FULL STORY
Insurance policies are beneficial when it is all about a financial crisis based on various medical issues. So, it is a must-have plan to go for insurance coverage for both you and your immediate … READ FULL STORY
The Budget 2023-24 has proposed changes in the new tax regime introduced under Section 115BAC of Income Tax Act. The tax structure in the new personal income tax regime, introduced in 2020 with 6 income … READ FULL STORY
