Form 26AS and pre-filling of tax returns have made filing of tax returns simpler and easier, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said while presenting the Interim Budget 2024-25 in Parliament … READ FULL STORY
A Digital Signature Certificate (DSC) is a digital alternative to traditional signatures and ensures data safety. Moreover, DSC has a key role in income tax filing. For those who incur huge expenses, such as … READ FULL STORY
In the Indian financial landscape, PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) are two crucial identification numbers issued by the Income Tax Department. While both are alphanumeric codes, they … READ FULL STORY
Income tax is a pivotal component in the economic landscape of any nation, acting as a primary source of revenue for the government. In India, understanding the intricacies of income tax exemptions is crucial … READ FULL STORY
Exempted income refers to the amount a person earns in a financial year and is non-taxable. According to the Income-Tax Act (I-T Act), certain income sources, if adhere to the rules mentioned in the … READ FULL STORY
There are many jargons that you will encounter while dealing in real estate. One such is the Tax Deducted at Source (TDS) on sale of property. Listed under section 194-IA of Income Tax Act, … READ FULL STORY
An anticipatory income tax statement is a crucial financial document that provides a comprehensive overview of an individual or business entity’s expected income and tax liabilities for a specific period, typically in advance of … READ FULL STORY
In case you earn a taxable income under Income from Other Sources, the income tax law in India provides you with an option to claim deductions against certain expenses. Section 57 of the I-T … READ FULL STORY
One of the common issues faced by most of the people living abroad is double taxation. In case of dual income, people have to pay taxes in the country they reside and native country, … READ FULL STORY
January 3, 2024:Â The income tax (I-T) department has recorded a surge in filing of income-tax returns (ITRs). This has resulted in a new record of 8.18 crore ITRs being filed for the assessment year … READ FULL STORY
Professional tax, a significant component of India’s taxation system, plays a crucial role in the financial landscape of the country. This levy, imposed by state governments, is designed to collect revenue that supports local … READ FULL STORY
Taxation is a fundamental aspect of any economy, serving as a primary source of revenue for governments. Two broad categories of taxes exist: direct taxes and indirect taxes. These classifications are based on the … READ FULL STORY
The income tax law in India mandates collection of tax at source (TCS) on sale of specific goods. Section 206CR elaborates on this subject. Section 206CR: Who has to pay tax? A seller is … READ FULL STORY
