The government may increase the exemption limit on income tax from existing Rs 2.5 lakh to Rs 5 lakh in the upcoming Budget, news agency IANS reported. If it fructifies, the move will leave … READ FULL STORY
Businesses in today’s era of fierce competition have diversified to survive. Nowadays, businesses not only cater to one market but rather provide a wide selection of products and solutions under many labels. In this … READ FULL STORY
A ‘benami’ property is one that is purchased in the name of a person, who is not the real beneficiary. The person, in whose name the property is purchased, is known as a ‘benamidar’. … READ FULL STORY
The due date for filing income tax return (ITR) for FY 2021-22 is July 31, 2022. Those earning up to Rs 2.50 lakh in a financial year are not liable to file an income … READ FULL STORY
TDS on commission Just like any other income, TDS deduction applies to money earned as commission or brokerage. Section 194H of the Income-Tax Act deals with TDS on commission and TDS on brokerage. See … READ FULL STORY
With the evolving technology and Digital India Movement, the income tax department has shifted its analog tax payment system to digital. Through the e payment system, individuals can pay their taxes online using savings … 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
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
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 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
Those who have deducted tax at source (TDS) need to stick to the TDS return due date in case of TDS return filing. Until the TDS return is filed, Form 26AS will not be … READ FULL STORY
To file taxes in India, taxpayers must have a clear understanding of the difference between a financial year and an assessment year. This guide will help you learn that. What is a financial … READ FULL STORY
