Taxes are monetary fees that the government levies on income, goods, services, activities, or transactions. Taxes, the government’s primary funding source, are utilised to advance national laws, legislation, and practises that benefit the populace. … READ FULL STORY
Everyone has heard about ITR or Income Tax Returns. However, not everyone completely understands what this entails and why it is needed. The Income Tax Act oversees the entire process of ITR filing and … 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
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
Income tax e filing has become easy, with the Income Tax Department simplifying the process on its new tax portal. This guide will help you understand the process of e filing income tax in … READ FULL STORY
What is an ITR? ITR or income tax return is a form, which all taxpayers in India need to fill and submit to the Income Tax (I-T) Department, to report their income and deductible … READ FULL STORY
As housing societies are not apparently engaged in any income earning activities, there is a perception that they are not required to comply with any income tax provisions. This impression is heightened by the … READ FULL STORY
The government, which usually notifies forms for filing income tax returns by individuals in April every year, on January 3, 2020, notified the tax return forms for assessment year 2020-21 (income earning year April … READ FULL STORY
With rapid computerisation, an individual’s PAN (Permanent Account Number) has become an important document, for many financial and non-financial transactions. It is equally important for buying or selling properties or leasing it out. For … READ FULL STORY
Almost all the public sector and private banks, offer loans against future rentals. With this facility, home owners can avail of a line of credit, on the basis of future rentals for their house … READ FULL STORY
Presently, less than 4% of the entire population of India files its income tax return (ITR). Consequently, successive governments have been introducing various measures, to enhance the tax payers’ base. Finance minister Nirmala Sitharaman, … READ FULL STORY
