Understanding Advance Tax in India: Everything You Need to Know Advance tax is a mechanism for paying income tax in installments throughout the financial year, rather than in a lump sum at the end of the year. It is also known as the “pay-as-you-earn” tax, as it requires taxpayers to estimate their annual income and […]
Tax Planning in India: Strategies to Minimize Tax Liability and Maximize Savings Tax planning is an essential aspect of financial planning for individuals and businesses in India. It involves arranging one’s financial affairs in a way that minimizes tax liability while maximizing savings. Tax planning is legal and encouraged by the government, as it helps […]
Tax Evasion in India: Causes, Consequences, and Measures to Prevent It Tax evasion refers to the illegal practice of deliberately not paying taxes that one owes to the government. In India, tax evasion is a significant problem that has a detrimental effect on the country’s economy. The Indian government has taken several steps to prevent […]
Maximizing Your Tax Refund: Tips and Strategies for Getting the Most Out of Your Return Tax season can be a stressful time for many people, but it doesn’t have to be. By taking the time to understand your tax situation and implementing some strategies to maximize your refund, you can make the most out of […]
Tax Audit in India: Definition, Procedure and FAQ’s A tax audit is a process of verifying the correctness and completeness of an assessee’s income tax return filed with the income tax department. It is a systematic examination of a taxpayer’s books of accounts and other relevant documents to ensure that the income declared by the […]
Capital Gains Tax in India: Understanding the Basics Capital gains tax is a type of tax that is levied on the profits earned by individuals or businesses from the sale of a capital asset. Capital assets include property, stocks, mutual funds, and other investments. In India, capital gains tax is governed by the Income Tax […]
Understanding Taxable Income: What It Is and How It’s Calculated Taxable income refers to the portion of an individual’s income that is subject to taxation by the government. It includes all types of income, such as salaries, wages, bonuses, investment income, rental income, and other forms of income. The amount of taxable income is determined […]
TDS Explained: A Comprehensive Guide to Tax Deducted at Source Tax Deducted at Source (TDS) is a system introduced by the government of India to collect taxes at the source of income. It is a method of collecting tax from the income of an individual, company, or any other entity, where the tax is deducted […]
Mark Your Calendars: Important Dates and Deadlines for Filing ITR for FY 2022-23 (AY 2023-24) ITR or Income Tax Return is a form that taxpayers in India need to fill and submit to the Income Tax Department every year, declaring their income and taxes paid during the financial year. The last date for filing ITR […]
Understanding the Importance of Filing Income Tax Returns by the Due Date – July 31st Every year, taxpayers in India are required to file their Income Tax Return (ITR) by a certain due date. The due date for filing ITR is determined by the Income Tax Department and varies based on the type of taxpayer […]