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 […]
Wealth Tax Returns in India: Understanding the Basics Wealth tax is a type of direct tax that is levied on the net wealth of individuals, HUFs (Hindu Undivided Families), and companies. In India, wealth tax is levied at the rate of 1% on the net wealth exceeding Rs 30 lakh as of 31st March of […]
Income Tax Return Guide – Details You Should Know An income tax return is a form that taxpayers file with the government to report their income, expenses, and other financial information for a given year. The government uses this information to determine how much tax the taxpayer owes or how much of a refund they […]
Proprietorship return filing refers to the process of submitting tax returns for a business owned and operated by a single individual. This involves reporting the income, expenses, and deductions of the proprietorship to the relevant tax authority, such as the Internal Revenue Service (IRS) in the United States. The filing requirements and deadlines may vary […]
Partnership firms in India are required to file their income tax returns annually. The due date for filing the return is usually July 31st of the assessment year, which is the year following the financial year for which the return is being filed. However, the due date may be extended by the Income Tax Department. […]
Professional tax registration is a state-level tax that certain professionals are required to pay for practicing their profession in India. The tax is imposed by the respective state government and the rate and threshold for payment may vary from state to state. The registration process typically involves submitting an application to the local tax authorities […]
Income Tax – Latest Updates, Basics, Tax Slabs, Income Tax Department & Laws – Income Tax Guide 2023-24 An income tax is a tax imposed by the government on the income earned by individuals, businesses, and other organizations. The tax is calculated as a percentage of the total income earned, and the rate may vary […]