Understanding Presumptive Taxation for Professionals in India Presumptive taxation is a simplified tax scheme introduced by the Indian government to ease the compliance burden on small taxpayers. This guide delves into the specifics of presumptive taxation for professionals, its benefits, eligibility criteria, and the filing process. What is Presumptive Taxation? Simplified Tax Scheme Presumptive taxation […]
Introduction Taxation is an essential aspect of any economy as it provides the necessary revenue for the government to carry out its functions effectively. In many countries, including India, the tax system can be complex and burdensome for small businesses and professionals. To address this issue, presumptive taxation has been introduced as a simplified method […]
Introduction Angel investing plays a crucial role in supporting early-stage startups by providing them with much-needed capital. However, in some jurisdictions, the concept of angel tax has emerged, which can impose tax burdens on startups receiving investments. This comprehensive guide aims to shed light on angel tax, explaining what it is and how it can […]
What is an Electronic Verification Code (EVC) and How to Use it for Tax Filing: A Comprehensive Guide As a taxpayer, you may have heard of the term “Electronic Verification Code (EVC)” when filing your income tax return. An EVC is a unique code issued by the Income Tax Department of India to verify the […]
Understanding Taxable Allowances: What They Are and How They Affect Your Taxes When it comes to calculating your taxes, one factor that many people overlook is taxable allowances. These are types of income that are paid to employees on top of their regular salary or wages, and they can have a significant impact on your […]
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 […]
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 […]