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 […]
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 […]
I. Introduction II. Understanding the Income Tax Act in India III. Key provisions of the Income Tax Act IV. How Filemydoc can help taxpayers with their income tax filings V. Frequently Asked Questions about the Income Tax Act and Filemydoc VI. Conclusion As for the keywords, you can incorporate them naturally throughout the article to […]
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 […]
Payroll Tax Compliance: A Complete Guide and Checklist Payroll tax compliance is the practice of ensuring that an organization accurately withholds, reports, and remits payroll taxes. These taxes include federal, state, and local income taxes, Social Security and Medicare taxes (FICA), and unemployment taxes (FUTA). Here is a comprehensive checklist to help ensure payroll tax […]
AMFI – Association of Mutual Funds in India AMFI stands for the Association of Mutual Funds in India. It is the industry body of mutual funds in India that represents the mutual fund industry to regulators, the government, and other stakeholders. AMFI was established on August 22, 1995, and is headquartered in Mumbai, India. The […]
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. […]