Income Tax

Tax saving is important for everybody as it minimises the amount of tax payable thus increasing one’s savings.

A financial year and assessment year are not the same. However, many taxpayers don’t know the difference between both.

The Aadhaar-PAN linking process was introduced by the Government of India to curb tax evasion and streamline financial transactions.

In the Union Budget 2020, the government introduced a new income tax regime. This new regime offers lower tax rates and more slabs, but it does not allow taxpayers to claim exemptions and deductions. This has led to a lot of confusion among taxpayers about which regime they should choose.

The current financial year 2022-2023 is going to end very soon. It is that time of the year when people are eager to invest in mutual funds, fixed deposits, public provident funds, etc to save tax. While investing is a good financial habit, doing it at the right time for the right amount is very important.

Corporate identity number (CIN) is a unique 12-digit alphanumeric number allotted to companies by the Registrar of companies. The CIN can be found in the Certificate of Incorporation. All companies registered in India will automatically get the CIN at the time of incorporation and registration of the company.

With the recent budget release, new tax slabs have been announced for different taxpayers. Companies are taxed at a fixed rate however, individuals/AOP/HUFs/BOI are taxed at different slab rates. In the below article, let us understand the different tax slabs.

The Income Tax Department through its e-governance initiatives has brought tremendous changes in the standard practices of income tax. Faceless assessment, e-proceedings, e-payment of taxes, and many more.

You can pay your tax with a credit card through the NSDL-TIN website. You have to fill out a challan and submit it online. Once you do this, you will be redirected to the bank’s website and you can pay your tax there. A challan counterfoil containing a corporate identification number will be given as digital evidence for tax payment.

In the last few years, the income tax department and various investment platforms, such as banks, mutual fund houses, broker platforms, and so on have become very alert with respect to cash transactions.

With the start of a new financial year comes the return of the most important question: "Should I switch to the new tax regime, or should I continue with the existing tax regime, taking advantage of deductions and exemptions?" "Which option will help me lower my overall tax burden?"

Do you file income taxes by yourself using an online income tax calculation website or app? Or does your chartered accountant handle it for you? Irrespective of the method you use, filing income taxes is a critical task – one that should be done with the utmost care.

Taxpayers for the FY 2019 – 20 can claim a standard deduction of Rs. 50,000, thereby reducing their taxable income significantly. Here, in this guide, let’s take a detailed look at the standard deduction available to salaried taxpayers while filing their income tax.

It is that time of the year when individuals file income tax returns. The last date for filing your return is July 31. Only individuals whose incomes exceed certain levels must file tax returns. Certain

If you will be filing ITR for the first time in 2020 then you need to know your total taxable income, followed by the computation of income tax as per the applicable tax slab. While calculating income tax manually might appear daunting, it isn’t as complicated if you thoroughly understand the computation process.

Income tax in India is imposed by the Government of India. Everyone who is earning in India has to pay income tax. The income could be pension, salary, or could be earnings from a savings account.

Income tax in India is imposed by the Government of India. Everyone who is earning in India has to pay income tax. The income could be pension, salary, or could be earnings from a savings account.

India has two broad categories of tax, mainly direct and indirect tax. Direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that somebody else collects on your behalf and pays to the government.

One of the many taxes that corporates are required to pay to the Indian government is a corporate tax or company tax. Corporation Tax, also known as Corporate Tax is a direct tax levied on the net income or profit that corporate enterprises make from their businesses

Income tax in India is imposed by the Government of India. Everyone who is earning in India has to pay income tax. The income could be pension, salary, or could be earnings from a savings account.

In India, taxes are broadly classified into two types: direct and indirect taxes. As the name implies, direct taxes are the taxes paid by an individual (or company) directly to the government.