One has to face income tax penalties and late fees if he does not comply with the laws, rules as well as regulations under the Income Tax Act. Having said …
How to avoid income tax penalties and late fees? Read More »
TDS & TCS both are direct taxes that are taxed on the income which the person earns. Having stating that, both being the direct taxes often create confusions in the …
Income Tax Return documents ease the filing process of Income Tax Return. Further, the procedure, as well as the form applicable for filing ITR varies as per the sources of …
Know About Mandatory Income Tax Return Documents in 2024 Read More »
Do’s and Don’ts of Filing ITR: During each Financial Year, we are required to file our Income Tax Returns, also commonly known as ITR. Many of us think that filing …
Filing of Income Tax Return is not just a statutory compliance for the taxpayers but it also a way of informing the Government about the total income that the taxpayer has earned during a relevant financial year and that he has paid the tax on that income.
The employers issue Form 16 TDS certificate to their employees. It is proof of tax deduction at source from the employee’s salary. Further, the genesis of this Form can be …
All You Need To Know About Form 16: TDS Certificate For Salary Read More »
Salaried individuals residing in rented house are entitled to tax exemption on House Rent Allowance (HRA) under Section 10(13A) of the Income Tax Act, 1961. But are you aware of the fact that you, as a salaried individual you can take advantage of this exemption while staying at your parents’ home.
Presumptive Taxation Scheme or PTS is a scheme wherein there is no requirement to maintain books of accounts. Further, in order to avail this scheme, the taxpayer must have a …
We have a perception that the best ways to save taxes in India are just under Section 80C. However, that is not the case. There are various other ways to …
Section 80C and its allied sections allow a maximum deduction of up to Rs. 1.5 lacs every year from the taxpayer’s total income and an additional deduction amount of Rs. 50,000 can be claimed under Section 80CCD(1b).