Difference between TDS and TCS easily explained
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
Know About Mandatory Income Tax Return Documents in 2024
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 …
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Do’s and Don’ts of filing Income Tax Return
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 …
Do I need to File ITR? Comprehensive Guide Easily Explained
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.
All You Need To Know About Form 16: TDS Certificate For Salary
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 …
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Can I claim HRA even if I’m staying at my parents’ house?
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.
Know all About Presumptive Taxation Scheme
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 …
Best Ways to Save Your Taxes in 2024
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 …
Deductions under Section 80C & its allied sections
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).
Comprehensive Guide on Consequences of non TDS Deduction Compliances
TDS deduction from income does not mean that TDS compliances have come to an end for a person. The persons are required to comply with compliances related to tax deduction …
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