Taxpayers, facing time constraints, may initially file inaccurate or incomplete income tax returns. To address this, the Income Tax Act’s section 139(5) permits the filing of revised returns, enabling corrections and the inclusion of omitted information for accuracy. But many individuals are clueless about how to file a revised tax return. This blog will help you understand that in detail. What is a Revised Return? […]
Buying a house is one of the biggest financial decisions that you will make in your life. It is an overwhelming experience, both financially and emotionally. While buying a house, we need to identify the property, make down payment, apply for loan, sign the sale agreement, etc.
The government collects taxes in the form of income tax, direct taxes and indirect taxes. Direct taxes are paid to the government directly from the individual earning money. On the other hand, indirect taxes are the seller’s responsibility to deposit with the government.
Everyone wants to save more, and create a financially stable future that covers every expense even without a regular source of income.
Individuals often earn income from various sources worldwide. However, not all countries tax foreign income earned by their residents. If you’re an Indian resident with income sourced from abroad, you may wonder about India’s taxation policies concerning such earnings. The Indian tax system does indeed impose taxes on foreign income. This article aims to explore all about taxation of foreign source income in India. Determining […]
Filing of nil tax returns is no different for any individual than filing regular income tax returns. You can e-file your returns online in a few simple steps.
The Indian Tax structure is complex, which is difficult for a common man to comprehend. Many times in absence of proper information and lack of awareness individuals neglect their tax formalities altogether.
The Indian law requires everyone who earns to pay income tax. The more you earn, the higher the tax. However, in the long term, paying higher taxes is attributed to lesser savings.
The importance of tax planning is often undermined. This stems from either a lack of information, ignorance, discipline or even the dearth of time. It's time though to turn that around and have a look at why tax planning is so important.
It is essential to know of the reliefs the Income Tax laws grant to assessees under the scanner to reduce the damages caused by such operations.
Professional tax is a popular term, especially among salaried individuals. The payslips and Form 16 issued to salaried individuals evidently mention the deduction of this tax.
What’s one popular investment avenue for achieving financial goals? It’s none other than mutual funds. One of their main advantages is their tax efficiency. But investors who overlook the tax implications may not be making the most of their investments. Jump into this informative guide to explore details about tax on mutual funds. Understanding How They are Taxed So, is mutual fund income taxable? Like […]
An advance tax meaning is pay-as-you-earn plan, is simply paying tax obligations ahead of time at the end of a fiscal year. It is due when a person’s tax liability in a given fiscal year reaches Rs. 10,000. Notably, this type of tax is paid in the year that the revenue is created and is paid in instalments on due dates. Since it makes it […]
Taxes in India consume a considerable portion of your earnings. Without proper tax planning, this compulsory contribution can eat a large bite of your hard-earned money.
Income Tax refers to the amount you pay directly to the government which is a percentage of the total income you earn in a financial year.
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