Tax planning is a vital part of financial roadmap of an earning individual. A well thought-out tax plan ensures savings on taxes while simultaneously conforming to the legal obligations and requirements under the I-T laws. The primary objective of tax planning is to save money and mitigate one&#8217...

What is Advance Tax? Tax which paid as you earn is called as advance tax. It is paid in the year in which you earn the income. Particularly a Financial year. For e.g. if you are earning income in the year 2022-23 then it would be a year in which you have to paid advance […]...

TDS stands for Tax Deducted at Source. Tax deduction at source (TDS) means collecting tax on income in the form of salary, rent, asset sales, dividends, etc., by requiring the payer to collect income tax due on such income while crediting/paying to the payee and deposit the same to the government on...

Tax Deducted at Source (TDS) is the sum that is deducted from a taxpayer’s income like salary, interest from bank accounts, rent etc. If the TDS collected is more than what you owe to the government, you can get a TDS Refund. Let us explore this concept in detail. What is TDS Refund? A TDS [&helli...

To discourage cash payments, the finance minister has introduced Section 194N in Union Budget 2019 for tax deduction at source (TDS) on cash withdrawals exceeding Rs 1 crore. In Budget 2020 the threshold limit for TDS under Section 194N is reduced to Rs 20 lakh for taxpayers who have not filed their...

As this is the time at which income tax filing has begun already, I write this article to throw some light on Income Tax Return Filing. Coming to the topic, an Individual/HUF need to file income tax returns basis on the following:    -On the Basis of Income    -On the Basis of Expenditure    [...

Since tax is deducted from most of the payments, recipient of such income like salaries and interest on bank deposits are under the impression that they are not required to file their income tax return (ITR). Payment of tax and filing of an ITR are two separate and distinct legal obligations indep...