A tax is a mandatory charge collected by the Central and State Governments from individuals and businesses to meet public expenditure and sustain economic growth. Taxes are broadly categorized into…
Under the provisions of the Income Tax Act, 1961, certain persons are required to have their books of accounts audited before submitting their income tax return. Businesses and professionals whose…
The Income Tax Department has specified different ITR forms for taxpayers based on their income sources, residential status, income level, and legal category (individual, firm, company, etc.). What is ITR?…
Did you know that professionals like doctors, lawyers, interior designers, freelancers, and others can be taxed on only half of their professional income? To make tax compliance easier for such…
For equity investors, dividends are another source of earnings apart from capital gains. These dividends are taxable in the hands of the investor, not the company. They must be reported…
The Indian financial system consists of two key segments: the money market and the capital market. The money market addresses short-term liquidity requirements, while the capital market provides a platform…
Indexation refers to adjusting the impact of inflation on the value of an asset or transaction. In the context of income tax, it means recalculating the cost of an asset…
Advance Tax is a system where income tax is paid in installments during the financial year instead of paying the entire amount at the end of the year. Any taxpayer…
A Permanent Account Number (PAN) card is a vital document for every Indian citizen. Apart from serving as proof of identity, it is required for filing Income Tax Returns, opening…
Launched in 2004 as part of the post office savings initiatives, the Senior Citizen Savings Scheme (SCSS) was designed to ensure financial stability for retirees by offering them a steady…