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After submitting and verifying your Income Tax Return (ITR), the tax department reviews it, either through automated systems or manually, to ensure everything is accurate and matches their records. If they find any discrepancies or have questions about declared or undeclared income, deductions, or exemptions, …
Tax Deduction and Collection Account Number (TAN) is a 10-digit alphanumeric number that is required on all TDS returns under Section 203A of the Income Tax Act, 1961. The TAN number is needed by all those who are responsible for deducting and collecting taxes. Let us tell …
Filing income tax returns is no longer the hassle it used to be. Gone are the long queues and endless anxiety of making the tax-filing deadline With online filing,also called e-filing, it is convenient to file returns from the confines of your home/office and at very short …
A lot of individuals seem to think that filing tax returns is voluntary and therefore dismiss it as unnecessary and burdensome. As we will see, this is not a very healthy perspective on tax-filing. Filing tax returns is an annual activity seen as a moral and …
India’s Income Tax Laws are framed by the Government The Government imposes a tax on taxable income of all persons who are individuals, Hindu Undivided Families (HUF’s), companies, firms, LLP, association of persons, body of individuals, local authority and any other artificial juridical person. According to these …
For several years, many people purchased life insurance simply as a tax-saving method. The truth is, life insurance plays a crucial role in every sound financial plan. Before we create financial plans for the upcoming financial year, let’s better understand the new rules and regulations. In February …
On 1st February 2023, the Finance Minister, Nirmala Sitharaman, outlined the budget for the upcoming fiscal year. The new budget serves as the blueprint for an inclusive and empowered economy. The budget listed seven main priorities, namely: Let’s look at the main highlights of the …