10 Benefits of Filing Income Tax Return (ITR)

10 Benefits of Filing Income Tax Return (ITR) Tax payment becomes obligatory when income surpasses a certain threshold, facilitated by submitting an Income Tax Return (ITR). The ITR is a form detailing income from the previous financial year, from April…

Difference between TDS and Income Tax Return

Difference Between TDS and Income Tax Return Many taxpayers are confused between the terms, Tax Deducted at Source (TDS) and Income tax return. As a salaried individual, it is necessary to understand the differences between TDS and ITR to know…

Best Ways to Save Income Tax for FY 2024-25

Best Ways to Save Income Tax for FY 2024-25 Effective tax planning is essential for reducing tax liabilities and enhancing income. The Income Tax Act outlines various deductions for investments, savings, and expenses incurred during a financial year. In this…

Double Taxation Avoidance Agreements (DTAA): Types, Benefits, and Claim Procedures

Double Taxation Avoidance Agreements (DTAA): Types, Benefits, and Claim Procedures In our interconnected world, it's common for individuals to reside in one country while their Income is sourced from another. Under the Income Tax Act of 1961 guidelines, earnings are…

ITR 4 – Online Filing Procedure

ITR 4 - Online Filing Procedure The ITR 4 Form, also known as the Sugam form, is tailored for taxpayers under the presumptive income scheme as per Sections 44AD, 44ADA, and 44AE of the Income Tax Act. This form is…

Different Depreciation Rates under Companies & Income Tax Act

Different Depreciation Rates under Companies & Income Tax Act Depreciation is a key concept in finance and accounting. It helps us manage how the value of assets changes over time. Think of it as a way to spread out the…

2 Recent Dangerous Changes In GST- Rule 88C And Rule 88D

2 Recent Dangerous Changes In GST- Rule 88C And Rule 88D The recent changes to the Goods and Services Tax (GST) framework have introduced two critical and challenging amendments: Rule 88C and Rule 88D. These modifications address the inconsistencies in…

TDS (Tax Deducted at Source): All You Need to Know

TDS (Tax Deducted at Source): All You Need to Know TDS serves as a method for directly collecting taxes from individuals' money. When someone makes a payment to you, they must withhold a certain amount of Tax and then remit…

TAN Number: A Comprehensive Guide for Taxpayers

TAN Number: A Comprehensive Guide for Taxpayers In India, individuals or entities responsible for collecting tax at source (TCS) or deducting tax at source (TDS) receive a distinctive 10-digit alphanumeric identifier known as the TAN, which the Income Tax Department…

ITR 2: Your Guide to Income Tax Return Filing

ITR 2: Your Guide to Income Tax Return Filing In India, taxpayers are categorized based on Income, and specific Income Tax Return (ITR) forms are assigned to individuals according to their income sources. Among these forms, ITR-2 is designated for…