Comprehensive Analysis of Income Tax Return (ITR): Definition, Eligibility, Importance, Advantages, and Drawbacks Income Tax Return (ITR) is a formal declaration of income submitted by individuals or entities to the tax authorities, detailing earnings, expenses, and tax liability. At its core, the ITR serves as a critical tool for tax compliance, enabling governments to assess […]

In India, an indirect tax known as the Goods and Services Tax (GST) is levied on the provision of goods and services. VAT, excise duty, service tax, and other indirect taxes have all been replaced by the GST. The Indian taxation system has undergone several modifications with the introduction of GST. Businesses must register for […]

The most crucial document that every paid person looks forward to is Form 16. The employer typically issues this document up until May 31 for the preceding fiscal year. Being an important document for filing returns for any salaried person Form 16 is nothing more than a TDS Certificate that the company issues, summarizing the […]

Short Term Capital Gains Tax Vs Long Term Capital Gains To have separate tax treatment for individuals who invest to protect their savings and those who make the investment as a way to generate income, the capital gains on selling shares have been divided into two groups for tax purposes. Long-term capital gains are any […]

A personal income tax calculator is a tool used to estimate an individual’s income tax liability based on their taxable income, tax slab rate, and any applicable deductions. To use a personal income tax calculator, an individual needs to input their taxable income, which is calculated by subtracting any allowable deductions from their total income. […]

What is Tax Planning? Tax planning is the review of one’s financial status from the perspective of tax efficiency in order to arrange one’s finances in the most effective way possible. With the use of tax planning, a taxpayer may reduce their overall tax bill for a given fiscal year by taking full advantage of […]

What is income tax slab? Individual taxpayers will be required to pay income tax according to the applicable slab structure. A person may be assigned to a different tax bracket depending on their income. Consequently, people with greater incomes will be required to pay more tax. The introduction of the slab system aimed to keep […]

The due date of filing personal ITR is July 31, 2022, and maybe you aren’t concerned as you think you’re not eligible to pay tax. Well, if you’re living in this dilemma then read below: Filing of Income Tax return is mandatory in the following cases: 1) If an individual has assets outside India: An […]