Form 26AS is a tax credit statement that provides a complete view of the taxes paid by a taxpayer. It includes details of income tax deducted at source (TDS), advance tax, self-assessment tax, and other tax payments made by the taxpayer. It also reflects details of tax credits available to the taxpayer, such as tax […]

An intimation u/s 143 (1) serves as a preliminary assessment of the taxpayer’s income tax return filed for a particular financial year. It is a message which notifies the taxpayer of any kind of error prevailing in his/her tax filing. It also tells the taxpayer of any kind of interest payable or refundable in his

Income tax calculator is a tool available online that aids in calculating the amount of income tax payable by an individual in a particular financial year. The tax calculator provides an approximate figure of your income tax liability by taking into account various data such as your income, tax deductions, HRA exemption, etc. You can pay

The new income tax slabs in the financial year 2023-24 differ depending on the tax regime you choose. In India, taxpayers get a choice between two tax regimes – the old regime and the new regime. Under the old tax regime, individuals have the option to claim various deductions and exemptions to reduce their taxable

As per Section 194I, the word rent can be described as a payment categorised as a lease, sub-lease, tenancy, or any agreement to use – land, building, machinery, plant, equipment, furniture, fittings, or land adjunct to a building. Regardless of whether the payee owns it or not. Also, sub-letting is considered a rent payment.  Being

When it comes to managing your finances, staying up-to-date with tax payments is crucial. While many people anticipate receiving a refund when filing their income tax return, there are instances where you may owe additional taxes instead. This could happen due to underpayment during the tax year, adjustments in deductions, or changes in income. In such