Apart from depositing the tax the deductor also has to do TDS return filing. TDS return filing is a quarterly statement that is to be given to the Income Tax department. It is necessary to submit the TDS returns on time. TDS return filing can be done completely online. Once the TDS returns are submitted […]

ax Planning is the process of evaluating a financial plan or conditions in relation to taxes in order to achieve the greatest possible tax efficiency by coordinating all of the financial plan’s elements to function efficiently with regard to taxes. A financial plan’s key component is tax planning, which lowers tax obligations and increases contributions

The Income Tax Department has launched its new e-filing portal on 7th June 2021 to make the routine income tax return (ITR) filing process easier and hassle-free. This is another initiative by the Central Board of Direct Taxes (CBDT) towards providing ease of compliance to its taxpayers and other stakeholders.  This new e-filing Portal has various advantages that

In India, it is mandatory for businesses to have a Tax Deduction Account Number (TAN). This number is issued by the Income Tax Department and is used as a unique identifier for individuals or entities responsible for deducting or collecting Tax at source.It is compulsory to mention the TAN in all TDS returns and on other documents

The Income Tax Department facilitates taxpayers to track the status of their challan deposits through an Enquiry of Challan Status on TIN-NSDL website. Enquiry of challan status enables the taxpayers to verify whether their tax payments have been properly accounted for in their name. These services can be availed by both taxpayer and banks. Challan Enquiry –

The Income Tax Act of 1961’s Section 153A specifies the income assessing system that will be used in the case of a searched individual. According to the previously stated clause, the assessor may frame the assessment of the searched individual for a period of six years prior to the search year. One of the issues

TDS or Tax Deducted at Source is a way of collecting Income Tax by the Government of India. The TDS mechanism ensures the Government receives income tax from the assesse at the time of transaction – thereby minimizing tax default risk and ensuring timely collection of the tax. TDS or Tax Deduction at Source is

Amounts gained in exchange for time off that an employee did not use are referred to as “leave encashment.” An employee has the option to cash in accrued leave during their retirement. It is completed either as part of maintaining service or after quitting a job. Every organization has a different leave encashment policy. Some

Section 50C is applicable only to land or building or both. Section 50C uses value adopted by the Stamp Valuation Authority (SVA) for the purpose of levying stamp duty on registration of properties, as guidance value to determine undervaluation of land or building if any in the sale agreement. As per section 50C, the calculation

Income tax is a tax charged on the annual income earned by an individual. The amount of tax paid will depend on how much money you make as income over a financial year. Return Type Applicability ITR-1 ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of