Income Tax

One of the most crucial papers a person possesses is the permanent account number, or PAN, given by the nation's income tax department. If a person wants to conduct financial operations above certain thresholds, such as purchasing mutual funds,...

At first glance, the proposed revised tax regime for Budget 2023  may appear more favorable than the current one due to the proposed reduction in taxes and the inclusion of a standard deduction. However, comparing the old and revised new tax...

Have you ever thought how to make the most of your taxes? Section 80CCD of the Income Tax Act 80c is a great way to do that. This detailed guide will provide an overview of what this section entails, including its benefits and eligibility...

Are you earning an income of more than Rs. 20 lakhs? If yes, then you are liable to pay taxes as per the Income Tax Act, of 1961. However, there are ways to save on tax and optimize your income for a better financial future. In this blog post, we...

Tax planning, tax evasion, and tax avoidance are specific terms that fall within the provisions of the Income Tax Act 1961. However, the task of tax evasion is not legal, and the Chapter XXII of the Income Tax Act 1961 has depicted the penalties....

The Indian Government levies two kinds of taxes on the citizens of India. These are Direct Tax and Indirect Tax. Indirect taxes are generally transferred to another person after being charged as a direct tax. Some common examples of this indirect...

When you go to buy a vehicle, you can see that the showroom cost mentioned in the brochure or the can manufacturing firm’s website is approximately ten percent less based on your residing state. If you combine the on-road price of a vehicle with...

The wealth tax in India is a tax levied on the high-class people of society. The main motive for imposing the wealth tax is to bring uniformity among taxpayers. Wealth tax is imposed based on the wealth of individuals and business enterprises. The...

Income Tax is a vital factor of financial planning that keeps track of your tax liabilities. With innovations in technology, the procedure of tax calculation has become user-friendly and effortless. There are numerous income tax calculator tools...

The 1961 Income Tax Act imposes a tax on earned income and provides multiple subtractions and exceptions from the income earned prior to imposing a tax. A few firms began taking advantage of the subtraction and exceptions that resulted in decreased...