Income Tax

Section 80DDB offers deduction to HUFs and individuals for medical expenses incurred for proper treatment of specified ailments or diseases, which are deducted from the Gross income while calculating the assessee’s taxable income. Deductions...

Tax saving on contributions to pension funds refers to the benefits provided by the government to encourage individuals to save for their retirement years through various pension schemes. These benefits take the form of tax deductions, exemptions,...

TDS stands for Tax Deducted at Source, and it's a simple and efficient way of collecting income tax in India. Instead of the recipient having to pay their taxes all at once, the tax is deducted automatically as a portion of their income. The...

In order to replace the previous sales tax, VAT was initially adopted in India in 2005. It was put into effect in all of the states of the nation in June 2014, except for the Lakshadweep Islands and the Andaman & Nicobar Islands. Every time a...

Understanding Income Tax regulations and practices, calculating tax obligations, and paying taxes accordingly have always been seen as challenging and complex tasks. Previously, managing taxes required a lot of paperwork, documentation, form...

The Goods and Services Tax (GST) is a comprehensive indirect tax system in India that came into effect on July 1, 2017. Indirect taxes like the Value Added Tax (VAT), Service Tax, and Central Excise Duty are all replaced by it. GST has a...

If you miss out on paying your income tax refund timely, you might face penalties and may receive a notice from the income tax department. Getting a refund on income tax might take some time. Also, getting a refund on income tax might be delayed...

The income tax return is a document you use to reveal your income, applicable tax on your income, tax exemptions, and tax deductions for a certain financial year. There are many reasons why you should file an income tax return. The vital reason for...

Regardless of which part of the world you live in, there is one thing that everyone has to do, i.e., you will be paying taxes to the Government. There are various types of taxes which you will read about later in the guide. Through the guide, you...

Tax deducted at the source or TDS is a form of income tax collected by the government on making clearly stated payments such as salary, commission, and rent. TDS is a form of direct income tax and is a fixed value predefined by the government of...