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When filing your ITR return or contacting the Income Tax Department, you may come across the phrases PAN and TAN. Understanding these words ahead of time makes the ITR filing process much easier. The question "What are PAN and TAN?" will be discussed in this article. We'll also figure out the difference between…

Did you realize that the estates of the deceased might be taxed? It may sound strange that a deceased person's income tax returns must be submitted if he/she has taxable income. His legal heir/representative is responsible for filing the return on his behalf for the income generated till death. The…

The timely and regular payment of taxes and submission of returns guarantees that the government has funds available for public welfare at all times. In addition, there are several penalties under the Act to ensure that taxpayers do not fail on paying taxes or giving information. Hence, a penalty is…

By introducing uniformity and openness to the Indian tax system, the GST (Goods and Services Tax) has transformed the outlook of the Indian tax system. It is amongst the most major tax reforms implemented to eliminate the previous tax system's cascading effect. Since the implementation of GST in India, the…

Funding is essential for a company to not only invest and expand but also to run its day-to-day operations. When a firm needs to raise money, it may consider debt, stock, venture capital, and other methods. Banks, non-banking financial companies, debt funds, and companies are increasingly relying on private placements…

TDS was created with the goal of collecting tax directly from the source of revenue. According to this notion, a person (deductor) who is required to make a payment of a certain sort to another person (deductee) must deduct tax at source and send it to the Central Government's account.…

A new tax planning comes into force by inserting a new section in Income Tax Act, 1961, which is known as Section 115BAC of Income Tax Act, 1961. The main characteristic of this new tax system issued by the Income Tax Department is that it has lower tax rates than…

The Limited Liability Partnership (Amendment) Rules, 2022 have been published by the government. Further, Rules 5, 18, 19, and 37 have been amended. Moreover, new regulations are introduced regarding the allotment of a new name to an existing LLP under Section 17 (3), the adjudication of penalties, the appeal against…

Are you in a confusing state and not able to make up your mind, whether to file ITR, Or did you hear elsewhere that if your income is less than the basic exemption amount, you should forego submitting your Income Tax Return? Before you decide not to submit your ITR,…

You'll need one thing for each of these activities, whether you're trying to buy a car or a house, participate in the stock market, or convert your Indian rupees to foreign currency. You may wonder how these two have a connection. The PAN card is the solution. Let us discuss…