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Category Archives: Income Tax

Labour Laws in India

Beneficial Provisions relating to “Labours” under Labour Laws in India

Thе Indian Incomе Tax Act rеcognizеs thе nееds of labourеrs and offеrs the various provisions to rеducе thеir tax burdеn. Hеrе's a brеakdown…
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Sovereign Gold Bond Taxation – Reporting In ITR

Sovеrеign Gold Bonds (SGBs) arе a popular invеstmеnt option in India that offеr an altеrnativе to physical gold. Thеy arе govеrnmеnt backеd sеcuritiеs…
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TDS on sale and purchase of immovable property : Section 194IA

Thе Indian Incomе Tax Act,1961 mandatеs thе the deduction of tax at sourcе (TDS) on various transactions. Sеction 194IA specifically deals with TDS…
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how to navigatе thе modifiеd Incomе Tax Rеturn

How to navigatе thе modifiеd Incomе Tax Rеturn

Businеss rеorganizations through mеrgеrs, amalgamations and dеmеrgеrs arе common practicеs for growth and rеstructuring. Thе Incomе Tax Act, 1961spеcifically Sеction 170A and introducеd…
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FAQ On Reporting of Share Market Transaction in Income Tax Return

FAQ On Reporting of Share Market Transaction in Income Tax Return common questions about rеporting the sharе markеt transactions in your Indian incomе…
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Income Tax Planning for Salaried Employee’s

Income Tax Planning for Salaried Employee’s

Tax Planning for Salariеd Employee's is a crucial aspеct of financial managеmеnt aimеd at minimizing the tax liabilitiеs within thе lеgal framеwork. Salariеd…
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Audit of Foreign Exchange Transactions

Audit of Foreign Exchange Transactions

Forеign еxchangе transactions (forеx) arе an essential area of intеrnational businеss facilitating the tradе and invеstmеnt across the bordеrs. Howеvеr thеsе transactions introducе…
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role of Internal Auditors

Evolving Role of Internal Auditors (IA) in NBFC Risk Management

In the intricate landscape of Non-Banking Financial Companies (NBFCs), where risk is inherent and volatility can be unpredictable, the role of Internal Auditors…
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Tax Laws for YouTubers and Streamers in India

Tax Laws for YouTubers and Streamers in India

Making a living as a YouTubеr or strеamеr in India can bе a drеam comе truе and but with grеat contеnt comеs grеat…
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provident fund compliance

Employer’s Guide to PF Implementation, Compliance & Employee Tax Impact

If you are an employer, then it is significant to know effectively about the implementation of (PF) Provident fund compliance regulations. It is…
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A Guide to Travel Insurance

Tax Savings: A Guide to Travel Insurance

A Guide to Travel Insurance :In today's world of wandеrlust and еxploration the travеl insurancе has bеcomе an incrеasingly crucial еlеmеnt of any…
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tax issues in business reorganization

Tax Challenges in Business Reorganization

Taxation of corporate reorganization is vital in the realm of business reorganizations, where substantial alterations occur in a company's structure or ownership. Be…
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non filing of ITR

How non filing of ITR notice can be responded

If you rеcеivеd non filing of ITR notice then it is important to understand thе procеss and know how to rеspond it еffеctivеly.…
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Section 10 22b of the income tax act

Explaining the No Income Tax Exemption to News Agencies u/s 10(22B) 

As of April 1st, 2024 the significant changе took еffеct in thе Indian tax landscapе. Thе еxеmption grantеd to nеws agеnciеs undеr the…
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Cost Records And Audit Rules

First-Time Cost Audit? Here’s Your Comprehensive Guide

Performing a first-time cost audit is a crucial step for any organization seeking to enhance financial efficiency, identify areas of overspending and optimize…
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challenges facing customs administration

Challenges in Paying Duties, Taxes and More: Importer/Exporter Woes

A Custom duty could be understood as a tax imposed on the import and export of goods. The Indian government uses this duty…
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Disqualifications as Tax Auditor

Disqualifications as Tax Auditor under section 44AB – Income Tax Act

Are you familiar with the term ‘tax audit’? Well we all know the concept behind auditing which is to carefully review and inspect…
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Penalties for not filing Tax Audit

PENALTIES FOR NOT FILING TAX AUDIT REPORT IN INDIA

Section 44AB OF THE INCOME TAX ACT 1961 requires the firms or entities to get their accounts audited every year by a Chartered…
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Tax Saving Options for Salaried Employees

Tax Saving Options for Salaried Employees

Making the most of your tax savings as a salaried employee is essential to maintaining your financial security and guaranteeing a happy future.…
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Strategies to Minimize TDS on FD Interest

Strategies to Minimize TDS on FD Interest

Fixed deposits are a good investment since they can withstand market fluctuations. A 2023 survey found that Indians favour FDs. About 23% of…
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belated income tax return (belated ITR Filing)

Belated Return: How to File an Income Tax Return after the Due Date?

The last date for filing income tax returns for the financial year 2022–23 was July 31, 2023. However, if you were not able…
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Section 263 of Income Tax Act, 1961

Understanding Section 263 of Income Tax Act, 1961: A Comprehensive Guide

Section 263 of the Income Tax Act, 1961 serves as a key mechanism to ensure the proper and just administration of tax laws…
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Taxability of Gratuity in India

Taxability of Gratuity in India: Rules for Government & Private Employees

Gratuity is a reward for an employee's long-term service. While it's a gesture of gratitude, not everything is taxable. Gratuity is completely exempt…
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What is Indirect Tax

What is Indirect Tax? Understand the Types, Features, and Filing Here

Are you acquainted with the concept of indirect taxes? Manufacturers purchase the goods and pay taxes in the form of indirect tax. The…
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ITR 4 Form (Sugam)

ITR 4 Form (Sugam)

The ITR-4 Form, also called Sugam, is a simple tax return form made for people and families in India who earn money from…
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ITR 1 (Sahaj) Form

ITR 1 (Sahaj) Form

The ITR 1 (Sahaj) form is a simplified income tax return form for individuals with salary, one residential property, and other sources of…
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How to calculate HRA

HRA Calculation

Employers include a portion of employees' salaries known as the House Rent Allowance (HRA) to help cover their rent bills. The Income Tax…
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income tax for senior citizens

All You Need to Know About Income Tax for Senior Citizens

  Are you inquisitive to know about the income tax slab for senior citizens? Income tax is a crucial yet difficult part of…
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How to check TDS Refund Status

How to check TDS Refund Status

Staying informed about the status of your Tax Deducted at Source (TDS) refund is critical if you have been looking forward to it.…
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checklist for income tax return filing

4-Point Checklist When Filing Income Tax Returns (ITR)

Filing your income tax returns (ITR) every year is really important. You have to be careful and follow some rules. It is critical…
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deadlines for tax proof submission

Missed the Deadline for Tax-saving Proofs Submission? Here’s What You Can Do

Have you Missed deadlines for tax proof submission? Don't get too worked up just yet. If you've missed an important tax deadline, don't…
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TDS on FD – Section 194A

TDS on FD – Section 194A

Section 194A of the Income Tax Act, 1961, also known as TDS on FD under Section 194A (Tax Deducted at Source on Fixed…
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Section 80C Deduction Under Income Tax

Section 80C Deduction Under Income Tax Act, 1961

Section 80C of the IT Act, 1961 gives taxpayers a variety of deductions to reduce their taxable income. This article aims to provide…
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Deductions allowed under the New Tax Regime

Deductions allowed under the New Tax Regime. Every year, governments worldwide make amendments to their tax regulations, aiming to streamline the tax structure…
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Mastering Loss Setoff: A Beginner's Guide to Tax Savings%%sep%%

Mastering Loss Set off : A Beginner’s Guide to Tax Savings

Imagine your income tax journey as a puzzle, and one crucial piece of that puzzle is Loss Set Off. Loss set off under…
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Tax Benefits of NPS

Tax Benefits of NPS

The NPS (National Pension Scheme) came into force to provide individuals with a consistent source of income during their retirement years. It is…
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What Is a Tax Saving Fixed Deposit?

A Tax Saving Fixed Deposit (FD) is a specific financial instrument provided by banks and financial institutions in several countries, including India, to…
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Tax Planning: Everything You Need to Know

Tax Planning: Everything You Need to Know

Tax planning is a crucial aspect of financial management that focuses on strategic decision-making to mitigate tax liabilities within the framework of the…
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Income from Other Sources

Income from Other Sources: Types, Deduction, and Tax Rates

In the Income Tax Act, 1961 sources of income are classified and talk about the five forms of income. Other sources of income…
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Deduction for Salaried Individuals & Pensioners

Standard Deduction for Salaried Individuals & Pensioners

The Indian Income Tax Act's standard deduction is an important provision that enables taxpayers to lower their taxable income by a predetermined amount.…
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Importance of Self-Assessment Tax

The Concept and Importance of Self-Assessment Tax

The income tax system in India requires individuals to calculate their tax liabilities and pay amounts through a process called self-assessment tax. This…
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life insurance plans in india

Tax Benefits with Life Insurance Plans in India

Life insurance is an important financial tool that protects individuals and their families against unexpected calamities. Life insurance plans in India provide different…
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Eligibility for Form 16,

Form 16: Eligibility, Significance, Format, and Issuance

Form 16 is an important document issued by employers to their employees. Form 16 serves as proof of tax deducted at source (TDS)…
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types of income tax return (ITR) forms

Different Types of Income Tax Return (ITR) Forms you Should be Aware Of

Managing income tax returns is an essential responsibility for every taxpayer. ITR forms are an integral part of this process as they facilitate…
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Professional Tax in India

Professional Tax in India: Rates, Exemption & Applicability

We have to meet with the area of professional tax in India. It is a mandatory contribution imposed by state governments on individuals…
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options to help save tax

Exploring the Best Investment Options to Help Save Tax

In India, individuals are focusing on the best tax-saving options or best tax-saving schemes. Tax-saving investments play an important role in the financial…
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Section 80E of the IT Act

Learn More about Section 80E of the IT Act, 1961

Our Indian economy and income levels are rising from day to day. At the same time, the expenses associated with education are also…
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section 24 of the income tax act

A Gentle Look to Section 24 of the Income Tax Act, 1961

The ITA Act, 1961 includes guidance for calculating the income of individuals by its appropriate provisions. It plays an important role in the…
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A Comprehensive Guide to Filing Your Taxes

Choosing the Right ITR: A Comprehensive Guide to Filing Your Taxes

Guide to Filing Your Taxes,The Income Tax Return (ITR) is an essential form that must be submitted by every taxpayer to the government.…
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Guide to Filling Income Tax Return in Jammu

Mastering Your Finances: Simplified Guide to Filling Income Tax Return in Jammu

 Guide to Filling Income Tax Return in Jammu is vital just like any other part of India. It ensures Compliance with tax laws…
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Advance Tax in India

A Beginner’s Guide to Understanding Advance Tax in India

Advance tax is a system of paying taxes in installments over the financial year, as per the provisions under the Income Tax Act,…
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how EPF helps you save on Tax in India

Employees Provident Fund: Understanding How EPF helps you save on Tax in India?

Wondering How EPF helps you save on Tax in India? Many people think about how the working of the EPF takes place, EPF Being…
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Income Tax Return filng

Income Tax Return Filing Due Dates

With the coming of tax season every year comes the annual obligation to submit complete and timely individual income tax returns. Keeping track…
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Section 87 A in Income Tax Act 1961

Understanding Rebate Under Section 87 A in Income Tax Act 1961

The Income Tax Act of 1961 establishes the many provisions and regulations that govern India's taxation system. Section 87 A, for example, provides…
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foreign income of resident indian

Tax Implication: Tax on Foreign Income of Resident Indian

Working in a foreign country is a dream for many aspirants around the world. Many students wish to secure their dream job by…
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capital gains tax for NRIs

Capital Gains Tax for NRIs: An Important Investment Aspect for NRI

Capital Gain Tax is a type of tax structure under which an individual has to pay on the sum amount of money earned…
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Income Tax Slab 2023-24

Your Guide to Income Tax Slab 2023-24

Do you know about the new tax regime proposed in the Union Budget 2023? The income tax slab's most recent modification demonstrates how…
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Income Tax for Self-Employed

Knowing Income Tax for Self-Employed

Have would a self-employed person operate his tax? Self-employment has several advantages to offer. Few deductions are available for savings and self employed…
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income tax in fy 2023-24

Income Tax Return Last Date – Reasons You Need to File ITR on Time

Do you know the importance of filing Income Tax Return (ITR) on time? Reasons you need to file ITR on time offers numerous…
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Long Term Capital Gains

How to Compute LTCG (Long-Term Capital Gains)?

A successful alternative with the potential for expansion and wealth building is a stock investment. But, calculating long-term capital gains (LTCG) could take…
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Tax-Saving Investments in India

Exploring Tax-Saving Investments in India: Maximizing Returns while Minimizing Liabilities

The concept of Tax Planning is an important aspect of personal financial management for a country like India. It is crucial to explore…
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A Guide on How to Save Income Tax in FY 2023-24?

It is a Saying that “There is nothing certain except Death and Taxes” After the completion of Financial Year 2022- 2023, now taxpayers…
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Difference Between NRE & NRO Account

NRE vs NRO: Which one should you choose?

Managing finances across borders can be both rewarding and complex. For Non-Resident Indians (NRIs), maintaining a connection with their home country while living…
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Double Taxation Avoidance Agreement

Solving your query regarding: What is Double Taxation Avoidance Agreement?

In a globalized world where businesses and individuals engage in cross-border transactions and investments, the issue of double taxation can be a significant…
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Best Tax Saving Investments

Best Tax Saving Investments: A Crucial Guide for your Tax Management

When it comes to enhancing your tax liability, the Income Tax Act, 1961 offers a variety of opportunities for taxpayers to save taxes.…
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Income Declaration Scheme in India: A Path to Legalize Undisclosed Income

Taxation can be considered as an important component of the economy which provides the government with the necessary funds to handle various public…
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Tax Planning Tips

Some Exciting Tax Planning Tips that you should aware

Financial management involves various essential aspects, tax planning being one of them. It is a vital practice as it not only meets legal…
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Old vs. New Tax Regime

Old vs. New Tax Regime in India: A Comprehensive Comparison

The Indian taxation regime has undergone a significant transformation with the introduction of the New Tax Regime (NTR) alongside the pre-existing Old Tax…
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Income Tax E-filing in Noida

Master Income Tax E-filing in Noida

Have you ever wished that filing taxes in Noida might be made less complicated? What if we tell you that filing your taxes…
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Income Tax for NRI: A Comprehensive Guide

Income Tax for NRI: A Comprehensive Guide

The Income Tax for NRI: A Comprehensive Guide Act, of 1961, a cornerstone of India's tax legislation, governs the taxation of individuals and…
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Online ITR in Shimla

How to File Online ITR in Shimla?

Curious about how to file your Income Tax Return online in Shimla? It's now simpler than ever, thanks to the user-friendly e-filing portal…
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Income Tax Return in Pune

How to File Online Income Tax Return in Pune?

Ever wondered how you can file your Income Tax Return online in Pune? Good news! It's now simpler than ever, thanks to the…
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ITR in Muzaffarnagar?

How to file ITR in Muzaffarnagar?

How to file ITR in Muzaffarnagar? Have you ever wondered how to file your Income Tax Return (ITR) in Muzaffarnagar? Filing ITR in…
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Is Tax Burning a Hole in Your Pocket?

Tax time can be a significant source of stress and anxiety for individuals, especially when they feel their tax burning a hole in…
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Haven’t Filed Your Income Tax Returns Yet? Here’s why you should!

As the saying goes, "In this world, nothing is certain except death and taxes." While tax season might not be the most exciting…
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7 Crucial Expenses to Know Before Tax Planning

Rome was not built in a day, as the saying goes. The same is valid for tax planning. Tax planning that is timely,…
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How to Pre-Validate Your Bank Account for Claiming Tax Refund in India?

How to Pre-Validate Your Bank Account for Claiming Tax Refund in India?

Filing income tax returns is an essential obligation for every taxpayer in India. It allows individuals to report their earnings and claim refunds…
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Income Tax Notice in India

Income Tax Notice in India: Types, Significance, and How Taxpayers should respond to them?

Income tax is an essential source of revenue for the Indian government, contributing significantly to the nation's development and welfare. To ensure the…
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Best Tax Saving Investment Plans in India

Best Tax Saving Investment Plans in India

If you want to save on your taxes, you're in luck. In India, various investment plans are available to help you attain your…
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Everything you need to know about Income Tax Return for Freelancers

As the gig economy continues to thrive, the number of freelancers in India has been steadily rising. While freelancing offers flexibility and independence,…
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Exploring Tax saving options other than Section 80C of the Income Tax Act, 1961

Exploring Tax saving options other than Section 80C of the Income Tax Act, 1961

As the end of the financial year approaches, taxpayers across India actively seek ways to reduce their tax liability. Section 80C of the…
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Filling Income Tax Return (ITR) Online: A Comprehensive Step by Step Guide for Assessment Year 2023-24

Filling Income Tax Return (ITR) Online: A Comprehensive Step by Step Guide for Assessment Year 2023-24

Is filling out your Income Tax Return (ITR) online convenient and efficient? The answer is definitely yes. Do not worry; the expert of…
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Income Tax Return Filing without Form 16

Income Tax Return Filing without Form 16

Filing your income tax return is an essential task, even if you don't have Form 16 in hand. Form 16, usually provided by…
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Minor also have to File ITR?

Does a Minor also have to File ITR?

The Income Tax Act in India has set forth a framework for individuals to fulfill their income tax obligations by filing Income Tax…
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Section 80GGB And Section 80GGC

Section 80GGB And Section 80GGC: Tax Deductions from Donations to Political Parties

The topic of tax deductions from donations to political parties may seem dry and uninteresting at first glance. Still, it is a fascinating…
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TDS Returns Filing in Rajasthan

Guide to TDS Returns Filing in Rajasthan – Due Dates and Procedure

TDS stand for Tax Deductions at Sources. Basically, TDS is a part of Income Tax. The government, with the help of Tax Deducted…
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ITR Filing in Dehradun

How to File ITR in Dehradun?

When we talk about Income Tax Return (ITR) filing, the first thing that comes to mind is compliance with the law and the…
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Assessment of Income Tax Notice

An Overall Assessment of Income Tax Notice

Income tax is an integral part of any country's economy and is imposed on taxable income earned by individuals and businesses. Paying income…
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Form 26Q: TDS Return Filing for Non-Salary Deductions

Form 26Q: TDS Return Filing for Non-Salary Deductions – A Comprehensive Guide

Tax Deducted at Source (TDS) is a mechanism implemented by the Indian government to collect tax at the source of income generation. It…
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80G Registration in Rajasthan

All you need to know about the Procedure of 80G Registration in Rajasthan

In India, the 80G registration is a significant certification granted to non-profit organizations and charitable trusts by the Income Tax Department. It enables…
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Online rectification of ITR in Jaipur

All you need to know about Online rectification of ITR in Jaipur

Income Tax Return (ITR) filing is a crucial process that every taxpayer needs to undertake every year. Filing the ITR accurately and within…
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Income Tax Regulations for NRIs

Understanding Income Tax Regulations for Non-Resident Indians (NRIs) in India

Income tax is a fundamental component of any country's revenue system. India is no exception to this rule. Income Tax Regulations for NRIs…
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Income From Other Sources

Income From Other Sources- Do You Also Have?

Income from other sources is taxed at the applicable slab rate, as per the income tax laws. However, certain incomes may be exempt…
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Form 15G and 15H Helps to Save TDS

How Form 15G and 15H Helps to Save TDS on Interest Income?

Form 15G and Form 15H are used to save TDS (Tax Deducted at Source) on interest income earned by individuals. TDS is a…
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How To Calculate Capital Gain Tax In India?

How To Calculate Capital Gain Tax In India?

Capital gains tax is a tax levied on the profit earned from the sale of a capital asset. Such as property, stocks, mutual…
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Calculate Income Tax For Salaried Individuals

How To Calculate Income Tax For Salaried Individual?

Calculating income tax on salary can be a complex process, as it depends on various factors such as your total income, tax deductions,…
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Filing TDS Return in Jaipur

How to File TDS Return in Jaipur?

Tax Deducted at Source (TDS) is a mechanism introduced by the government of India to collect taxes from various sources of income. The…
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US Taxation Partnership Firms

All you need to know about US Taxation Partnership Firms– LLC

Taxes are an essential part of a functioning government, and the United States is no exception. U.S. taxation is a complex system of…
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Updated Return AY 2020-21 to 2022-23

Updated Return – Comprehensive chart from AY 2020-21 to 2022-23

An updated return, also known as a revised or amended return, is a type of tax return that taxpayers can file to correct…
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Filing of Form 10F

All You Need To Know About the Notifications With Regard To Filing of Form 10F

In recent years, there are various new notifications with regard to the filing of Form 10F introduce. Central Board of Direct Taxes (hereinafter…
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