Introduction: The concept of Tax Deducted at Source (TDS) was introduced to streamline tax collection by directly withholding taxes from the source of income. Under this principle, a person acting as a deductor, obligated to make certain payments to another person (the deductee), is required to deduct tax at the source and remit it to […]
Introduction: Taxation is a fundamental component of any country’s economy, and comprehending your tax obligations and entitlements is vital for effective financial planning. Form 26AS, commonly known as the Tax Credit Statement, plays a pivotal role in this process. It offers a comprehensive overview of your tax payments and eligible tax credits. This blog delves […]
Introduction: Difference Between FY and AY Navigating the complexities of the Indian taxation system often leads to confusion, especially regarding the distinction between the assessment year and the financial year. Difference between FY and AY This blog aims to clarify the disparity between the assessment year and the financial year, emphasizing their significance and implications […]
Introduction: Section 80C, established under the Income Tax Act of 1961, serves as a pivotal provision for tax deduction. Widely utilized by individuals and Hindu Undivided Families (HUFs), it enables a reduction in taxable income by accounting for specified expenses, savings, and investments in designated financial instruments. This comprehensive guide will walk you through all […]
ELSS mutual funds, Grow wealth which stands for Equity-linked Saving Schemes, are open-ended and equity-oriented investment vehicles known for their
Introduction: Upon filing an Income Tax Return (ITR), the tax department thoroughly reviews the submission and subsequently issues an intimation notice containing the taxpayer’s return details. In case of any discrepancies identified by the Assessing Officer, several options are available to rectify them: either agreeing with the demands of the IT department and making the […]
Section 87A of the Income Tax Act, stands as one such provision designed to assist taxpayers in reducing their income tax liability. .
Conveyance allowance, also referred to as transport allowance, is a benefit provided by companies to cover the commuting expenses of their employees
leave travel allowance is a tax-free benefit provided by employers to their employees as part of their salary package. this allowance covers expenses.
Introduction: Public Provident Fund or is a widely used long-term, tax-efficient, government-backed savings scheme with many benefits. Public Provident Fund To encourage savings and provide financial security to individuals was the main objective behind the creation of this system. This system is ideal for investors who are risk-averse but want to see long-term financial growth. […]