Introduction: The advance tax payment system entails paying income tax in advance, throughout the year in installments, rather than settling the entire tax liability in a lump sum at the end of the financial year. Familiarizing yourself with the rules and regulations surrounding this advance tax payment is essential. Here, you will find detailed information […]

Introduction:  Filing annual tax returns is an important responsibility for all taxpayers. Not only does this important work bring great relief, but it also lightens a huge burden for many. However,  process does not end there. Taxpayers need to e-verify their tax returns again to complete the filing process. It is important not to overlook […]

Introduction: The Taxation Act of 1961 provides deductions and exemptions designed to reduce taxable income, thereby reducing personal tax liability These provisions allow deductions for investments in within a particular system or alongside certain types of debt. There is a separate exemption for contributions to National Pension Scheme (NPS) under Section 80CCD(1B). In this guide, […]

Introduction: It is a mistake to assume that the goal of all businesses is to avoid or minimize their tax obligations. There are some citizens who want to voluntarily pay their taxes first. This is not just kindness, but a proactive approach. By understanding or calculating your annual income, you can calculate and pay your […]

Introduction: Residents, whether individuals or Hindu Undivided Families (HUFs), are entitled to deductions under Section 80DD of the Tax Act for totally dependent disabled caregivers if they will be supported and cared for. Families of disabled dependents can avail tax benefits under section 80DD for personal maintenance. Both self-employed and Hindu Undivided Families (HUFs) are […]

Introduction: India has progressive taxation policy that makes higher the tax liability at the stage of higher income tax slabs the higher the income is. To bypass the increased tax burden, some taxpayers go as far as transferring their assets and income into their spouses’ name. On the other hand, the Income Tax Department has created provisions […]

Introduction: The taxpayer is entitled to exclude from his total income the part of the sum which has been donated to electoral trusts or political parties in accordance with the two latter parts of the Section 80 GGC of the Income Tax Act of 1961. This can be a fiscal measure, allowing either a partial (50%) […]

Introduction: Any tax paid to an contractor is subject to tax withheld at source (TDS) under Section 194C. In this section, we examine the specific provisions of the TDS relating to advertising, including deductions from fees paid to advertising agencies in industries such as newspapers, magazines, publications , advertising, advertising, promotions, etc. Go into details. […]

Introduction: Section 80CCC of the Income Tax Act of 1961 permits individuals to claim annual deductions of up to Rs. 1.5 lakh for contributions towards designated pension plans offered by life insurance companies, with the overall deduction being subject to the limits outlined in Section 80C. Section 80CCC: Section 80CCC provides for investment-based deductions, which […]

Introduction: You may already know that investments can help in reducing tax liability, but what you might not be aware of is that the Income Tax Department provides tax benefits for certain personal expenses as well, such as health check-ups, stamp duty for a home, and more. These deductible expenses fall under sections 80C to […]