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: A PAN (Permanent Account Number) is a 10-digit alphanumeric identifier issued by the Income Tax Department in India, serving as a document for identity verification. Additionally, it is mandatory to provide a PAN Card when opening a bank account or conducting financial transactions. It is akin to the Social Security Number (SSN) issued in […]
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
Section 80u Deduction provides tax benefits for individuals experiencing disabilities, This article focuses on advantages offered under Section 80U.
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 […]
Professional tax, a state-level levy, is imposed by the state government on individuals and professionals exceeding income thresholds.
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