What are the Different Types of Taxes Taxes may be categorized into different as their nature as direct taxes, indirect taxes, progressive taxes, regressive taxes etc. Direct Tax A direct tax is the one, which is paid by the person or entity on whom it is legally imposed. It is collected from the persons or … Read More →
The Major Objectives & Importance of Tax What are the objectives of Tax The idea of tax was started with a perspective to generate government revenue in its absolute beginning stage. In course of time it has been used for different purposes. To raise government revenue for development and welfare programs in the nation. To … Read More →
All You Needs To Know About Income Tax Scrutiny Have you received an income tax notice to scrutinize your tax returns? If yes, there is no need to feel stressed about it. The fact of the matter is that the Income Tax Department sends out notice for scrutiny to a large number of individuals and … Read More →
The initial phase in filing of a tax return is to choose the right Form of return. It must to be noticed that the Forms of return might be changed in the middle the year. The taxpayer, hence, need to file in the new form. There are seven Forms of return advised by the tax … Read More →
Taxation of Individuals in India Individuals are subject to income tax. Income tax is a direct tax levied on the income earned by individuals, corporations or on other forms of business entities. The Indian constitution has empowered only the Central Government to levy and collect income tax. The Income Tax department set up by … Read More →
5 smart things to know about tax saving fixed deposit 1. Individuals and HUFs are eligible to open a tax saving fixed deposit account and claim tax deduction up to Rs 1.5 lakh in a financial year for the amount invested. 2. Such deposits are only available for 5-year tenures and can be opened with … Read More →
Collect these papers to start individual tax return filing process The financial year has just ended, and it is important for individual taxpayers to start putting together the documents necessary for initiating the process of filing their tax returns. Documents Typically, four sets of documents need to be collected by the taxpayer: Proof of income … Read More →
Got IT notice? Ensure you reply correctly Shantanu Saha, 63, who retired a couple of years ago, woke up to an SMS from the income tax department asking him why he hadn’t filed his tax return for the Assessment Year 2014-15 (where income from 2013-14 is accounted for). Saha safely assumed that since he had … Read More →