Personal tax planning Personal tax planning refers to the process of managing one’s personal finances and making strategic decisions to minimize the amount of tax payable on personal income and assets. It involves analyzing the various components of an individual’s financial situation, such as income, investments, expenses, deductions, and credits, in order to optimize tax… Read More »
Can HUF Claim 80C Deduction In India, the Income Tax Act provides various avenues for taxpayers to claim deductions and reduce their taxable income. One of the most popular sections under which deductions are claimed is Section 80C. This section allows individuals and Hindu Undivided Families (HUFs) to claim deductions for investments and expenses, up… Read More »
Is Book Value the Same as Net Asset Value? When it comes to assessing the value of a company or an investment, financial terms like book value and net asset value (NAV) often come into play. While these terms may sound interchangeable, they serve different purposes and are used in various contexts within finance. Let’s… Read More »
File ITR 4 To file your Income Tax Return (ITR) using ITR-4 form, which is applicable for individuals, Hindu Undivided Families (HUFs), and partnership firms having income from a presumptive business, you can follow these steps: 1.Gather your documents: Collect all the necessary documents, including your business income details, bank statements, invoices, expenses records, and… Read More »
ITR 3 vs ITR 4 difference ITR 3 vs ITR 4 difference are two different income tax return forms in India, applicable to different types of taxpayers. Here are the key ITR 3 vs ITR 4 difference. Applicability: ITR-3: This form is specifically applicable to individuals and Hindu Undivided Families (HUFs) who generate income… Read More »
ITR file The filing of Income Tax Returns (ITR) typically starts after the end of the financial year. For individuals, the due date for ITR file is usually 31st July of the assessment year. However, the exact dates may vary depending on the specific assessment year and any extensions or changes announced by the tax… Read More »
Difference between current assets and current liabilities The measure that reflects the difference between current assets and current liabilities is called working capital. Working capital is calculated by subtracting the total current liability of a company from its total current asset. It is an important metric for businesses to monitor, as it indicates their ability… Read More »
Introduction Tax Deducted at Source (TDS) is a critical component of the Indian taxation system designed to collect tax at the source of income. The system ensures that tax liabilities are cleared at the point of income generation, thereby minimizing tax evasion and improving government revenue collection. Understanding TDS compliance due dates is essential for… Read More »
Claim GST Input Credit When it comes to claiming GST input credit for a mobile phone purchased in the name of your shop but used for personal purposes, there are certain factors to consider. As an individual with a shop that has a GST number and pays GST monthly. You may wonder if you… Read More »
GST registration for multiple states Introduction The Goods and Services Tax (GST) is a unified tax imposed on the sale of goods and services across India. Businesses operating in multiple states must comply with state-wise GST registration to ensure seamless taxation and compliance. Understanding the GST registration process for multiple states is crucial for businesses… Read More »