Tag Archives: #KnowYourTaxes

How tax planning is different from tax evasion?

TaxPlanning V/s TaxEvasion     TaxPlanning V/s TaxEvasion are separate concepts with distinct consequences: Tax Planning: Tax planning refers to the legal and strategic arrangement of financial affairs to minimize tax liabilities within the boundaries of the law. It involves taking advantage of available tax deductions, exemptions, credits, and incentives to optimize your tax position.… Read More »

Why ITR filing is important?

ITR Filing Important   ITR filing  important for several reasons: 1. Legal Requirement: It is a legal obligation imposed by the Income Tax Act, 1961 for individuals and entities meeting certain income criteria to file their income tax returns. Failure to comply with this requirement may attract penalties and legal consequences. 2. Income Verification: ITR… Read More »

How Tax Planning works?

Tax Planning Works   Tax planning involves the strategic management of financial affairs to minimize tax liabilities while remaining compliant with tax laws. Here’s an overview of how tax planning works: 1. Understanding Tax Laws: Tax planning starts with a thorough understanding of the tax laws and regulations in your jurisdiction. This includes knowledge of… Read More »

When is gst tax due?

Deadlines for GST Tax Payments   The specific deadlines for GST tax payments vary based on the taxpayer’s category and the frequency of their filinga Here are some general guidelines for GST tax due dates in India: Monthly GST Return Filers: For businesses that file their GST returns on a monthly basis, the tax due… Read More »

Why TDS is deducted?

  Tax Deducted at Source   Tax Deducted at Source is deduct by the person making the payment to someone else (i.e. deductor) when the payment exceeds a certain threshold limit. The purpose of TDS is to collect tax at the source of income, rather than collecting it at the end of the year. TDS… Read More »