ITR 1 Vs. ITR 4 ITR 1 Vs. ITR 4 are two different income tax return forms in India, applicable to different types of taxpayers. Here are the key differences between ITR-1 (Sahaj) and ITR-4 (Sugam): Applicability: ITR-1: It is applicable to individuals who are residents of India and have income from salary, one house… 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 »
Tax deduction What is TDS? TDS stands for Tax Deducted at Source. It is a system introduced by the Income Tax Department of India to collect tax at the origin of income. According to this system, a person (referred to as the deductor) responsible for making certain payments (like salary, rent, professional fees, etc.) is… Read More »
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 »
TDS Compliance Meaning TDS compliance meaning entails adhering to the regulations outlined in the Income Tax Act, 1961, pertaining to Tax Deducted at Source (TDS).. It involves the proper deduction, deposit, and reporting of TDS by the deductor (the person responsible for making specified payments) to the tax authorities. TDS compliance encompasses several aspects, including:… Read More »
Can I Use a Single GST Number for Selling Products and Services In India, the Goods and Services Tax (GST) is a comprehensive tax system that has streamlined the taxation process for businesses. A common question among entrepreneurs and small business owners is whether they can use a single GST number for selling both… Read More »
Can one HSN code have multiple GST rates The Harmonized System of Nomenclature (HSN) code is a globally recognized system of classifying goods, primarily for the purpose of taxation. Introduce by the World Customs Organization (WCO) in 1988, the HSN system is use by over 200 countries, including India, to classify goods in a standardize… Read More »
Private Ltd company Private Ltd company and income tax are two types of taxes that a private limited company may be require to pay, and they have some differences: Pvt Ltd Company Pvt Ltd Company is a tax on the profits earn by a private limited company is paid on the net profits of the… Read More »
Capital gain tax in India Capital gains tax is a tax levied on the profit realized from the sale of an asset. In India, capital gains tax is divided into two categories – short-term capital gains and long-term capital gains. Short-term capital gain tax in India is applicable when an asset sell within 2 years… Read More »
Is tax on capital gains to be paid separately from income tax Yes, tax on capital gains is calculated and paid separately from income tax. Capital gains tax is a tax levy on the profits earn from the sale of capital assets, such as property, stocks, and other investments. The tax rate and rules for… Read More »
