Eligible for ITR file In India, the following individuals and entities are generally eligible for filing an Income Tax Return (ITR): 1.Individuals with taxable income: Individuals who have earned taxable income during the financial year need to file an ITR. This includes salaried individuals, self-employed individuals, professionals, and freelancers. 2.Companies and firms: All companies and… Read More »
Tax Plannings Tax plannings encompasses various strategies and factors aimed at reducing tax obligations and maximizing your overall financial position. Here are some key steps to effectively implement tax planning n How tax planning: 1. Understand Tax Laws: Gain a comprehensive understanding of the tax laws and regulations applicable to your jurisdiction. This includes knowledge… Read More »
Tax planning and tax evasions Taxation planning and tax evasions are two distinct concepts with stark differences: Tax Planning: Tax planning involves structuring one’s financial affairs in a legal and strategic manner to minimize tax liability. It involves taking advantage of available deductions, credits, exemptions, and incentives provided by tax laws to legally reduce… Read More »
ITR filing without tax payment Website link ITR filing without tax payment: Yes, you can file an income tax return (ITR) in India without making any tax payment if you do not have any tax liability for the financial year. The filing of ITR is not dependent on whether you have a tax liability or… Read More »
Partnership Return Signatories Who can partnership return signatories, the partners are generally responsible for signing and filing the partnership tax return. The partnership return is usually filed on behalf of the partnership, reporting its income, deductions, and other relevant information for tax purposes. The partnership return is typically signed by one of the authorized… Read More »
Ledger Balance in GST Ledger balance in GST: It refers to the balance amount available in a taxpayer’s electronic cash ledger or electronic credit ledger. The electronic cash ledger reflects the amount of cash deposited by the taxpayer and can be use to make GST payments, while the electronic credit ledger reflects the… Read More »
Tax planning vs tax compliance Tax planning vs tax compliance, Here’s a comparison between tax planning and tax compliance: Taxation Planning: Tax planning involves strategic decision-making and the implementation… Read More »
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 »
Is ITR filing mandatory Yes, in many countries, including India, ITR filing is mandatory for individuals and entities meeting certain criteria. The specific requirements and thresholds may vary from country to country, so it is important to understand the tax laws and regulations of your respective jurisdiction. Generally, individuals and entities whose income exceeds the… Read More »
Prepare TDS To prepare TDS (Tax Deducted at Source), you can follow these general steps: Determine Applicability: Identify the transactions and payments on which TDS is applicable as per the provisions of the Income Tax Act, 1961 and related regulations. Consider the nature of the payment and the threshold limits for TDS applicability. Obtain… Read More »