Income Tax filing The requirement to file an ITR depends on various factors, including the individual’s income level, residential status, and specific conditions outlined in the Income Tax Act, 1961. 1.Income Threshold: Individuals with a total income exceeding the prescribed threshold are generally require to file an ITR. The income threshold varies based on… Read More »
How to check ITR filing status How to check ITR filing status, To check the status of your Income Tax Return (ITR) filing, you can follow these steps: Visit the official website of the tax authority: Go to the official website of the tax authority in your country (e.g., the Income Tax Department of… Read More »
TDS Return compliance Compliance with TDS (Tax Deducted at Source) return filing is crucial for businesses or individuals who have deducted TDS and are required to report and remit the deducted amounts to the tax authorities. The specific compliance requirements may vary depending on the country and its tax laws. Here are some common aspects… 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 »
Capital Gains Tax Capital gains tax is a tax imposed on the profit earned by individuals or corporations when they sell an asset at a higher price than its original purchase cost. This tax applies specifically to assets classified as “capital assets,” including stocks, bonds, real estate, and various investments. When an individual sells a… Read More »
What if I do not pay my income tax If you do not pay your income tax, it will be considered as taxes evasion, which is a serious offense under the Income Tax Act in India. If the Income Tax Department finds out about the non-payment of tax, it can take various legal actions against… Read More »
Is TDS Deductible on Interest Due to Late Payments to Creditors? Introduction Tax Deducted at Source (TDS) is an essential part of the Indian taxation system, ensuring that taxes are collected at the point of income generation. Businesses often face situations where they make late payments to creditors, leading to interest liabilities. This raises the… Read More »
