Filing ITR Filing ITR, In India, not everyone is required to file an income tax return (ITR). The requirement to file an ITR depends on various factors, including the individual’s age, income level, and the type of income earned during the financial year. Here are some general guidelines regarding who needs to file Filing… Read More »
Capital income Vs Capital Gains Capital gains and capital Income are two different concepts in the field of finance. It’s refers to any income earned from capital assets, such as interest income from bonds, dividends from stocks, or rental income from a property. Capital income is typically earned as a regular income stream and… 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 »
Filing income tax returns Filing income tax returns is mandatory for several reasons: Legal Requirement The law mandates individuals and entities to file income tax returns within the specified due dates. Failure to comply with this requirement may result in penalties and legal consequences. Income Assessment Filing tax return allows the tax authorities to… Read More »
TDS on Interest on late payment TDS on Interest on late payment, No, Tax Deducted at Source is not applicable on interest due to late payments made to creditors. Tax Deducted at Source is specifically applicable to certain types of payments such as salaries, rent, professional fees, etc., as outlined in the Income Tax… Read More »