Do Members of Parliament Pay Income Tax? When it comes to the financial aspects of public service, one common question arises: do Members of Parliament (MPs) pay income tax? The answer is a straightforward “yes.” MPs, like any other citizens, are subject to income tax on their earnings. Salary and Taxation The salary that… Read More »
Difference Between Income tax and income tax return Difference between income tax and ITR, income tax is a form of taxation impose by the government on the earnings of individuals, businesses, and other entities within a given financial year. It operates under a progressive tax system, where the tax rate rises as the income level… 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 »
The benefits of filing Income Tax Return The benefits of filing Income Tax Return provides several benefits, including: Avoiding Penalties: Timely filing of ITR helps you avoid penalties and interest on unpaid taxes. Carry forward of losses: If you have incurred losses from business, profession, or capital gains, filing ITR allows you to carry forward… Read More »
Taxpayer status Taxpayer status, The term “taxpayer” seems straightforward at first glance: an individual or entity that pays taxes. However, tax law and definitions within the tax system are often more nuanced than they initially appear. The question of whether a person or entity can still be considered a “taxpayer” even if they do… Read More »
GST in India Co-working spaces have become popular in India, especially among freelancers, startups, and small businesses. They offer flexibility, cost-efficiency, and the opportunity to work in a dynamic, shared environment. However, as with any business arrangement, questions arise about legal liabilities, especially when it comes to taxes, such as the Goods and Services Tax… Read More »
What is Tax Avoidance? Tax avoidance involves legally structuring one’s financial affairs to reduce tax liabilities while staying within the law. It involves using various strategies and methods to take advantage of deductions, credits, exemptions, and other provisions in the tax code to reduce the amount of taxes owed. Characteristics of Tax Avoidance: Legal… Read More »
