15CA and 15CB certificate 15CA and 15CB certificate is essentially by a Chartered Accountant (CA) that verifies the tax liability related to the foreign remittance. It acts as an additional safeguard for the Income Tax Department to ensure that all taxes have been appropriately paid before the remittance is sent outside India.… Read More »
Simple ways to file ITR offline Simple ways to file ITR offline, To file an Income Tax Return (ITR) offline, you can follow these steps: Obtain the required ITR form: Visit the official website of the Income Tax Department of your country (e.g., the Income Tax Department of India) and download the relevant ITR… Read More »
ITR Filing Without Tax Payment: Filing an Income Tax Return (ITR) is a legal obligation for individuals and entities whose income exceeds the prescribed limit under the Income Tax Act. However, not everyone who files an Income tax return is required to pay tax. Many people believe that filing an Income tax return… Read More »
Partnership Return Signatories What Is a Partnership Return? A partnership is a business entity where two or more individuals agree to share the profits, losses, and management of the company. Partnerships don’t directly pay federal income tax. Instead, they file Form 1065 with the IRS to report their financial activities. Afterward, individual partners report… Read More »
Partnership file as an s-corp What is a Partnership? A partnership is a business arrangement in which two or more individuals collectively own and manage the business. Partnerships are relatively simple to form and manage. The income and losses of the partnership flow through to the partners’ individual tax returns, avoiding the double… Read More »
Standard Deduction in income tax The meaning of “standard deduction” in the context of income tax rules, refers to a fixed amount of deduction that is applicable to the gross income of salaried individuals, regardless of the actual expenses incurred. The purpose of the standard deduction is to reduce the tax liability and provide relief… Read More »
HRA Tax Exemption Calculation HRA tax exemption calculation: HRA, short for House Rent Allowance, is a salary component provided by employers to assist employees in covering their rental expenses. The exemption for House Rent Allowance (HRA) is determined by considering The following three factors: Actual HRA received from the employer. Rent paid by the employee… Read More »
