Income Tax Penalties: Understanding the Consequences of Non-Compliance
Introduction
Income tax is a necessary payment that people make every year to the government based on their income. It is mandatory for individuals and...
Understanding Income Tax Notices: What You Need to Know
Introduction:
Receiving an income tax notice can be a stressful and confusing experience for many taxpayers. However, it's important to remain calm and take the...
The Importance of Filing Income Tax Returns (ITR)
Filing Income Tax Returns (ITR) is an important aspect of financial planning that often gets overlooked. It is a legal obligation for every individual...
Understanding Presumptive Income under Section 44AD of the Income Tax Act
The Income Tax Act of India provides various schemes and provisions for small businesses and individuals to simplify their tax compliance. One such scheme...
Understand the Provisions of Section 194Q of Income-Tax Act
Section 194Q of the Income-tax Act, 1961, deals with the tax deduction at source (TDS) on payments made to contractors or sub-contractors. TDS is...
Income Tax Slab for Senior Citizens in India
In India, senior citizens who are 60 years and above, are eligible for certain tax benefits. The government recognizes the importance of providing financial...
Golden Rules of Accounting: A Beginner’s Guide to Financial Management
Accounting is an essential aspect of any business, big or small. It helps in recording, classifying, and summarizing financial transactions to provide meaningful information...
Understanding the Basics of a Balancing Sheet: A Comprehensive Guide
A balancing sheet is an essential financial statement that provides an overview of a company's financial position at a specific point in time. It...
A Step-by-Step Guide to Making GST Payments
Goods and Services Tax (GST) is a value-added tax that is levied on the supply of goods and services in India. It is a...
E-Verifying Your Income Tax Return: A Step-by-Step Guide
Income tax is an important aspect of financial management in India, and the filing of an ITR (Income Tax Return) is mandatory for individuals...