Income tax is crucial to a country’s taxation system. It is a direct tax levied by the government on the income earned by individuals, businesses, or any other entity in a financial year. The Income Tax Act of 1961 lays...
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What is Income tax? The government levied income tax on the income earned by individuals, businesses, and other entities within a particular jurisdiction. It is usually calculated as a percentage of the taxable income earned by the taxpayer over a...
Direct tax refers to a type of tax that is levied directly on individuals or entities based on their income, wealth, or property and is collected by the government. The government typically imposes direct taxes to generate revenue to fund...
Capital gains tax is a tax levied on the profit made from the sale or transfer of certain types of assets, such as stocks, real estate, and other investments. It is the tax imposed on the capital gain, which is...
As March approaches, the GST Year-End Checklist is a taxpayer's most crucial document! Taxpayers have various obligations to fulfill before April 1, 2023, and some mandates are effective as of that day. Similarly, some things have historically been implemented on...
ITR filing refers to the process of filing income tax returns (ITR) with the income taxdepartment of the government. It is an important compliance requirement for individuals,businesses, and other entities that earn income in India. Taxation statements givetaxpayers the ability...
The Goods and Services Tax (GST) is a comprehensive indirect tax that replaced multiple indirect taxes levied by the central and state governments. The GST system in India is divided into four components - State Goods and Services Tax (SGST),...
In India, paying income tax on salary income is mandatory for all individuals. However, the government has provided various ways to save income tax legally, which can be taken advantage of to minimize tax liability. This essay will explore the...