Before GST, there were numerous taxes on goods and services. This included VAT, excise, service tax and more. The multitude of taxes made the taxation process increasingly challenging to comply with. To resolve this, GST was proposed in the year 2000. However, it wasn’t until 2017 that GST implementation in India truly began. Read on […]
Knowing about the documents required for ITR filing well in advance helps you file your returns hassle-free. The IT Department has already streamlined the process by providing pre-filled ITR forms. You can file your ITR online or download the required form and upload it on the portal after completing it. Regardless of the fact that […]
You can claim an income tax refund online when you pay tax in excess. This can happen in two scenarios: When the advance tax you pay is higher than your liability When the TDS (Tax Deducted at Source) is higher than your actual tax Generally, refund claims for the former are more common. This is […]
There are different types of ITR each taxpayer needs to file for declaring earned income and paying the applicable tax to the Income Tax Department. Before filing your returns, you need to know which ITR to file based on your source of income, your category and the total income you earn. There are 7 types […]
Bonus taxability is all about knowing how your bonus is taxed, so you can understand your liabilities better. Bonuses are additional earnings that you get from your employer for various reasons. In some cases, they are linked to your performance and in other cases, they are paid to you as a share of the profits […]
An income tax return or ITR is an essential form that you, as a taxpayer, need to file when declaring your income details and the applicable tax information to the IT Department. According to the Income Tax Act of 1961, all individuals, companies, HUFs, association of persons, etc., needs to pay tax depending on the […]
Going with the old regime vs new regime of taxation can be a tough choice to make. To arrive at an informed decision, understand the impact that both regimes have on your tax liability. While the old regime has its perks in the form of 70+ deductions and exemptions, the new tax regime, after the […]
