Difference between TDS and TCS easily explained
TDS & TCS both are direct taxes that are taxed on the income which the person earns. Having stating that, both being the direct taxes often create confusions in the …
Income Tax
Best Ways to Save Your Taxes in 2022!
what is PAN Registration, Utility, And its structure ? We have a perception that the best ways to save taxes in India are just under Section 80C. However, that is …
Deduction under Section 80C & its allied sections
Section 80C and its allied sections allow a maximum deduction of up to Rs. 1.5 lacs every year from the taxpayer’s total income and an additional deduction amount of Rs. 50,000 can be claimed under Section 80CCD(1b).
All you need to understand about mutual fund taxation SIP
Mutual fund taxation is dependent on two factors namely: type of the mutual fund and duration of the mutual fund. There is a well-known proverb that the person should not …
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Know about the income tax slabs FY 2022-23 | FY 2021-22
There is no change in income tax slabs for the Financial Year 2022-23; Assessment year 2023-2034. Income Tax is charged on the persons as per the income(s) earned by them …
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Know Reasons Why You Should File Your Income Tax Return
Generally, Income Tax Return is to be filed by the individuals, if their income exceeds the threshold limit of Rs. 2.5 lacs, set up by the Ministry of Finance, Government …
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How to Treat Income from Transfer of Shares?
The treatment of Income from the transfer of shares can be under the head either “Income from Business” or “Income from Capital Gains”. People make Investments for the purpose of generating more …
Penalties on late filing Fees easily explained by TaxHelpdesk
The person has to pay TDS late filing fees under Section 234E, if he fails to file the TDS Return or does file the return within the due date. Apart …
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A Quick Look at Deductions under Section 80C to Section 80U
Deductions under Section 80C to Section 80U are covered under Chapter VIA of the Income Tax Act. The quantum of the deduction varies from Section to Section and type of person. Exemptions …
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Know about Health Insurance Tax Benefits under Section 80D
health insurance policies not only prevent us from unforeseeable situations (like COVID-19) and expenses, but also helps in saving taxes by the way of provisions of Income Tax Act.