What is an Income Tax Notice? An income tax notice is a formal communication issued by the tax authorities to an individual or business entity to provide information, seek clarification, or initiate an audit or assessment process related to their...
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The Goods and Services Tax (GST) is a comprehensive indirect tax implemented in India on July 1, 2017, replacing multiple indirect taxes at the central and state levels. The FMCG (Fast-Moving Consumer Goods) sector, one of the largest industries in...
Tax planning is an essential aspect of managing personal and business finances. Individuals and companies often employ a strategy to minimize their tax liability using tax shelters. A tax shelter is a legal method or structure that allows taxpayers to...
In India, the Income Tax Act classifies various sources of income for tax purposes. Apart from salaries, business profits, and capital gains, there is a category known as "Income from Other Sources." This category encompasses a wide range of earnings...
Filing income tax returns (ITR) is a crucial obligation for every taxpayer. It not only ensures compliance with the tax laws but also provides individuals with various benefits. However, failing to file the ITR within the specified deadline can lead...
Local governments such as cities, counties, or municipalities assess property tax on real estate. It is typically based on the property's value, as determined by the local government, and is usually paid annually by the owner. Local governments use the...
Freelancer works for themselves and provides services to different clients on a project-by-project basis instead of being employed by a single company. This gives them the flexibility to manage their workload and choose the types of projects they want to...
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...
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...