09 Sep, 2023
Between April and August of this year, the Income Tax Department dispatched notifications to approximately 500,000 taxpayers regarding “zero” and “lower advance tax payments”, as revealed by an official familiar with the situation to Business Standard. These notifications were generated following an examination of “significant transaction” data from the preceding fiscal year and the initial […]
Read More26 Aug, 2023
What is a Digital Signature Certificate (DSC)? A Digital Signature Certificate (DSC) is an electronic file that binds a public key to an individual or organization. It is used to verify the identity of the signer and to ensure that the document has not been tampered with since it was signed. DSCs are used in […]
Read More06 Mar, 2023
In India, income tax is paid by individuals, Hindu Undivided Families (HUFs), companies, firms, and other entities that earn income or profits. Individuals who are residents of India and have an income exceeding the basic exemption limit of Rs. 2.5 lakhs (Rs. 3 lakhs for senior citizens and Rs. 5 lakhs for super senior citizens) […]
Read More06 Mar, 2023
Understanding the tax rates in India can be a daunting task, especially for those who are new to the country or have limited knowledge about the tax system. One question that often comes up is “what is the tax rate on a balanced income in India?” In this article, we will provide a comprehensive guide […]
Read More02 Mar, 2023
Introduction When it comes to personal finance, understanding income tax slabs and rates is crucial. In India, income tax is calculated based on the income tax slab rates for the respective financial year. The income tax slab rates are categorized based on different income ranges and tax rates. The income tax slab rates change every […]
Read More23 Feb, 2023
According to the latest press release by the Income Tax Department, the Direct Tax Collection for FY2022-23 up to January 10, 2023, stands at INR 10.90 lakh crore. This is a significant increase from the previous year’s collection of INR 6.55 lakh crore for the same period. The increase in direct tax collections is primarily […]
Read More17 Feb, 2023
There are several ways to reduce income tax in India, some of which are: It is important to note that you should consult a tax professional or financial advisor to determine the best tax-saving strategies for your specific situation, as the tax laws and regulations in India are subject to change.
Read More01 Feb, 2023
Overall, a budget provides a framework for making informed decisions about money, helping individuals and organizations achieve financial stability and reach their financial goals.
Read More01 Feb, 2023
Is the basic income tax exemption limit to be increased to Rs 5 lakh? Budget speech by FM Personal Income Tax 1. Now, I come to what everyone is waiting for — personal income tax. I have five significant announcements to make in this regard. These primarily benefit our hard-working middle class. 2. The first […]
Read More01 Feb, 2023
A. Annual Financial Statement (AFS)The Annual Financial Statement (AFS), the document provided under Article 112, showsthe estimated receipts and expenditure of the Government of India for 2023-24 along with estimates for 2022-23 as also actuals for the year 2021-22. The receipts and disbursementsare shown under three parts in which Government Accounts are kept viz., (i) […]
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