What is Advance Payment of Tax? And Calculation on Advance Payment of Income Tax Introduction The need to pay Income Tax for income earned during the same Financial Year is referred to as Advance Payment of Tax. In general, taxpayers […]

What is Form 10A of Income Tax? And process for Form 10A Filing Introduction All trusts/societies/institutions/funds/hospitals registered under Section 12A and Section 80G or Section 12AA of the Income Tax Act are required to seek new registration in the prescribed […]

“What is OLTAS?”, “What is Challan Number?” And Challan Status Enquiry Introduction Any type of direct tax, including income tax, corporation tax, Tax Deducted at Source (TDS), and Tax Collected at Source (TCS), can be paid using a single copy […]

How to file Income Tax Return for Sole Proprietorship in India? And FAQs on Income Tax Return for Sole Proprietorship in India Introduction A proprietorship, like other incorporated firms such as partnerships and corporations, must pay tax on its earnings. […]

All you need to know about income tax exemption in India Introduction This article explains income tax exemptions in India, specifically income that is not taxed under Section 10. Income tax is charged on individuals or businesses earning above a […]

What is Section 115BAC? And CBDT Clarification on Section 115BAC of Income Tax Act, 1961 Introduction The Finance Act of 2020 added a new section 115BAC to the Income Tax Act, which allows an individual to select between the real […]

Taxable Income in India – “How to calculate Taxable Income in India?” Introduction Knowing what items to include and avoid when calculating your taxable income is essential. After the Union Budget is presented, the Income Tax Calculator is an easy-to-use […]

A complete guide on What is Form 26AS?, How to Download Form 26AS? And FAQs on Form 26AS of Income Tax Form 26AS, often known as a Tax Credit Statement, is one of the most important tax forms for any […]

All about Cost Inflation Index for the FY 2021-22 (The assessment Year 2022-23) The Cost Inflation Index analyses the projected annual increase in the cost of goods and assets due to inflation. It is determined by the Central Government and […]