Tax Blogs

The Central Government in India collects cess on income tax to fund specific programs or purposes. This additional tax is not permanent like general taxes and is discontinued once the required funds have been raised. Read on to learn what is cess on Income Tax, its types, how it is different from general taxes, income …

The Government of India brought Goods and Services Tax to simplify indirect taxation. Before its implementation, there were numerous taxes on the supply of goods and services, including:  The multitude of taxes made the process increasingly challenging to comply with. However, the new multi-stage and destination-based tax has resolved this issue. Read on to learn …

Knowing about the documents required for filing ITR 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.  Although you have pre-filled information, …

You can claim an income tax refund online when you pay tax in excess. This can happen in two scenarios: Generally, refund claims for the former are more common. This is why knowing how to claim an income tax refund for excess TDS is essential. Read on to know when and how you can get …

To declare earned income and pay the applicable tax to the Income Tax Department, every taxpayer has to file one of the seven types of Income Tax Return forms within the prescribed due date. These ITR forms contain the taxpayer’s income, expenses and other essential tax details, helping the Department and the taxpayer calculate and …

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 …

Knowing the meaning of ITR is essential as it will help you stay compliant with the tax laws of the country. Simply put, an income tax return or ITR is an essential form for declaring your income details and the applicable tax information to the IT Department. According to the IT Act of 1961, all …

Choosing between the old and new taxation regimes in India is a crucial decision to make since they have different impacts on your tax liability. While the old regime has its perks in the form of 70+ deductions and exemptions, the new tax regime offers some great benefits, too. To understand what both these regimes …