Every year in its annual budget (also known as Annual Financial Statement) the Government provides details of how much money it expects to reap from various sources and how it intends to spend the funds. As of now, the Government of India earns about 80% of its total revenue through taxes and the remaining 20%…
Income Tax Refund An income tax refund is issued by the Income Tax Department when the taxes paid by an individual (through TDS, TCS, Advance Tax, or Self-Assessment Tax) exceed the actual tax liability. The tax liability is determined after accounting for all eligible deductions and exemptions during the assessment process. Steps to Claim an…
Income Tax Return (ITR) is a form used to declare a taxpayer’s gross taxable income for a given fiscal year. Filing an ITR is crucial not only for nation-building but also offers several personal financial benefits. It enables you to claim tax refunds, simplifies loan applications, and allows the carry-forward of losses. Additionally, it provides…