Over view of Direct and Indirect tax
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%…
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Income Tax Refund and Recovery Process Explained
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…
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Understanding Income Tax Returns (ITR)
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…
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TDS Threshold and TCS-Tax Rates Announced in Budget 2025
TDS (Tax Deducted at Source) refers to the tax collected by the payer on specified types of income while making payments to the payee and subsequently depositing it with the government on behalf of the payee. This system was introduced to reduce tax evasion.This is mandatorily deductible and payable from a wide range of incomes…
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Overview of Income Tax Act of 1961
Income tax is a tax charged on the annual income of individuals or businesses earned in a financial year. The tax paid by citizens serves as a source of revenue for the government. This money is utilized to fund essential services such as healthcare, infrastructure development and maintenance, salaries and pensions of government employees, and…
Marginal Tax Relief for Resident Individuals with Income Slightly Above ₹12 Lakh in FY 2025-26
The 2025 Budget has proposed making normal income up to ₹12 lakh tax-free under the new tax regime for FY 2025-26. This significant development is a result of revised tax slabs and an enhanced rebate of ₹60,000 under Section 87A. Since the announcement of these changes, there has been considerable confusion regarding the tax implications…
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