Income Tax

How Income Tax Return is calculated on salary in India

Income tax in India is levied on the total income of individuals, as outlined in the Income Tax Act, making it crucial to grasp this concept for compliance. The tax rates are determined by the relevant Finance Act, underscoring the importance of using a current income tax calculator for precise calculations. The residential status of

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3 Difference between Assessment Year and Financial Year

Understanding the tax system requires grasping various terms and concepts, including the distinction between Assessment Year (AY) and Financial Year (FY). While they are related, they represent different periods and play distinct roles in the taxation process. Let’s delve into the dissimilarities between Assessment Year and Financial Year to gain clarity on their significance.  What

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7 Forms of Income Tax Return: Which ITR should I file

The ITR form serves as a vital document for entities seeking tax exemption, including charitable trusts, or individuals with filing obligations. It plays a crucial role in ensuring compliance with tax regulations and facilitates the process of claiming exemptions or fulfilling specific requirements. Knowing the various forms of Income Tax Return is crucial, if you

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ITR for Rental Income: Income Tax filing on Rental Income

Owning rental properties can be a source of steady income, but it also comes with tax obligations. In India, landlords need to report their rental income on their Income Tax Return (ITR). This guide explains everything you need to know about ITR for rental income, from the different property categories to the deductions you can

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