Income Tax

Business Income Tax Returns filing: Business Tax returns

Filing a business income tax return is a comprehensive process that involves documenting a company’s financial activities over the fiscal year. This article lays down the essentials of Business Income Tax Returns (ITR), focusing on the requirements and benefits specific to different business structures in India. Latest Update:The recent update on business income tax return

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What is Standard Deduction in income tax? 

Standard Deduction in income tax is a fixed deduction that individuals can claim from their taxable income. It serves as a benefit provided by the government to reduce tax liabilities. Essentially, it’s a set amount that can be subtracted from your total income before calculating taxes.  Standard Deduction was reintroduced in Budget 2018, replacing earlier

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How to file an NRI Income Tax Return in India?

Are you a Non-Resident Indian (NRI) with income sources back home in India? Whether you’re receiving rental income from a property, interest on investments, or capital gains, understanding your tax obligations is crucial. This blog is your one-stop guide to navigating the process of filing NRI Income Tax Returns in India. In this blog, we’ll

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Difference between ITR-1 and ITR-2: ITR-1 vs ITR-2

Filing income tax returns is a vital duty for every taxpayer. However, understanding which form to use can be challenging. Two frequently used forms are ITR-1 and ITR-2. As a taxpayer, understanding the difference between ITR-1 and ITR-2 is crucial. Let’s break it down in simple terms.  The deadline for filing income tax returns for FY 2023-24

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Income Tax Returns for Salaried Employee: Salaried Income

Tax season is here, and for salaried employees in India, navigating the different Income Tax Returns (ITR) forms can feel overwhelming. But worry not! This guide will you understand the concepts behind income tax returns for salaried employees. We’ll understand the factors that determine the right form and clarify the differences between ITR-1 and ITR-2.

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How Income Tax Return is calculated

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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