Income Tax

Difference between Assessment Year and Financial Year

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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Forms of Income Tax Return

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

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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Belated Income Tax Return

What is a Belated Income Tax Return: Know how to file

Filing income tax returns is a fundamental obligation for every taxpayer, ensuring compliance with the tax laws of the land. However, despite the clear deadlines set by tax authorities, circumstances may arise where individuals fail to meet these deadlines, leading to the necessity of filing what is known as a belated income tax return. In

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