What is Tax Evasion? Learn About Its Common Methods and Penalties
Taxes play a vital role in fueling a nation’s growth, funding essential services, and driving social development. Yet,…
What is Form 26QB? – TDS on the Sale of Property
The Income Tax Act of 1961 lays down several guidelines for the sale and acquisition of real estate.…
What is Form 16B? – TDS Certificate for Sale of Property
Form 16B is a TDS certificate issued to buyers for the sale of property, indicating the tax deducted…
Capital Gain Bonds under Section 54EC of Income Tax Act
Capital Gain Bonds, also known as Section 54EC Bonds, are an important investment avenue for individuals looking to…
What is Education Cess? Education Cess Rates & Calculation
Cess is a tax or charge the government imposes to raise additional revenue for a specific purpose. One…
Over 8.75 Lakh HUFs Claimed Rs. 3,803 Crore Tax Deductions in 2022-23
The Finance Ministry stated that during 2022-23, over 8.75 lakh Hindu Undivided Families (HUFs) filed income tax returns…
Leave Travel Allowance (LTA): Eligibility, Tax Exemption, Claim Rules, & More
LTA is a benefit that allows you to explore your travel dreams while enjoying tax benefits. Whether you’re…
How to Claim Tax Deduction on Donations Under Section 80G?
Filing income tax returns (ITR) can be a complex process, but it also presents an opportunity to optimize…
Understanding GST Composition Scheme: Its Features, Eligibility & Tax Rates
The GST Composition Scheme is a simplified tax system for small businesses, providing relief from complex procedures. This…
Understanding Section 194H: TDS on Commission and Brokerage Explained
Section 194H of the Income Tax Act, 1961, is about deducting taxes from commission or brokerage payments. It…