Tax is fees levied on products and services by an individual, an organization, or a government to generate revenue. The amount accumulated through tax is used for executing public welfare programs. Penalty charges apply to those evading tax if a tax notice goes unacknowledged by the taxpayer, if the taxpayer provides false information regarding
Tax is the biggest topic of discussion among people in India after cricket, be it in big offices or in small tea stalls; the people of India treat it as something bothering and inevitable yet a very interesting topic to have a discussion on. Every year, as soon as the Ministry of Finance releases
As a primary repository for the hard-earned fruits of our labour, banks play the most foundational role in the economy. However, the commercial advantage that banks have to pertain to the area of interest provisions. No one would want to see their hard-earned thoughtful investments slipping out of their hands. This usually happens in
The Income tax department introduced the PAN (Personal Account Number) as a system for uniquely identifying and storing the records of income taxpayers. The PAN number is alphanumeric and has a unique combination of alphabets and numbers that are unique for each individual. The alphabets denote important details ever since its inception in 1972
Filing income tax papers can seem like a tedious task, especially if you are doing it for the first time. All procedures and ginormous paperwork can be a bit overwhelming, where you have no idea what to do first and where to begin. It is beneficial to understand the whole process step by step
Recently the government announced several changes in TDS rates applicable from May 14, 2020. TDS rates for non-salaried payments have now been reduced by 25%. Changes have been announced in TDS rates for other income and payment items as well. Taxes deducted at source (TDS) and taxes collected at source (TCS) are meaningful terms
