Understanding Set Off and Carry Forward of Losses in Income Tax Managing your finances effectively is crucial, especially when it comes to taxes. One aspect that can significantly impact your tax liability is how you handle losses. The Income Tax Act provides provisions for setting off and carrying ...
What is Annual Information statement (AIS)? The govt. keeps on making active efforts to improve the reporting of Income details of the citizens of the country. In this regard, the govt. has brought in certain mechanisms like Tax Deducted at source (TDS) & Tax Collected at source (TCS), Statement of ...
Types of ITR & Due dates for filing ITR Generally, when you talk about taxes, you tend to procrastinate, because that is tedious job to do, but there is due date for filing your taxes which needs to be adhered to else you’ll have to face the consequences for the same. Today, let us deep dive to unde...
Old Tax Regime vs. New Tax Regime With the introduction of new tax regime for individuals in 2020, the govt. gave an option to choose between the old tax regime and the new tax regime. However, the new regime got its real glow when the government introduced various incentives in the 2023 Budget to e...