As tax season approaches, one of the most common terms you’ll come across is Advance Tax. But what exactly is it, and why is it important? Whether you’re a salaried employee, a freelancer, or a business owner, understanding the concept of advance tax can help you avoid penalties, manage cash flow, and stay compliant with
As we approach the first quarter of the year, it’s essential for businesses to stay on top of crucial financial and tax-related deadlines. Below is a list of key upcoming events and dates that every company should be aware of to ensure compliance and avoid any penalties. 1. GST Filing Deadlines: GST Return (GSTR-1) Filing:
1. Income Tax Slabs for FY 2024-25 The new tax regime continues to be an option, with no income tax up to ₹3 lakh. From ₹3 lakh to ₹6 lakh, the tax is 5%, ₹6 lakh to ₹9 lakh at 10%, ₹9 lakh to ₹12 lakh at 15%, ₹12 lakh to ₹15 lakh at 20%,
A. (INDIVIDUAL & HUF TAXPAYERS) 1).Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Then 60 Years Old) for FY 2019-20. (A.Y. 2020-21) Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
A) For Salaried Employees If you are a salaried employee, gather these documents to e-file your income tax returns. Go through this list to see the documents you’ll need to do your taxes. PAN Number Form-16 issued by your employer. A) For Proprietorship/Business persons. 1. Documents related to interest income Bank statement/passbook for interest on savings/current