What is an Income Tax Refund? An income tax refund arises when the tax paid by the taxpayer is higher than the tax liability at the time of filing the income tax return. The tax paid by the taxpayer can...

Income tax is a tax levied by the government of India on the income of every person. Once a person is liable for income tax payment to the government, a question arises as to how this tax payment can be...

The Income Tax Act levies income tax on every type of individual taxpayer being a regular taxpayer or a senior and super senior citizen. However, it also provides many benefits to senior citizens of our country. The intent is to...

For a salaried employee, the income from salary and its tax treatment is of utmost importance. This is because a mere misplanning can lead to either a higher deduction of TDS or higher tax liability. For this purpose, you must...

How to file TDS return is a process of which many taxpayers are unaware and/ or worry about its validation processes. Further, filing a TDS return is mandatory on or before the due date of filing. The entire TDS return...

What is TAN? and Why is TAN Necessary? TAN stands for Tax Deduction and Collection Account Number. The Income Tax Department issues TAN to taxpayers. Moreover, individuals and businesses who are obligated by the Income Tax Act of 1961 to...

What is Form 27C in TCS? Form 27C in TCS is a declaration through which any taxpayer can claim an exemption on a collection of TCS. Like TDS, tax collection at source is a mandatory tax collection on specified transactions....

Form 26QB is a payment challan which the buyer of the property needs to fill and submit to deposit the TDS amount. Income Tax Act, 1961 provides for deduction of TDS under section 194IA on purchase or sale of immovable...