What is TDS ? In the case of certain incomes, a tax is required to be deducted at source by the payer before making the payment. The rates have been specified under the income tax act under various categories. There...

What is Tax Year? The 2022 tax year is the assessment year 2022-23 and previous year 2021-2022 in India. A financial year (FY) is the period between 1st April to 31st March, the year in which a taxpayer earns his...

The tax rebate u/s 87A allows a taxpayer to reduce his/her tax liability marginally depending on the net total income. In this article, we will cover the eligibility, steps to claim, points to keep in mind while claiming the rebate....

Tax liability is the debt every individual, corporate, institution owes to the Central Government of India. The taxability, rate, type of tax depends on the type of income and the statutory body regulating such taxation. The taxes collected from the...

What is a tax information network TIN? With the advancement of technology, the income tax department has been constantly working on leveraging the technology in order to provide smooth services to the taxpayers. Keeping this in mind, the department launched...

Taxation is an important source of revenue for any government. This helps in the economic growth of a country along with infrastructure development in a country. The constitution of India gives the authority to the government of India to collect...

What is Tax Evasion? Any action intended to conceal, understate, or fraudulently disclose income to lower your income tax liability is considered tax evasion. Tax evasion includes failure in paying taxes on time or paying less than the actual tax...

What is Tax Avoidance? Tax avoidance refers to the use of legal means to avoid paying tax. This is majorly dependent on the tax laws of a specific country and the various provisions of the taxation laws in that country....