In life everyone dreams of big houses, expensive cars and lavish lifestyles. But with the current market scenarios, the increase in salary, there come an increase in expenses.
Each individual plan their income and outcome to maintain an optimum balance between earning and expenses. But there are some times when you make mistakes which you should have avoided.
People often make some common mistakes while paying taxes which bear a greater loss in a broader sense.
If you were under the impact that just big corporations are targeted by the HMRC, then you are regretfully mistaken. The keen eyes of the tax examiners are trained on individuals as well as local business also. They are just as extensive in their examination of all large and also little situations of tax obligation evasions or scams.
As a commoner, you could be overwhelmed, as well as shocked, by an HMRC examination. Nonetheless, there are lots of tax investigation specialists whose expert...
Income tax deductions are awarded to people who have paid extra taxes for their income. But, this can happen only when you have filed for your income tax returns before the deadline. To be able to claim for tax refunds, you need to complete the process of your income tax return filing. The tax refunds will be awarded by the Income Tax department who need you to fill your ITR on time within the last date. If there are any extra taxes paid, you will be returned the amount for that extra tax...
Tax is a small word, but the value it holds is very high. It is not just an amount of money that you pay the government but is a contribution that you make in the development of the country. Now, tax calculation can be a hectic job and can consume a lot of time if someone doesn't have an idea about how the taxation system works. So, today, we are going to discuss a solution to this problem which is Tax Calculator. So, let's see what this tool is and how it is beneficial for you.
What Is a...
Every year when tax season knocks on the door, people sigh and grab their calculator to get ready to file their income tax return. This description may seem a little over the top but filing the tax return does sound like a hefty job to some. Also, the nervousness built around it for first timers is what this blog is here to break. First, the basics. Each year the tax return deadline is April 30th.
On every income you make, you are supposed to pay taxes to the government. In return, the...
The payment of taxes is essential to be paid in the modern and free market. Every state comprises a capitalist industry where there is competition and the economy may be competitive. Most of the trades are required to file a toll return for the payment of the sales toll. The income generated from tolls is subsidized for well-being care, teaching and community amenities. The toll returns enable the municipal to have peace by keeping the economy healthy. Most of the toll returns are taken care of...
The amount of money levied on one’s income is called income tax. The amount of tax, a person pays, depends upon the size of one’s earning. Thus, income tax saving has become one of the major concerns of every working individual. The more you earn, the higher amount of tax you pay to the government. However, income tax laws of India allow you to save a certain amount of tax through various income tax deduction provisions. A tax paying individual can save tax and lower taxable income...
Every person who has any source of income is entitled to pay taxes. The source of income could be monthly salary, a business profit turnover or even a regular freelancing job. The entire process of calculating taxes is based on the norms and slabs laid out by the Income Tax Department of India.
What Is Income Tax?
Income tax is calculated based on the annual income that is accrued from various sources. As the income increases the tax applicable on the income also increases. Various portals...
College education has become expensive with time due to which majority of the students who graduate from three or four-year degree leave college with hefty loan debts. Since education is becoming a huge financial burden for individuals, they are taking up part-time jobs while doing a degree. However, many scholars don't know that universities offer that a few tax benefits. They are entitled to get a tax boost from things, like deductions and credits. So, let’s start by taking a look at...
According to The Income Tax Act of 1961, it is mandatory for every individual who is earning a taxable amount of income, to file their income tax return before the due date. If the individual fails to maintain the deadline or in case of any mismatch of income returns, it falls upon the Income Tax Department to verify the accounts and access the taxability. This procedure is known as an assessment, which includes the best judgment assessment or reassessments. Tax assessments involve the...
Operating a business sufficiently and accurately, especially the financial spectrum of a business can be rather tough to deal with. Apart from its many forms of challenges, businesses usually opt specialists that can quickly process and validate all the taxes in a mannerly time. Processing and ensuring that compliance required to submit tax forms can all be essential to submitting a solid business tax claim. When it comes to “strategically” filing your business taxes, there are...
Tax savings play a crucial role when you are working towards your financial goals. Ineffective tax planning can result in exhaustion of take-home income, especially in the last months of the fiscal year.
As we all know, March 31st is the last working day of a financial year, and there might be many investment and tax-related tasks that need to be completed before this significant deadline. Though there is still two months before the deadline approaches, you should not delay tax savings...
The New Amendment In TCS
In the context of the latest amendments made by the Indian Government regarding Income Tax Act Section 206 C (1H) TCS (Tax Collected at Source) will be effective from 1 October 2020 for all seller with an annual turnover above Rs. 10 Crore. The latest changes were done in order to widen the scope of TCS tax.
What is TCS?
TCS tax full form is Tax Collected at Source is a tax which the seller collects from the buyer at the time of selling the goods. The...
What Is TCS Tax or Tax Collected at Source?
Full form of TCS Tax is Tax Collected at Source. By this time you might have already known this. The Govt. of India vide Finance Act 2020, has introduced two new provisions of Tax Collected at Source effective from 01.10.2020.
Tax Collected at Source or TCS Tax is not a new concept. As of now, TCS Tax is applicable on certain transactions involving prescribed goods and services both under Income Tax and GST regime.
Now, the new provision of Tax...
IRS 1099 Dividend Form Instructions: Banks use a 1099-DIV Tax Form to report dividends and other distributions to recipients and the IRS. Dividends are distributions of property by a corporation to the shareholder or owner of the corporation out of the income or profits of the corporation. Normally, dividends are paid in the form of cash but may be paid in other types of property. Particular dividends can be classified as Qualified Dividends. Qualified dividends taxed at lower...
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