Tax Planning

Tax Planning 6 min read
Tax Deducted at Source – Form 26 AS: What and How?

Tax Deduction at Source (TDS), deducted from your salary and other income, is submitted to the Income Tax Department. You may not be aware of how to determine if your TDS has been deposited with the department,nevertheless Form 26AS provides information about TDS, Tax Collected at Source (TCS), advance tax payments, etc. 26AS Income Tax ... Tax Deducted at Source – Form 26 AS: What and How?

Tax Planning 8 min read
Tax Harvesting: How to Save LTCG Tax on Mutual Funds?

Mutual funds are one of the most lucrative investments that help people in achieving their financial goals. Long-Term Capital Gain (LTCG) on mutual funds was tax-exempt before 2018, but it is taxable now. However, tax harvesting can significantly reduce the taxes applicable to your LTCG.  What Is Tax Harvesting? As per Section 112A of the ... Tax Harvesting: How to Save LTCG Tax on Mutual Funds?

Real Estate 8 min read
How to Save Tax on Rental Income in India?

One of India’s most popular investment choices is Real Estate. It is one of the reliable asset classes an investor can ask for, as it holds the capability to provide monthly income as well as price appreciation over the years. Hence a lot of us look at it as a source of consistent passive income ... How to Save Tax on Rental Income in India?

Tax Planning 7 min read
Know How to Check Income Tax Refund Status

The income tax department offers us an online facility for tracking the status of refunds. You can do this by filling in details in the income tax refund form through the Income Tax (IT) department’s website. also do this on the TIN NSDL website. Your PAN number and assessment year should be accurate to check ... Know How to Check Income Tax Refund Status

Tax Planning 9 min read
Documents Required for Income Tax Return (ITR) Filing for FY 2023-24

Documents required for filing an Income tax return (ITR) differ according to the earning sources of the taxpayer. However, certain documents for ITR filing are mandatory for every taxpayer, irrespective of income sources. In this article, we will discuss the list of all the crucial income tax proof submission documents you must have ready before ... Documents Required for Income Tax Return (ITR) Filing for FY 2023-24

Tax Planning 8 min read
Do I Need a CA for Tax Filing?

Taxpayers filing their taxes for the first time are often daunted by the elaborate process of filing income tax returns. Which Income Tax Return (ITR) form should I choose? Which is the right assessment year? Am I eligible for any tax exemptions? How much do CAs charge for tax filing? Should I go to a ... Do I Need a CA for Tax Filing?

Tax Planning 4 min read
Differences between Form 16 and Form 16A: An Overview

Every taxpayer should have a clear idea of Form 16 and 16A as there is much confusion about their purposes. Salaried individuals need to pay taxes on their taxable source of income, and these sources are divided into 2 categories: salary and sources of income other than salary. Form 16 and 16A have different roles ... Differences between Form 16 and Form 16A: An Overview

Tax Planning 7 min read
How to Apply for TAN? Acknowledgement, Document and Payment Details

TAN stands for Tax Deduction/Collection Account Number. It concerns persons who are required to deduct or collect tax at source under the income tax regime. There are two methods to apply for TAN, i.e., either online or offline. The process has been discussed in detail below. How to Apply for TAN? Find the step-by-step process below:   ... How to Apply for TAN? Acknowledgement, Document and Payment Details

Tax Planning 7 min read
Taxable & Non-Taxable Allowance for Salaried Individuals

Allowances are monetary benefits extended to employees over their regular pay scale. Such benefits cover all their expenses, and in addition, help employees manage their financial liabilities efficiently.  However, as per the Income Tax Act (ITA), some of these allowances bestowed on employees are taxable, while some are exempted completely or partially from tax liability. ... Taxable & Non-Taxable Allowance for Salaried Individuals

Tax Planning 8 min read
Taxation of Leave Encashment on Retirement

All salaried employees are entitled to a certain number of leaves from their respective organisations. However, an employee might not be able to use all of them, and might carry forward some leaves up to his retirement.  One can get leave encashment for these accumulated leaves on retirement, resignation or during service. When leave encashment ... Taxation of Leave Encashment on Retirement

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