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Do Small Businesses Need ERP Accounting Software and Can They Benefit from It?

When it comes to running a business today there is no denying the need for technology to make things easier. In some instances, you even need technology just to gain a competitive... Read more »

What You Need To Know About Taxes and Online Gambling

It is important for gamblers to understand that they have to comply with the legislation regarding taxes and gambling in their country. Tax laws differ from one country to another, which is... Read more »

Supreme Court’s Aadhar Act Verdict: A Setback for the NDA Government

Supreme Court’s verdict on the 31 petitions that challenge the constitutional validity of the Aadhar Act is out. A bench of five judges that Chief Justice of India, Dipak Misra headed, ruled... Read more »

CBDT further extends date for filing Income Tax Returns and Audit Reports

The due date for filing of Income Tax Returns and Audit Reports for Assessment Year 2018-19 is 30th September, 2018 for certain categories of taxpayers. Central Board of Direct Taxes(CBDT) had earlier... Read more »

Discover The Benefits of Factoring Your Freight Bills

Trucking company owners have been relying on freight factoring for decades, but the benefits of factoring extend far beyond same day funding. Thanks to fuel advances and discounts as well as free... Read more »
Central Board of Direct Taxes

CBDT Extends Due Date for filing of IT Returns as well as reports of Audit to 15th October, 2018

The due date for filing of Income Tax Returns and Audit Reports for Assessment Year 2018-19 is 30th September, 2018 for certain categories of taxpayers. Upon consideration of representations from various stakeholders,... Read more »

Unique Identification Authority of India (UIDAI) Said That It Is the Responsibility of Schools To Provide Aadhaar Enrolment & Update Facility To Their Students

Unique Identification Authority of India (UIDAI) today said that it is the responsibility of schools to provide Aadhaar enrolment and update facility to their students and ensure that no children are deprived/denied... Read more »

7 Ways to Verify Your Income Tax Return (ITR)

Did you file your Income Tax Return (ITR) on time and think that your job is done? Well, it is not over yet. The government of India has made ITR verification mandatory.... Read more »

Direct and Indirect Tax – Differences & Similarities

With so many taxes going around, it becomes a daunting task for a new taxpayer or a start-up to worry about them all. Knowing them individually and how they apply to you... Read more »

Due Date for filing of Income Tax Returns for Taxpayers in Kerala Extended to 15th September 2018

Extension of date for filing of Income Tax Returns for taxpayers in Kerala The Central Board of Direct Taxes(CBDT) had earlier extended the ‘due date’ for filing of Income Tax Returns from 31st... Read more »

What is TDS? Here’s All You Need To Know About It

TDS or Tax Deductible at Source is a big confusion point for a lot of taxpayers. What is TDS, how is it calculated and how is it deducted are some questions users have in... Read more »

GST On Under-Construction Property: Here’s All You Need To Know

GST or Goods and Services Tax is a landmark reform that came into effect from July 1, 2017. This reform aims to eliminate multiple taxes at multiple points of transactions. Hence, you... Read more »

ITR Forms Needed For Financial Year 2017-18

The income tax department has already notified the new tax return forms pertinent to the financial year 2017-18 in April this year. Some forms have already had their online utility tools published.... Read more »

In simple terms, Income tax is the tax levied on your personal income directly. The tax levied by the government on the financial income of different entities generated within their jurisdiction is called Income Tax. All individuals and businesses are mandatorily required to file income tax return in order to determine the amount of tax they need to pay to the government and to determine if they are qualified for a tax refund. The government uses these funds generated in the form of income tax to serve the public and fund its activities. Some of the types of income taxes are Corporate Tax, Capital Gains Tax, Personal Income Tax, Fringe Benefits Tax, Banking Cash Transaction Tax, and Business Income Tax. You are supposed to pay a percentage of your income as income tax based on in the income tax slab that you fall under. Higher the income, higher is the income tax.