A profession is a career or vocation that requires advanced education, training, and specialized skills. It is often associated with a high level of knowledge and expertise, and is generally considered to…
Category: Income Tax
Do I need to maintain any records or proof of earnings?
As a business owner, it is important to maintain accurate records and proof of earnings to ensure compliance with tax laws and regulations, as well as to support any business decisions you…
I am an agriculturist. Is my income taxable?
As an agriculturist, your income may be subject to taxation depending on the specific circumstances of your business. In general, income from the sale of agricultural products, such as crops and livestock,…
What is exempt income and taxable income?
Income tax is levied on the income earned by individuals and businesses, but not all income is subject to taxation. The income tax laws in most countries provide for certain types of…
What is tax on regular assessment and how is it paid?
Tax on regular assessment is a system of calculating and paying income tax on the actual income earned during a financial year. It is the final step in the process of income…
How is advance tax calculated and paid?
Advance tax is a system of paying your income tax in installments throughout the year, rather than paying the full amount at the end of the financial year. It is calculated based…
How to deposit Self Assessment Tax or Advance tax to the credit of Government?
There are several ways to deposit self-assessment tax or advance tax to the credit of the government: It is important to note that when making a payment, you will need to provide…
How will I know how much Income-tax I have to pay?
To determine how much income tax you have to pay, you will need to calculate your taxable income. Taxable income is your total income from all sources, minus any deductions and exemptions…
How does the Government collect Income-tax?
The government collects income tax through a variety of methods. The primary way the government collects income tax is through the filing of tax returns. Tax returns are the forms that individuals…
Linking EPF to PAN can help you save TDS. Here is how
Employees’ Provident Fund is a savings plan established by the government for employees of the formal sector who work in companies with 20 or more employees. It functions as an excellent retirement…