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Advance Tax:Details-What, How, Why

If the total tax payable in a financial year is Rs. 10000 or more, then a person has to pay Advance tax. Advance tax means income tax should be paid in advance instead of lump sum payment at year-end. You pay this tax in the financial year preceding the assessment...

Paying Income Tax Online, epayment

To deposit Advance Tax, Self Assessment tax and Regular Assessment Tax an individual has to use challan ITNS-280. It can be paid both through internet (online or e-payment) and at designated branches of banks empanelled with the Income Tax Department (offline). Our...

What is E-payment of Income tax in India?

Everyone understands the importance of paying taxes and the consequences of non-payment. A salaried person can get the taxes deducted monthly from their salaries. But for others, they need to file direct taxes. Additionally, when people go for e filing of income tax...

ITR Forms for AY 2023-24 or FY 2022-23

The new ITR forms for FY 2022-23 or AY 2023-24 are broadly similar to that of the previous year with some additional details required such as Virtual Digital Assets (VDA) asset or minor tweaks for new regime. This article explains What are the changes in the ITR Forms...

Old or New Tax Regime?

From FY 2023-24, tax rates for the new tax regime are revised. The new Tax Regime was introduced in Union Budget 2020-21. So now there is old tax regime, new tax regime applicable till AY 2023-24 and Revised new Tax Regime applicable from AY 2024-25.  Now taxpayer has...
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