For freelancers, Invoicing is one of the most significant aspects of tax management. It is as important as securing clients and providing quality work. At times, this task can be daunting, but with the right strategy, you can handle your taxes through effective invoicing. If you are a freelancer and tax preparation gives you a headache every time, this article is for you. Here, we will discuss ways to streamline your freelance tax preparation with effective invoicing. Read on to find out more! Table of Contents: Understanding the Importance of Invoicing How to Streamline your Freelance Tax ..read more

TDS relieves the taxpayer of some of the strain of paying taxes when it comes time to file income tax returns. This is so that when they file their income tax return, they may claim the credit for the taxes that were withheld at source. One of the biggest and most regular kinds of payments a corporate organisation makes is for professional or technical service fees. Professional fees include payments made to physicians, lawyers, engineers, architects, chartered accountants, interior decorators, and advertisements, among others. Technical services would include the provision of managerial ..read more

Dreaming of residing in the United States to experience its beauty, benefit from the high-quality healthcare and education system, and grab the many growth opportunities this country offers?  Well, this dream can be achieved if you’ve enough funds to contribute to the US economy. The EB-5 visa allows foreign nationals to invest in the country in exchange for permanent residency (green card).  Are you intrigued? This article will explain the visa program and its investment requirements and will also break down the financial nitty-gritty to guide you through the steps to navigate ..read more

The purpose of the TDS concept is to prevent revenue received by an individual or corporation from being used for tax evasion. Individuals and entities can generate a variety of income types, including commissions, bonuses, dividends, salaries, and interests. Each of these adds up to a significant amount when taken into account separately. Section 194A of the aforementioned Act addresses interest payments, which are crucial to the operation of the banking industry, the stock market, and the savings of the average Indian citizenry. As such, people must comprehend these payments. In this gui ..read more

Many of us have a habit of parking our savings securely in a savings bank account. Just to secure a spot for our funds. However, did you realize that the interest earned on your savings account is not just a small financial benefit but is also subject to tax? Indeed, interest from savings accounts is taxed under "Income from other sources." However, there is a beneficial aspect not widely known. Under Section 80TTA of the Income Tax Act, 1961, you can claim a deduction of up to INR 10,000 on this interest income, potentially saving a significant portion of this small portion of earnings fro ..read more

Per capita income is a type of economic barometer that is used to quantify an individual's income within a defined set of monetary units, such as a city, province, country, geographic region, area, sector, and other varied elements, during a specified period. To assess the quality of life of a population living in a certain geographic area at a given time, it usually looks for the median income that an individual produces. We will look at the definition, formula, and calculation of per capita income in this guide. Table of Contents: What is Per Capita Income? Applications of Per Capita Inco ..read more

Table of content Tax Evasion: Meaning Various Methods of Tax Evasion Impact of Tax Evasion Punishment for Tax Evasion in India: Penalties Addressing the Challenge: Solutions and Initiatives Difference between Tax Evasion, Tax Planning, and Tax Avoidance Most Asked Questions Tax Evasion: Meaning Tax evasion means an illegal act of deliberately avoiding paying taxes by underreporting income, inflating expenses, or concealing the assets. It includes intentional actions by individuals or entities to avoid the tax obligations, thus reducing the tax payable to the government. Tax evasion is diff ..read more

Understanding the complexities of the new tax regime is important for making sound financial decisions. Though the options for deductions under the new tax regime are less compared to the old tax regime, there are strategic ways to save the income tax. In this article, we will explore 6 ways to save income tax for the F.Y. 2023-2024.  Table of Contents How to Save Income Tax in New Tax Regime: 6 Ways for F.Y. 2023-2024 How to Save Income Tax in New Tax Regime: Tax Saving Deductions and Exemptions Tax Slabs under the New Tax Regime for the F.Y. 2023-2024 Available Deductions under the ..read more

To calculate the income tax on your salary can be a difficult process. But with an easy, step-by-step guide, it becomes a lot simpler. This article will walk you through the process of calculating income tax under the old and new tax regimes, with detailed examples to demonstrate each and every step. Whether you are a new taxpayer or want to improve your understanding on calculating the income taxes, this article will provide you with the information you need to determine your tax obligations confidently. Table of Contents: How to Calculate Income Tax on Salary? Components of Salary How to ..read more

The Income Tax Department has released a notice advising salaried people to accurately disclose their income on their tax returns. 270A came to light as a result of this warning penalty for underreporting or misreporting income under Section. In addition, the department has significantly altered the income details on the ITR Form 1 (Sahaj) for FY 17–18. The ITR will now provide a detailed breakdown of your residential property income and salary rather than the entire amount.  Table of Contents: What is Section 270A of the Income Tax Act? Understanding Under-Reporting of Income Ca ..read more