1. What Is Form 24Q? Form 24Q is the TDS return specifically for salary payments. Every employer who deducts TDS from employee salaries under Section 192 must file Form 24Q every quarter. It contains: Employee salary details TDS deductions PAN details Proof of tax deposited Deductions under Chapter VI-A Exemptions under Section 10 The fourth… Continue reading Essential Guide to Salary TDS Returns Filing and Form 24Q Requirements
Life Insurance Corporation of India (LIC) is the largest and most trusted life insurer in the country, serving millions of policyholders for more than six decades. Insurance through LIC provides financial protection, long-term savings, and investment-linked benefits, making it a preferred choice for individuals and families. 1. Financial Security for the Family The primary benefit… Continue reading Benefits of Insurance Through LIC of India
Form 15CA and Form 15CB are compliance documents required under the Income Tax Act, 1961, for remittances sent outside India. Their primary purpose is to ensure that any payment made to a non-resident is examined for taxability before it leaves India. These forms help the Income Tax Department track foreign remittances and prevent tax evasion… Continue reading Filing of Form 15CA & Form 15CB: A Comprehensive Guide
Section 147 empowers the Income Tax Department to reassess the income of a taxpayer if the Assessing Officer (AO) believes that income chargeable to tax has escaped assessment for any previous year. When can Section 147 be invoked? The AO must have “reason to believe” that income has escaped assessment. Common reasons: Non-filing of return… Continue reading Section 147 – Income Escaping Assessment (Reassessment)
A Net Worth Certificate is an official document that certifies the total net worth of an individual or a business entity at a particular date. It is most commonly issued by a Chartered Accountant (CA) after verifying the assets and liabilities of the person or business. Many institutions require a net worth certificate to assess… Continue reading Net Worth Certificates: Meaning, Importance, Components & Format
Micro, Small, and Medium Enterprises (MSMEs) form the backbone of the Indian economy. They contribute significantly to employment generation, manufacturing output, and exports. To support and promote these enterprises, the Government of India has introduced various schemes, subsidies, and credit facilities. With the introduction of Udyam Registration, the MSME sector has become more organized and… Continue reading MSME: Meaning, Classification, Benefits, Registration & Importance in India
Receiving an Income Tax Notice can feel intimidating, but in most cases, it is simply a request for clarification or additional information. Understanding why notices are issued and how to handle them can make the process smooth and hassle-free. What Is an Income Tax Notice? An Income Tax Notice is an official communication sent by… Continue reading Income Tax Notice: Meaning, Types, Reasons & How to Respond
A Hindu Undivided Family (HUF) is a unique legal and tax entity recognized under Indian law. It is formed by members of a Hindu family and is treated as a separate person under the Income Tax Act for Income Tax Return Filing, 1961. Many families create HUFs to manage ancestral wealth, run family businesses, and… Continue reading HUF (Hindu Undivided Family): Meaning, Formation, Tax Benefits, and Key Features
The Goods and Services Tax (GST) has streamlined India’s indirect tax system by consolidating various taxes into one. A crucial part of GST compliance is filing GST Returns, periodic statements that record details of sales, purchases, tax collected, and tax paid. What Is a GST Return? A GST Return is a document that registered taxpayers… Continue reading GST Return: Meaning, Types, Eligibility, Due Dates & Filing Process
Why the Concept of Updated Return Was Needed Over the years, lakhs of taxpayers in India have faced a common problem, missing the deadline for filing their income tax return or discovering mistakes in the filed ITR after the timelines were over. Before Financial Year 2021–22, the Income Tax Act allowed a person to file:… Continue reading What Is ITR-U? A Complete Guide to Updated Income Tax Return in India
We have launched a range of Chartered Accountants Services for families along with a complete income tax filing product suite covering ITR-1 to ITR-7. With the launch of our families division, we aim to help millions of Indians with financial literacy, compliance and investment.
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