Tax University - Articles

The government of every nation needs to collect taxes from its citizens to run the country.

A corporate tax is a tax on the profits of a company. So, what is the minimum

A new Goods and Services Tax (GST) portal has been established by the Indian government

Form 16 is a certificate given under Section 203 of the Income-tax Act of 1961

In comparison to non-senior citizens, senior and super-senior

A dividend is something that puts a smile on every investor’s face

According to Indian income tax laws, you are not liable to pay income

Section 206AB mandates TDS at rates higher than standard prescribed

You have finally decided on your dream home and you are applying for

The deadline for filing your income tax return is 31st July which falls

A deduction means the amount is reduced from your taxable income

If you are investing in equities for the first time,

Deferred Tax Liability (DTL) is one of the important factors

Double taxation can happen in two ways - juridical and economic

Individuals or businesses making salary payments are mandated to deduct tax.

The tax credit has been an example of the fairness of the tax regime

You may be a working professional or a businessman, in either case.

The government of every nation needs to collect taxes from its citizens to run the country.

The financial year 2022 is about to end, and you should update yourself

You need to file your income tax return every year. If you chose to file your

To make tax filing simpler for professionals and small businesses,

If you work for an organization and your salary is above the exemption

In certain payments, the person making the payment must deduct tax

As an individual, you can earn income from multiple sources.

Goods and Services Tax (GST) is a destination-based tax

Assume you are a manufacturer of a product.

You built a house, in your native town, at the age 30

Union Budget 2022 has been one of the most futuristic budgets

The latest Union Budget 2022, has put the focus back on recovery

Every year budget time is like dad opening the grand pitara after his trip to a distant city.

Every individual who earns income in some or other way, be it salary

An insurance policy works effectively if there is trust between the two parties

When you are moving in and out of the country frequently

Indian Income Tax Act 1961 provides you with multiple avenues

The fixed deposit has been one of the most popular and oldest investment

Every person who earns an income from a job, property, business

The impact of income tax is on Indian citizens from all spheres

Tax is levied on your income once it surpasses a certain level.

Indian taxes are classified into 2 types: Direct Taxes

House rents can be a real burden, mainly in the cosmopolitan cities where arranging

If you are a medical practitioner in India, all you need is to plan to get benefits

All of us want to save money as much as we can, within ambit of law.

Selling a property is a huge and tiresome task in itself, and contemplating

You can now not only safeguard yourself against medical costs

Dread filing your income tax return and falling under scrutiny

Any individual or organization working or operating in India is bound by the Indian

Section 80C offers a deduction of up to Rs. 1.5 lakhs from your taxable income every

Any earning individual knows what tax is and how it works. With several

From the financial year 2020-21, individual taxpayers can choose between two tax

Every year we celebrate 1st April as April Fool’s Day, just for fun, trying to fool around

Payment of taxes eats up a significant portion of one's savings. This is especially

The financial world keeps changing to adapt to the evolution in the world, this also

On 1 February 2021, the Union Finance Minister of India, Nirmala Sitharaman, made changes to the income tax laws

Provident fund is a retirement savings plan that aims at providing financial security to the people for retirement.

On 1 February 2021, the Union Finance Minister of India, Nirmala Sitharaman, made tax reforms to income tax.

February of 2021 saw the release of the union budget under the guidance of Finance Minister Nirmala Sitharam.

You might have come across the term 'tax refund' often. Let us understand what it means.

The 2021 budget has not provided any tax revenue to taxpayers. There are no changes to the lower

The latest budget was expected to provide a much-needed boost to the slowing economy

Tax is something that every person is reluctant to pay to the government. No doubt it is hard parting

The advance or arrears received from an employer affect your taxes and are reflected in the year of receipt

With the right environment and parental support, children can achieve greater heights and bigger dreams

Running a small business or your professional services requires you to do a lot more than just run a business.

National pension scheme or NPS is one of the best retirement solutions from the government of India.

Goods and Services Tax may have simplified things for most other goods, but for insurance,

ITR 5 is one of the income tax return forms that are to be filed by a specific section of taxpayers

The form 6 for filing an income tax return is exclusively for companies who have not filed a return

Form ITR 7 is a tax form ideal for companies who are required to furnish income tax return under section 139(4A),

Income Tax Return simply involves a form which you utilize to enter information of your yearly earning

The ITR 4 Form is for the taxpayers who have opted for the presumptive income scheme as per Section 44AD,

Prepping up to file your Income Tax Return for the last financial year? This year’s ITR filings may have been postponed

You may have experienced TDS in many forms - Bank FDs, salary payments to vendor payments, TDS seem to infiltrate

A salary slip, also called a pay-slip is an official document issued by an employer to its employees, often after the salary is credited.

If you are earning more than 2.5 lakhs per year, you are liable to pay income tax and file returns. The taxation system in India runs on three pillars - Tax Deducted at Source (TDS), Self-Assessment Tax and Advance Tax payments.

HRA or house rent allowance is probably the second largest number on your salary slip and one of the most prominent allowances. If you are staying on rent HRA is an important tax saving component for you.

If you are working in a company, at the beginning of each financial year, you are required to declare your tax-saving investments to your employer. The declaration that you make is only an estimate, you can change it during the financial year.

Taxes are an important and largest source of income for the government. The government uses the money collected from taxes for various projects for the development of the nation. The Indian tax system is well structured and has a three-tier federal structure.

Income tax laws can be intimidating for simple investors and taxpayers anywhere in the world. While taxation in India is no different, the taxpayers have been assigned different forms based on their source of income and status.

Taxation in India is well classified based on the category of taxpayer. Individual taxpayers and HUF (Hindu Undivided Family) have been provided ITR-1 form to file their income tax return.

Nearing retirement, it is crucial that we shift our focus towards ensuring financial stability and especially towards maximizing savings. In the absence of a fixed source of income, such as salary, it is our savings that play an essential role in helping us gain financial independence post-retirement.

Taxes are an essential instrument for the functioning of the state, as they are collected by the Government of India to

Does your income come under one of the higher tax brackets? If that is the case,

The taxes collected by the Indian Government can be categorized into Direct and Indirect Taxes. Direct Taxes are broadly

Income tax in India is a form of tax that is payed to the government based on one’s income/ profits. The tax collected by the government

Goods and Services Tax (GST) apply to almost every sector and services including Life Insurance unless otherwise exempted by the GST Law.

Every country requires financial resources to carry out essential functions, make public expenditures and launch new initiatives for the welfare of its public.

Tax season is fast approaching and everyone, especially first time taxpayers, are preparing themselves. For first time taxpayers, there is a lot to learn and figure out, and it might even get overwhelming at times.

Whether you are a millennial paying tax for the first time or a regular taxpayer, the approach of tax season always brings with it tax saving season as well.

In February, Finance minister Nirmala Sitharaman announced a slew of taxes on imports, as part of the Budget 2020-2021.

In AY2013, 11.7 million salaried individuals filed their income tax returns (ITR), and by

In order to ensure that a country’s government functions smoothly and provides the resources that its

Investments can be complicated, especially when considered from the

That time of the year is upon us again when we pull out all our financial

The government of every country is entrusted with the responsibility of providing adequate resources

One of the biggest reasons why many salaried individuals struggle with

Your gross taxable income is calculated by adding the income from all sources. Then the tax deductions and

Have you ever wondered how loans help in tax saving, and in what situations? The provision for

Corporate taxes are a form of taxation levied on the profits earned by companies and firms operating

Tax planning is crucial for employees who draw a salary, and requires extensive planning and discipline

TDS or ‘Tax Deducted at Source’ can be a hindrance for those whose income

Individual taxpayers and corporations in India require various documents while filing income tax returns (ITRs).

There are a variety of methods by which, individuals or families falling in any tax bracket can reduce their taxable

Income tax planning becomes crucial in order to achieve one’s financial goals,

Income tax is defined as the taxes paid on the income earned by individuals

Tax planning refers to financial planning for tax efficiency. It aims to reduce one’s tax liabilities and optimally

Quality higher education is absolutely

Retirement – they call it the golden years of your life, and rightly so

Filing for and paying income tax to the government is every taxpayer’s responsibility

To help organise the multitude of

Filing income tax returns (ITRs) can get tedious for taxpayers. Not only does one have to ensure that they pay their taxes on time, but also make certain that their investments for saving tax are done.

The month of March is a busy one both for taxpayers as well as financial institutions as everyone hurries to make last minute investments in order to save Income Tax.

There is a wide range of financial instruments in the market designed to serve various short-term and long-term goals for the average investor.

One of the first concerns most people have when they begin earning is whether it is more worthwhile to invest their money into generating higher returns or whether they should first safeguard themselves and their money through a life insurance policy.

Income tax is one of the largest sources of income for India’s government and plays an integral role in dictating the behaviour of the country’s economy as well as in the development of its infrastructure and human resources.

Taxation has been the primary source of revenue for states across the world for centuries and India is no exception to this.

As a new employee, you must always remember that you have an income tax liability, depending upon your.

If you are a salaried individual earning between Rs 5 lakh and Rs 15 lakh net salary on an annual basis

A life insurance policy is usually the first investment made by a person when they begin working and earning for themselves.

Finance Minister Nirmala Sitharaman announced the new tax regime in Budget 2020 giving taxpayers the option to choose between it and the existing tax structure when they file their taxes.

Taxation, while being an essential part of any economy, is not looked at quite favourably by many people

While we are all keen to do our bit and contribute towards better infrastructure and upliftment of society through the taxes we pay, given that we work very hard for our salaries, it is fair that we want to keep taxes at the minimum - within approved government guidelines of course.