Figyan

Income Tax

8 things salaried persons should know before filing tax return – ITR

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Filing income tax return can be a complex process if you do not understand the process and applicable tax laws. Therefore before filing your ITR, you need to make sure that all the documents are collected, relevant information is obtained and you know exactly how to process the ITR form.In this article we have listed 8 most important things that every taxpayer should … [Read more...] about 8 things salaried persons should know before filing tax return – ITR

Is PAN Mandatory for Businesses in India: What Every Beginner Must Know

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When starting a business in India, one of the first and most important registrations you must complete is obtaining a PAN (Permanent Account Number).PAN is essentially your financial identity with the Indian government and acts like a “passport” for all tax and financial activities. For beginners, understanding PAN is crucial because without it, many basic business … [Read more...] about Is PAN Mandatory for Businesses in India: What Every Beginner Must Know

Sections of the Income-tax Act, 2025 vs. Income-tax Act, 1961

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The Income-tax Act, 2025 is India’s new tax law. It has been designed to make tax rules easier to follow and more suitable for today’s economy. At the same time, many of its rules are built on the older Income-tax Act, 1961, which guided taxation for many years.This article, “Sections of the Income-tax Act, 2025 vs. Income-tax Act, 1961,” sets out a clear comparison between … [Read more...] about Sections of the Income-tax Act, 2025 vs. Income-tax Act, 1961

Previous Year vs Assessment Year vs Tax Year in India — Simple Guide for Beginners

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If you have ever tried to file income tax in India, you’ve probably seen terms like Previous Year, Assessment Year, and now Tax Year. Many beginners get confused because these sound technical, but the idea behind them is actually very simple.Once you understand the timeline of when you earn money and when tax is calculated, everything becomes clear. Let’s walk through this … [Read more...] about Previous Year vs Assessment Year vs Tax Year in India — Simple Guide for Beginners

Who Must Apply for PAN in India – Section 262 of the Income Tax Act, 2025

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Let me start with something I’ve seen many times.A young employee receives their first salary offer. HR asks for PAN. The person says, “But I don’t even pay tax yet. Why do I need it?”This is where confusion usually begins.Under Section 262 of the new Income Tax Act, 2025, PAN (Permanent Account Number) is not only about paying income tax. It is about identity, … [Read more...] about Who Must Apply for PAN in India – Section 262 of the Income Tax Act, 2025