Income Tax

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

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

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

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

When you start dealing with money in real life, the Income Tax Department often asks for one important detail—your PAN number.Many beginners wonder: In which money transactions is quoting PAN compulsory? And another common question is: What happens if I don’t have a PAN but still need to do those transactions?Understanding this is important because PAN helps the … [Read more...] about When PAN Is Mandatory in Transactions in India – Simple Guide for Beginners