Figyan

Income Tax

Switching Jobs Mid-Year? Here’s How to Tackle the Tax Implications

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Changing jobs in the middle of the year can bring unexpected tax challenges. With some planning, however, you can avoid surprises and manage your tax liability effectively.When you switch jobs, your income for the year may shift significantly. It’s crucial to familiarize yourself with tax brackets to estimate how your new salary will impact your tax situation.Monitor … [Read more...] about Switching Jobs Mid-Year? Here’s How to Tackle the Tax Implications

How TDS on Dividend Income Works in India: A Simple Guide

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A dividend is cash or stock that a company pays to its owners from its earnings. This income is taxable in India. Under Section 194 of the Income Tax Act, 1961, tax is deducted at the source (TDS) when dividends are paid to shareholders. Under the Income Tax Act, 1961, any person (resident or non-resident) receiving dividends from a company is subject to Tax Deducted … [Read more...] about How TDS on Dividend Income Works in India: A Simple Guide

Key reasons why Form 26AS is important: Understanding tax credit statement

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Form 26AS provides a summary of all the tax deducted at source (TDS) from your income. This includes tax deducted on salaries, interest, rent, professional fees, commission and other sources, allowing you to see how much tax has been paid on your behalf. You can access Form 26AS online through the Income Tax Department’s e-filing portal by logging in with your … [Read more...] about Key reasons why Form 26AS is important: Understanding tax credit statement

Reporting All Income? 7 Taxable Sources You Might Be Missing

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If any source of income is not reported or accounted for when submitting a tax return, then it means you have under-reported your taxable income. This can include various types of income that may have been overlooked or forgotten during the filing process.Here are 7 common taxable income sources that individuals may overlook when filing their tax returns:Interest … [Read more...] about Reporting All Income? 7 Taxable Sources You Might Be Missing

How Are Individuals with Business Income Taxed in India?

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Everyone must pay income tax if they earn money that is taxable under the Income Tax Act. According to Section 2 (7) of the Income Tax Act of 1961, an "assessee" is anyone who has to pay tax or any other amount under this law. This includes:The tax filing process is different for various types of earners because they have different sources of income.What do we mean by … [Read more...] about How Are Individuals with Business Income Taxed in India?