Income Tax

Advance tax and self-assessment tax are both components of the tax payment process in India, but they serve different purposes and have distinct characteristics. Understanding both concepts is crucial for effective tax planning and compliance in India.In this article, we will be discussing the difference between advance tax and self-assessment tax in … [Read more...] about Advance tax vs. Self assessment tax: what is the difference?

As per the present tax laws, taxpayers have the option to choose between the old tax regime, which allows various deductions and exemptions, and the new regime, which offers lower tax rates but fewer deductions.Because of these limitations, taxpayers should evaluate which income tax regime benefits them more based on their income and expenses.Here are the income tax … [Read more...] about Deductions under the new tax regime in India: FY 2024-25 (AY 2025-26)

Income tax department uses various methods to cross check data filed by you in your income tax return with bank statements, property records, investment, credit card spending, buying cars and travel details.All high value transactions in India are reported to income tax authorities. Entities like banks, financial institutions, and certain other specified businesses … [Read more...] about How are cash transactions regulated under income tax in India?