Income Tax

Taxes are something everyone has to deal with, but did you know there are different ways to manage how much tax you pay? The key is understanding three important concepts: tax planning, tax avoidance, and tax evasion. Each of these approaches involves different strategies, but the key difference lies in how legal and ethical they are. Let’s break these concepts down in … [Read more...] about Tax Planning, Avoidance & Evasion: A Simple Beginner’s Guide

Many salaried individuals think they don’t need to file an Income Tax Return (ITR) because their employer already deducted tax at source, known as Tax Deducted at Source (TDS). While this system is designed to ensure taxes are paid regularly, there are many situations where you might still need to file an ITR.In this article, we’ll explain why salaried individuals must file … [Read more...] about Why salaried workers must file ITR even if tax is deducted (TDS)

If you have a savings account, you might be wondering whether the interest you earn from it is taxable. The short answer is: yes, it is. However, there are ways to reduce the amount of tax you need to pay. In this article, we will break down the basics of how interest on savings accounts is taxed, how to calculate it, and how you can claim deductions to lower your tax … [Read more...] about Tax on Savings Account Interest: A Simple Guide to Deductions, Calculations, and Filing

Taxes are a fundamental part of any country's financial system. They are the primary way governments raise money to fund public services, infrastructure, and other essential activities.While you may hear a lot about taxes, you might not know that they come in two main types: direct taxes and indirect taxes.This guide will break down the key differences between these two … [Read more...] about Understanding Direct vs. Indirect Taxes: A Simple Guide for Beginners

Paying taxes can feel overwhelming, but one way to reduce your tax bill is by claiming standard deduction. The standard deduction is a fixed amount that reduces the amount of your salary income that is taxable, which means you pay less tax. The best part is that you don’t need to submit any receipts or proof of your expenses. It’s a simple and effective way to … [Read more...] about Understanding Standard Deduction on Salary: How It Can Help You Save Taxes