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A resource site for beginners with easy to understand income tax, gst, and finance tutorials for mastering the basics and beyond.

Income Tax

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?

Section 194T: TDS on Payments to Partners of Partnership Firms

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Starting April 1, 2025, there will be new tax rules in India that will change how partnership firms pay their partners. Section 194T requires these partnership firms to deduct a part of certain payments as Tax Deducted at Source (TDS). This means partners will see some tax taken out of their payments right away.Before this change, partnership firms, including Limited … [Read more...] about Section 194T: TDS on Payments to Partners of Partnership Firms

Can We Move Between Old and New Tax Regimes in India?

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The Finance Act 2023 has changed Section 115BAC starting from the financial year 2023-24 (assessment year 2024-25), making the new tax regime the default for individuals. However, eligible taxpayers can choose to opt out of the new tax regime and stick with the old tax system if they prefer.The old tax regime refers to the income tax calculation system and tax … [Read more...] about Can We Move Between Old and New Tax Regimes in India?

Income Tax vs. Goods and Services Tax (GST): What is the difference?

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Income tax in India is a direct tax levied on the income earned by individuals, businesses, and other entities. It is governed by the Income Tax Act of 1961. Under this act, income from Salary, House property, Business or profession, Capital gains and other sources are taxable in India.Income tax is a tax imposed on individuals or entities based on their income or … [Read more...] about Income Tax vs. Goods and Services Tax (GST): What is the difference?