Key Changes in the Income Tax Return Forms AY 2024-25
The Income Tax Act changes frequently. For the Assessment Year 2024/25, various updates have been made to the ITR forms, and taxpayers should be aware of these changes to ensure…
Non Tax Revenue: Meaning, Elements, and Importance
The taxes we pay make up a huge portion of the government's revenue, but they aren’t the government’s only source of funds. There are revenue receipts that are not generated…
Common Mistakes to Avoid While Filing Income Tax Returns
Albert Einstein once said, “The hardest thing to understand is the income tax.” While he was only joking, there is some truth in the statement. Every year, people face many…
What Happens if You Don’t File Your ITR on Time?
Filing the Income Tax Return (ITR) on time is an important responsibility for every citizen. The taxes you pay help the government develop the country by improving and maintaining essential…
Tax Concepts in India – Know Meaning, Types of Taxation & More
Taxes play an essential role in the functioning of a country, and it is the responsibility of every citizen to pay their fair share of taxes. By paying taxes, you…
Difference Between Tax Planning and Tax Management
Both tax planning and tax management can help us minimise taxes and ensure legal compliance, but they often need clarification as the same. Every taxpayer needs to understand the difference…