Avoid Income Tax Return (ITR) Filing Before 15 June

The Income Tax Return (ITR) filing window in India opens on April 1st every year. Filing your return too early, especially before June 15th, may not be advisable for most taxpayers. There are strategic, practical, and regulatory reasons behind this caution. Below, we outline the key issues that justify waiting until at least mid-June to…

BySana BaqaiMay 22, 20250Comments

Tax Literacy

Advance Tax – Who Should Pay and When?

What is Advance Tax? We earn income during the previous year, but we furnish the details related to income and taxes after completing the previous year. However, it is required to pay the tax in the previous year itself instead of the assessment year for a certain category of taxpayers. Such tax paid during the…

BySana BaqaiNovember 19, 20180Comments

Tax Literacy

Payment of Taxes – How and When

The payment of income tax is an important responsibility that individuals and businesses have to fulfill towards the government. The payment process involves calculating the amount of tax owed based on one's taxable income, filing a tax return, and making the payment to the government by the due date. Types of Taxes Advance Tax …

BySana BaqaiNovember 18, 20180Comments

Tax Literacy

Taxation of Rental Income

Rental Income – How much is chargeable to tax? Rental income from a self-owned property being building or land appurtenant thereto is charged to tax under the head “Income from house property” in the hands of the owner. It is essential for taxpayers to understand the tax laws and regulations related to rental income…

BySana BaqaiNovember 14, 20180Comments

Tax Literacy

Permanent Account Number (PAN)– Necessity and Uses

What is Permanent Account Number (PAN)? Permanent Account Number, in short PAN, is the unique identification number allotted by Income Tax Department to the person who applies for it. It is a ten-digit alphanumeric number issued in the form of a laminated card. Can a minor have PAN? Yes. Minor can also have…

BySana BaqaiNovember 2, 20180Comments

Tax Literacy

Basic Concepts and Terminology of Income Tax

Understanding the basic concepts and terminology of income tax is vital for individuals and businesses alike, as it can help them comply with tax laws, plan their finances effectively, and avoid penalties for non-compliance. In this section, we will discuss the basic concepts and terms used with reference to Income tax: Financial Year For the purpose…

BySana BaqaiOctober 21, 20180Comments

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