Marriage is a significant life event that is full of joy, celebration, and fresh starts. However, marriage also entails several financial issues, particularly with regard to taxes, in addition to the planning of the wedding and honeymoon. From filing status to deductions, credits, and potential traps, understanding how marriage affects…

India’s tax system is critical for funding public services, infrastructure, and government activities. It is designed to collect revenue from individuals, businesses, and other economic activities in an equitable and methodical manner. The Indian tax system is divided into two categories: direct taxes and indirect taxes, each with its own…

The Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) oversee India’s extensive tax system. In India, taxes are often divided into two categories: direct taxes and indirect taxes. Direct taxes are charged directly on an individual’s or organization’s income or wealth, such…

TDS means Tax Deducted at Source. The Indian government uses this method to collect income tax at the time of payment. Under this system, a person (deductor) making certain payments, such as salary, interest, rent, or professional fees, is obligated to deduct tax before making the payment to the recipient…

Self Assessment Tax is a system that gives people and companies the ability to manage their own tax obligations. Unlike income that is routinely deducted at source by an employer or payer, taxpayers must calculate and pay their own tax liability to the government. It guarantees that all income, including…

Advance Tax is the income tax you submit to the government in advance, rather than paying it in one lump sum at the end of the financial year. It’s also called the “pay-as-you-earn” system because you submit your taxes in periods during the year, as you earn income. Who All…