Tax Planning

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What is an advance tax? How to pay advance tax online?

Advance tax is the tax calculated based on the year's estimated income. An individual is suggested to pay advance taxes only when his/her total tax liability increases by Rs. 10,000 in a fiscal year. This tax is mainly for self-employed people and NRIs whose income is more than Rs. 10,000 in India.

Bought a new car? Here's How to claim 1% TCS paid on new car purchase?

TCS was introduced as a means to track buyers and incentivise them to file their IT returns. Buyers must pay 1% TCS on motor vehicles costing above Rs. 10 lakh, and can deduct the TCS amount from their total tax liability for the year.

Need clarification on TDS and TCS? Check out the difference between the two!

Indirect taxation is levied by the government on goods and services. There are two forms of Indirect taxation, TDS and TCS. TDS is the person paying for the goods or services, whereas TCS is the responsibility of the person selling the goods or services.

How to save income tax by investing in fixed deposits?

Fixed deposits are a popular investment option, but you can also save taxes with it

Here’s what you need to know about getting personalized support from the income tax help desk.

The department of income tax provides the capability of co-browsing, also known as collaborative browsing, with the purpose of providing real-time and personalized support. As a result, customer service personnel can communicate in real time with the taxpayer's browser and may observe and guide them effectively.

10 Best Tax-saving Fixed Deposits to invest for FY 2022-23 and avail income tax deduction under Sec 80C

Tax-saving FDs offer tax deduction under section 80C of Income Tax Act 1961.

Deduct taxes or face the consequences: Things to remember while paying rent to an NRI landlord

Renting a house in India involves legal requirements which the tenant must fulfil. However, if renting from an NRI, you must meet this additional requirement as per Section 195 of the Income Tax Act 1961.