The Income Tax (I-T) Department has received as many as 6 lakh returns in the first month of Assessment Year 2024-25 (FY25). Significantly, nearly two-thirds of the verified returns have already been processed, reported Business Line. Over 5.92 lakh returns were filed by April 29. Out of these, over 5.38 lakh had been verified and …
Income Tax and Tax Deducted at Source (TDS) are the two most common terms Indian taxpayers often come across. Both may sound similar, but there is a vast difference between them. The main difference between Income Tax and TDS is that the Income Tax is deducted from the payer’s overall profit or annual return, on …
The deadline for paying the third instalment of advance tax is quickly approaching, with just two days left until December 15. It is crucial for taxpayers who are required to pay advance tax to make their payments by this date, as failure to do so can result in penalties and interest for delay. Individuals who …
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are both tax-related concepts in India, but they serve distinct roles in the tax collection process. Both TDS and TCS represent vital tax mechanisms in India, contributing to the effective collection of taxes by the government. Businesses and individuals who grasp and adhere to …
I am working in Australia and had invested ₹15 lakh in a residential property in India in January 2018. I now plan to sell the property for ₹18 lakh. Can the buyer deduct tax at the time of payment despite this transaction leading to a capital loss due to indexation? —Name withheld on request There …