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Permanent Account Number (PAN) Jun 17, 2024
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Permanent Account Number (PAN)

Understanding PAN (Permanent Account Number) in India PAN is a unique alphanumeric ID issued by India's Income Tax Department to track financial transactions and e....

Tax Collected at Source (TCS) Jun 15, 2024
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Tax Collected At Source (TCS)

Understanding Tax Collected at Source (TCS) TCS is a tax collection mechanism where tax is collected at the source on specified transactions, requiring the collector t....

Tax deduction at Source (TDS) Jun 15, 2024
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Tax Deduction At Source (TDS)

Understanding Tax Deduction at Source (TDS) TDS is a tax collection system where entities deduct tax from payments at the source before remitting it to the government ....

Installments of advance tax and due dates Jun 14, 2024
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Installments Of Advance Tax And Due Dates

Guide to Advance Tax Payments in India In India, advance tax is paid in installments throughout the financial year. 1. First Installment: Due Date: On or before ....

Condition of liability to pay advance tax Jun 12, 2024
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Condition Of Liability To Pay Advance Tax

Understanding Advance Tax Liability in India 1. Threshold Limit: Resident individuals, HUFs, and taxpayers (excluding eligible senior citizens) must pay advance tax....

Liability for payment of advance tax Jun 12, 2024
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Liability For Payment Of Advance Tax

Understanding Liability for Payment of Advance Tax 1. Individuals: Resident individuals, including salaried employees, freelancers, and self-employed professionals,....

Advance payment of Tax Jun 11, 2024
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Advance Payment Of Tax

Overview of Advance Payment of Tax Advance payment of tax involves paying estimated taxes to the government before the end of the financial year, allowing taxpayers to....

Procedure for computing the total income Jun 10, 2024
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Procedure For Computing The Total Income

Procedure for Computing Total Income 1. Identification of Income Sources: Gather information and documentation related to all sources of income earned during the re....

Classification of Income Jun 08, 2024
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Classification Of Income

Classification of Income Based on Source, Nature, Tax Treatment, and Accounting Principles 1. Source of Income: Earned Income: Income derived from active participat....

Basis of Charge of Income Tax Jun 08, 2024
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Basis Of Charge Of Income Tax

Overview of the Basis of Charge of Income Tax 1. Legislation: The primary basis of charge for income tax is established through legislation enacted by the governmen....