Filing Income Tax Returns (ITR) is a legal obligation for individuals and entities earning taxable income. While some people may attempt to evade this responsibility, it is important to understand the significant disadvantages of not filing ITR. In this comprehensive guide, we will explore the various drawbacks and consequences of failing to file your income…
Tax Deducted at Source (TDS) is a tax that is deducted from the income earned by an individual, at the time of payment itself. It is a tax-collecting mechanism to ensure that the government receives tax revenue in a timely manner. Sometimes, taxpayers may have excess TDS deducted from their income, which can be claimed…
Are you looking for an easy and efficient way to calculate your income tax return (ITR) for the financial year? Look no further than Startup Guruz. We offer a comprehensive ITR computation format in Excel that can help you quickly and accurately calculate your tax liability. Our ITR computation format in Excel is designed to…
Agricultural income refers to income that is generated through agricultural activities such as farming, agriculture, and related activities. In India, agricultural income is exempted from income tax under Section 10 (1) of the Income Tax Act, 1961. This exemption is provided to support and encourage agricultural activities and to provide farmers with financial stability. Apply…
Form 27Q is a TDS return form that is Required to be filed by all individuals or entities who have made payments to non-residents. The form must be filed quarterly and contains details of tax deducted at source (TDS) from payments made to non-residents, including foreign companies, non-resident Indians (NRIs), and foreign individuals. The Form…