Difference Between Tax Exemption and Tax Deduction
The Income Tax Act of 1961 specifies various tax exemptions and deductions available to taxpayers in India. These exemptions and deductions can help reduce your overall tax liability, but they…
What is Form 16? How To Download Form 16?
Form 16 is one of the most important documents for filing income tax returns for salaried individuals. Employers issue form 16 before June 15th every year, and it contains details…
Difference Between TDS and TCS
TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are often confused due to their similar names, which leads to taxpayers using the two terms interchangeably. However there…
Key Changes in the Income Tax Return Forms AY 2024-25
The Income Tax Act changes frequently. For the Assessment Year 2024/25, various updates have been made to the ITR forms, and taxpayers should be aware of these changes to ensure…
Why laddering fixed deposits makes for better investments?
Fixed deposits (FDs) have long been a favoured investment choice for those seeking stability and guaranteed returns. Especially popular among conservative investors, FDs offer a safe haven where capital is…
Non Tax Revenue: Meaning, Elements, and Importance
The taxes we pay make up a huge portion of the government's revenue, but they aren’t the government’s only source of funds. There are revenue receipts that are not generated…