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…
Form 26AS – What is Form 26AS? How to Download Form 26AS to File ITR
One of the most important documents every taxpayer should be familiar with is Form 26as. Also called the Annual Tax Statement, Form 26AS helps you file your Income Tax Return…
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…
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…
Common Mistakes to Avoid While Filing Income Tax Returns
Albert Einstein once said, “The hardest thing to understand is the income tax.” While he was only joking, there is some truth in the statement. Every year, people face many…
What Happens if You Don’t File Your ITR on Time?
Filing the Income Tax Return (ITR) on time is an important responsibility for every citizen. The taxes you pay help the government develop the country by improving and maintaining essential…