Income Tax

Introduction A Permanent Account Number, commonly known as PAN, is an important tax and financial identification number in India. The Income Tax Department issues this unique 10-character alphanumeric number to individuals and entities for tax-related and certain financial transactions. Foreign nationals may also need a PAN when they earn income in India, invest in Indian […]

Introduction As your income increases, your income tax normally increases gradually. However, once your total income crosses certain specified limits, an additional tax called surcharge may become applicable. This can sometimes create an unusual situation. For example, your income may increase by only a small amount, but the surcharge may increase your tax liability by […]

Introduction Waiting for an Income Tax Refund can be frustrating, especially when you filed your Income Tax Return on time and expected the money to reach your bank account quickly. In many cases, taxpayers file their ITR correctly but still find that the refund remains under processing, gets adjusted against an old demand, or fails […]

Introduction Income tax terminology can confuse taxpayers, especially when they miss the ITR deadline or discover a mistake after filing their return. However, deciding between a belated return and a revised return is easier than it appears. You only need to answer one basic question: Have you already filed an income tax return for the […]

Introduction Taxpayers sometimes forget to report interest income, capital gains, dividends, freelance receipts or other taxable income in their Income Tax Return. In other cases, they may miss both the original and belated return filing deadlines. Fortunately, the Income Tax Act allows eligible taxpayers to correct such omissions by filing an Updated Income Tax Return, […]