Two or more persons can start a partnership business which is called partnership firm also. The partners can decide on a profit-sharing ratio mutually. There are many benefits of registering a partnership firm, which are discussed in this blog post with partnership registration process. To register a partnership firm in Uttar Pradesh, India, you need […]
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Income Tax Refund
An Income Tax Refund arises when the tax amount paid by an individual or business exceeds their actual tax liability for a financial year. This excess amount is refunded by the Income Tax Department upon processing the Income Tax Return (ITR). Checking Income Tax Refund Status To monitor the status of your refund, you can […]
Corporate Tax Rate In India
India’s corporate tax framework is designed to balance fiscal discipline with incentives for growth, reflecting the government’s focus on boosting investment and simplifying compliance. Here’s a detailed analysis of the current corporate tax rate in India, corporate tax structure, recent reforms, international comparisons, and frequently asked questions. 1. Tax Rates for Domestic Companies Domestic companies […]
Income Tax Return Due Dates
Filing Income Tax Returns (ITRs) within the stipulated deadlines is crucial for individuals and businesses to avoid penalties, interest, and legal complications. Income Tax Return Due Dates for filing ITRs in India for the Financial Year (FY) 2024-25, corresponding to the Assessment Year (AY) 2025-26, vary based on the taxpayer’s category and the nature of […]
Income Tax Slab Rate For FY 2024-25 and FY 2025-26
SLAB RATE FOR THE FY 2024-25 – Individual taxpayers have two options to select either new regime or old regime. Let us discuss it step by step. The new tax regime, introduced in Budget 2020, offers lower tax rates but does not allow most deductions and exemptions (e.g., Section 80C, HRA, etc.). It is expected […]