Taxation

If you’re planning for retirement (or just trying to be a responsible adult), an Individual Retirement Account (IRA) is one of the best ways to build long-term financial security. Whether you’re stashing away cash in a Traditional IRA or opting for the tax-free perks of a Roth IRA, these accounts offer serious advantages—if you play…

Managing taxes as a self-employed entrepreneur can feel complex, but embracing the right digital strategies makes it manageable.  With organized records and proactive planning, you can simplify filing, stay compliant, and take full advantage of available deductions. So, let’s break down exactly why self-employed entrepreneurs need digital tax strategies. By Tracking Expenses Digitally, You Can…

Section 143(1) of the Income Tax Act 1961 is a key preliminary assessment tool for tax returns. It allows the Income Tax Department to review returns, identify errors, and tackle potential issues before detailed scrutiny. This provision applies to various taxpayers – individuals, families, corporations, etc. Post the preliminary assessment, if discrepancies are detected, a Preliminary Assessment Notice is sent to the taxpayer. Non-compliance with this notice can lead to legal troubles. Hence, understanding this section is essential for a smooth tax assessment process.

As technology continues to evolve rapidly, it profoundly impacts various aspects of our lives, including how we file income tax returns. Electronic filing (e-filing) has become the standard method for submitting tax returns, offering convenience, efficiency, and accuracy. However, the future of e filing of income tax returns holds even greater potential as emerging technologies…