India’s tax system helps the government collect funds needed to operate public services, develop infrastructure, ensure defence and law enforcement, fund social welfare projects and much more. Taxes in India can be categorised as direct tax and indirect tax. Since these taxes impact everyone, understanding the basic tax concepts is essential for all of us. Read on to know details about how taxes in India work.

Tax rules can sometimes be hard to understand, especially when you’re busy with tasks like paying employees, working with contractors, or managing a business. One important rule you need to know about is the Tax Deduction and Collection Account Number (TAN). If you deduct or collect taxes for the government, you must have a TAN. Many people don’t realise how important it is until they’re close to a TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) deadline. But the rule is clear: if you deduct or collect taxes, you need a TAN. No exceptions.

In this simple guide, you’ll learn what is TAN in income tax, why it’s important, how to get a TAN, and how to use TAN login for income tax services. Read on to know why Tax Deduction and Collection Account Number is so important for tax compliance and how it simplifies TDS/TCS management.

Home loans are those vehicles which make the common dream of ‘apna ghar’ for most of us a reality. And we all know when it comes to owing a house, the amount is anything but humble. So it’s best to do everything in one’s capacity to minimize the expenses. Knowing about the home loan tax benefits via exercising the methods given in the Income Tax Act, 1961 can significantly lower the expenses. This blog talks about this only, i.e. how to save income tax on home loan and everything surrounding the topic.

In the realm of taxation, understanding various components such as cess on income tax is crucial for taxpayers to comprehend their financial obligations to the government. Cess, in the context of income tax, refers to an additional levy imposed by the government for specific purposes. Here we discuss the intricacies of what is cess in income tax, including its types, filing procedures, and calculation methods.

Paying taxes is an obligation for every individual who earns an income. Salaried people pay the income tax as per their slab via the Tax Deducted at Source (TDS) mechanism. However, some salaried individuals might have additional sources of income besides their regular income. Moreover, the TDS mechanism of tax collection is not applicable to self-employed individuals and professionals. Such taxpayers are required to pay advance tax if their total tax liability exceeds ₹10,000 in a financial year after adjusting for TDS or other tax deductions.

As per current tax rules, advance tax payments can be made in a single large lump sum payment or multiple smaller payments. Read on to know the key features of advance tax as well as how to make online advance tax payments to comply with tax requirements.