NRI Income Tax Return Filing Mistakes to Avoid and How to Fix Them?
If you are a Non-Resident Indian (NRI), filing your Income Tax Return (ITR) in India is often far more complicated than it looks. Between residential status rules, foreign income disclosures, DTAA benefits, and TDS on property sales, there are dozens of places where things can go wrong.
How to Select the Correct Nature of Business Code in ITR Filing?
A Nature of Business Code (also called Business Code or Profession Code) is a specific number assigned by the CBDT (Central Board of Direct Taxes) that describes what kind of business or profession you are in.
ITR-1 for Salaried Employees: New Rules, New Risks, and New Opportunities
ITR-1, also known as ITR Sahaj, is the simplest income tax return form. It is designed specifically for individuals with straightforward income — mainly salary and a few other basic sources.
Common Mistakes Taxpayers Make While Choosing Business Code 09028
When you file your Income Tax Return (ITR), the government wants to know what kind of work you do. The Business Code is a 5-digit number that tells the Income Tax Department your exact nature of business or profession.
How to Respond to an Income Tax Notice?
Finding an official email from the tax department in your inbox can make anyone nervous. Your mind instantly races to thoughts of penalties, legal trouble, or complex calculations. But here is some reassuring news: receiving an income tax notice is a very common part of the modern tax process.
Common Accounting Mistakes That Trigger Income Tax Notice
Every small business owner, startup founder, and salaried professional in India shares a common goal: growing their hard-earned money smoothly. But while you focus on sales, operations, or your career, a tiny slip-up in your books of accounts can quickly put you on the radar of the tax authorities.
How Entrepreneurs Can Save Taxes Legally?
Tax saving does not mean hiding income or creating fake expenses. That approach is risky and can create serious legal and financial problems later. Legal tax saving simply means planning your business structure, expenses, investments, and compliance smartly so that you pay the correct tax — not extra tax.
All You Need to Know About Form 130 in Income Tax Act (Earlier Known as Form 16)
Now, under the new Income-tax Act, 2025 framework, Form 16 is being referred to as Form No. 130. While the name and structure are changing, the core purpose remains almost the same. Form 130 will continue to function as the salary TDS certificate issued by employers.
How Freelancers Can Save Income Tax Legally?
Freelancing offers flexibility and freedom, but it also brings financial and tax responsibilities. Unlike salaried employees, freelancers do not usually have an employer managing TDS, tax deductions, or compliance automatically. Freelancers must handle their own invoices, taxes, GST, expenses, and advance tax payments.
What is TAN and Who Needs It? A Complete Guide for Businesses & Professionals
TAN (Tax Deduction Account Number) is a 10-digit alphanumeric number issued by the Income Tax Department of India. It is mandatory for any person or entity responsible for deducting or collecting tax at source under the Income Tax Act, 1961.