FAQ's - Tax

Income tax is a tax imposed by the government on the income earned by individuals and businesses. It is a percentage of the income that varies based on tax brackets.
You can save tax by investing in various schemes such as PPF, NSC, and ELSS, and claiming deductions under Sections 80C, 80D, and other applicable sections.
Any individual or entity whose income exceeds the minimum threshold set by the government for the financial year must file an income tax return.
Common documents include Form 16 (for salaried individuals), bank statements, investment proofs, TDS certificates, and details of other income sources.
Foreign income is taxed based on the resident status of the individual or entity. Residents need to report global income, while non-residents are taxed only on income earned in India.

DTAA is an agreement between two countries to avoid taxing the same income twice, providing relief to taxpayers who earn income in multiple countries.

If you receive a tax notice, review it carefully to understand the issue. Respond within the specified timeframe.

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