The Income Tax Act, 2025 has brought in a small but important change in terminology: the “Tax Year.” This term now replaces the older concepts of Previous Year (PY) and Assessment Year (AY) that taxpayers used under the Income Tax Act, 1961. The actual process of calculating your income hasn’t changed much. What’s changed is … Read more
What is income tax? It’s a question almost every earning individual asks at some point, whether they’re a salaried employee, a business owner, or a freelancer. In simple terms, income tax is the portion of your earnings from your job, business, or investments that you pay to the government. It’s a direct contribution that helps … Read more
Indian families pay more tax than they are legally required to, not because they are doing anything wrong, but simply because they are unaware of a tax structure that has existed in Indian law for over 60 years. The Hindu Undivided Family, or HUF, is a recognised entity under the Income Tax Act, 1961. It … Read more