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The tax liability of a person can be reduced through Tax Planning, Tax Avoidance & Tax Evasion. Although, in common parlance these terms are used interchangeably, these terms are technically...

Backorder Cost is a Cost which is incurred by a business when it is unable to fill an order and must complete it later. It is a real and perceived...

An Escalation clause (also known as Escalator Clause) is a clause in a contract that guarantees a change in the agreement price once a particular factor beyond control of either party affecting...

Sunk Cost is also known as ‘Past or Retrospective, embedded cost, prior year cost, or sunk capital’. Sunk costs are costs which cannot be recovered once they have been incurred. Since they are costs...

Forgetting the login-id and the password required to login to the income tax website at the time of efiling of income tax returns is a common mistake which many taxpayers...

At the time of entering into certain specified transactions, PAN Card No. is mandatorily required to be submitted. In case a person does not have a PAN Card No., he...

The interest that is earned on the Fixed Deposit is not tax free but is taxable. The tax on fixed deposit is levied as per the Income Tax Slabs of...

The Income Tax Return Forms from A/Y 2013-14 onwards have inserted a new column which asks – Are you governed by the Portuguese Civil Code? A screenshot of the same...

For the purpose of simplicity and to facilitate easy payment of taxes, the income tax act suggests rounding off of income and the income tax payable thereon. The Rounding off...