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Difference Between Income Tax Return & TDS

You must file income tax if you want to carry forward losses that fall under the categories of "Capital Gains" or "Profits & Gains From Business or Profession" to the upcoming fiscal year. The annual income of an individual or business is used to compute income tax. As a result, income tax is not computed annually. However, taxation is deducted from the source during the fiscal year for which income tax is due. The task of withholding income tax from employee salaries is on the employer. A portion of lottery or gaming profits are deducted as a tax. There are numerous more people that earn money that is taxed right away. What Is TDS? Tax deducted at source is referred to as TDS. TDS aids in tax collection at the source of income generation. TDS is a tool used by the government to collect taxes and prevent tax evasion. It taxes money before it is calculated and subtracted rather than after. A range of revenues, including interest, commissions, dividends, and wage...
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What is Income Tax & Its Benefits?

File your income tax return as per the applicable tax laws and regulations to obtain tax refunds and/or deductions. Income tax filing is an important step in completing your financial year, as it allows you to compute and submit your income tax payments. It also helps you to understand your total income, taxable income, and deductions for the current year. Furthermore, filing of income tax returns allows you to claim several government benefits and subsidies, including social security benefits, student loan interest deduction, and more. There are many benefits of filing your income tax returns, but here are five of the most important: 1. Income tax filing helps you keep a track of your finances and stay on top of your finances. 2. It allows you to understand your tax liability and plan for future expenses. 3. Filing your taxes helps improve your financial security and stability. 4. Tax filing also qualifies you for various government schemes and benefits, such as subsidies and reliefs...
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