INCOME TAX & GST

MEANING OF PAN AADHAR  LINK The process of link aadhar  number with the permanent account number (Pan Card) issued by the income tax department of India.  Purpose Of Aadhar Pan-Linking Avoid Tax Evasion:-  The aadhar-pan linking help to government to track financial transaction of the taxpayers. It helps to avoid the use of multiple pan card for fraudulent activities.  Filling of Income tax return:- Without pan aadhar link income tax return can not be filled properly because financial transaction can not correctly track by government so that pan addhar link is mandatory.  Avoid the Fine:- If taxpayer can not link pan to aadhar then pan card become invalid after some time and income tax department can levy of ₹10000 as a penalty.  Smooth Process of Banking Transaction:- Pan aadhar link help the individual to smooth flow of financial transactions. How to Link Pan Card With Aadhar Card?  Steps Linking Pan with Aadhar Card.  Go official site of t...

 What do you mean by Income tax?  Income tax refers to a levy imposed on the earnings or profits accrued by individuals or entities within a designated jurisdiction. This tax is classified as a direct tax, as it is assessed directly on the taxpayer's income rather than on the sale of goods or services. Key points: Taxable Income:-  The calculation of income tax is based on the taxable income of the individual or entity, which may encompass wages, salaries, business profits, investment returns, and capital gains. Tax Rates:-   The rates of taxation differ according to the income level and the classification of the taxpayer. Progressive tax systems, such as that of India, impose higher rates on elevated income tax.  Tax Laws: The regulations governing income tax are unique to each country or jurisdiction. In India, the Income Tax Act of 1961 regulates the income tax framework. Tax Returns: Taxpayers must submit annual income tax returns, detailing their inco...