Legal review needed
Financial year vs assessment year
The financial year is when income is earned. The following assessment year is when that income is assessed and the return is generally filed.
Education library
Tax concepts in plain language
Short, prototype explanations to help you understand the questions. Content requires review by a qualified tax professional.
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ITR-1, ITR-2, ITR-3 and ITR-4
These forms cover different combinations of income and eligibility conditions. The correct choice depends on more than income level alone.
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Salary income
Salary reporting can include gross salary, allowances, exempt components, professional tax, pension and tax deducted by the employer.
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Capital gains
Selling shares, mutual funds, property or other capital assets may create short-term or long-term gains or losses.
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Intraday trading
Intraday equity activity is commonly considered speculative business activity and may require business-income reporting.
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Futures and options
F&O results are commonly treated as non-speculative business income. Turnover and audit considerations can require careful calculation.
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Presumptive taxation
Eligible businesses or professionals may be able to report income using a prescribed percentage instead of detailed expense accounts.
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Old and new tax regimes
The regimes use different rates and deduction rules. A lower result depends on your income mix and eligible deductions.
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TDS and advance tax
TDS is tax deducted before payment. Advance tax is paid during the year when expected tax exceeds applicable thresholds.
Legal review needed
When professional help may be needed
Foreign assets, non-resident status, tax audits, carried-forward losses and complex transactions often benefit from professional review.