Understanding Negative Income Under the Income Tax Act, 1961 (India)
Introduction When we think of income, we usually think of earnings—salary, business profits, rental income, or capital gains. But what happens when you incur a loss instead of making a profit? In tax terminology, this loss is referred to as “negative income.” While the phrase might sound contradictory, negative income plays an essential role in […]
Why you should file your income tax return
We understand you may find filing for IT returns burdensome, especially if you are young and having not a permanent earing point and have barely filed a couple of IT returns. But its benefits are far more than the Expenses you pay to you consultant involved in filing it. Also, it is the duty of […]