Tax

TDS, or Tax Deducted at Source, is a government procedure to collect taxes directly from income sources. TDS meaning or Tax Deducted at Source, is when income tax is deducted from specified payments like rent, commission, or salary at the time of payment.

Form 16 is the most common financial document that most of you will require while filing your income...

A direct tax is where the impact and the incidence fall under the same category. The Central Board of Direct Taxes (CBDT) oversees direct taxes in...

One of the major sources of income for the government is the tax collected from its citizens. Taxes are an interim...

The professional tax definition applies to those earning through a consistent traditional medium or source. People often confuse professional tax and assume...

A repurchase deal or option is referred to as a "repo." The RBI uses a monetary tool to help commercial banks during the financial crunch. The loans..

Reverse Repo Rates refer to the short-term borrowing rates at which banking institutions lend the Reserve Bank of India...

The debt-to-equity ratio determines a company’s financial leverage. It is an essential metric for evaluating a company’s financial position and is calculated by dividing its total liabilities by...

Calculating fiscal deficit is based on income and expenditure. The mathematical...

Taxes are either direct or indirect. Direct taxes are applicable on income including salary, profits, or interest from a...

Investments are one of the most influential factors in financial planning and ensuring adequate...

Taxpayers often employ techniques to reduce their tax liability to the Government. To prevent this practice, the Government must monitor such methods by implementing legal provisions, modifying existing ones, or introducing new ones...  

While checking the refund status, numerous types of messages can be displayed on the screen. You must know all these to decode them correctly and gain the relevant information...

Section 194H of Income Tax Act 1961 deals with the tax deduction at source (TDS) on commission or brokerage...

Section 194J of Income Tax Act is a section regarding TDS deduction for payments made to professionals and technical service providers....

26QB TDS return meaning is simple; it is a form used by buyers to file tax deducted at source (TDS) returns for the sale of a property....

The Section 80EE income tax deduction is a great way for taxpayers to save money. This section of the Income Tax Act allows individuals who have taken a home loan to get an additional deduction on the interest payments towards that loan....

Section 80G of Income Tax Act provides tax deductions for donations made to eligible charitable organisations and institutions...

As per the deferred tax meaning,  it is an accounting treatment of taxes owed or paid in a different period compared to the one where the transaction occurred...

Financial Year (FY) is an important concept in India. It defines the period a business or organization reports its financial results....

According to the Income Tax Act 1961, all Indian citizens need to pay taxes when their annual income is higher than the tax-exempt limit...

Filing your income tax return is much easier with Form 26AS, which contains a comprehensive overview of all taxes paid over any specified period...

In India, income tax refers to the tax obligation on the income earned by business entities and individuals. The government adopts an effective “Income Tax slab” system to collect taxes from...

A taxpayer can claim the benefit of Section 80DDB at the time of ITR filing. However, the section requires medical proof of the disease and treatment. Section 80DDB requires...

When considering the difference between the old and new tax regimes, understanding the structure and the eligible exemptions is crucial ...

Gross salary is the total earnings of individuals before deducting any voluntary or mandatory deduction. ...

As a source of income, it is subject to TDS (Tax Deducted at Source) under Section 194H of the Income Tax Act in India....

People often say, “I've barely got any money left by the 15th of the month.” Consequently, they struggle to cover their necessary expenses...

Section 194c of the income Tax deals with tax deduction at source (TDS) on payments made for contract work or professional services. Let's dive deep to understand what 194C is....

TDS in Section 194n discourages cash transactions and promotes digital payments by mandating tax deductions at source...

The 80GG deduction of the Indian Income Tax Act provides relief to individuals who do not receive House Rent Allowance (HRA) from their employer and pay rent for their accommodation. By claiming this deduction...

To claim the deduction under Section 80U, an individual must submit the medical certificate specifying the disability ...

The Indian government has defined various sections to categorise income and earnings for better transparency while calculating the...

Individuals and Hindu Undivided Families (HUF) can claim a deduction under section 80DDB. Additionally, the individual or HUF must be a resident Indian...

Companies require employees to travel to the office daily or for various business-related work. However, as the expenses incurred on travelling are not personal but for the company, the company is liable to reimburse the employee for all the incurred expenses. The ...

Income tax is a crucial aspect of the financial world, and taxpayers must comply with their countries' tax laws...

The Voluntary Provident Fund is a subset of the EPF. Therefore, only salaried individuals can invest in VPF. The salaried employee must receive timely payments in a specific salary account to be eligible for investment...

People in India are eligible for income tax refunds for paying more than the required amount. If you face any issues with tax refunds...

For individuals, financial year and assessment year might seem like two terms that describe the same period; however, they are not the same. Financial Year is 12 months used for financial...

Prior to the implementation of GST, mobile phones were subject to a variety of different taxes. This included luxury taxes...

GSTR 2A meaning is simple. It is a taxpayer's auto-populated 'purchase register,' reflecting all details of Inward Supplies made to them by the supplier. The acronym GSTR stands for Goods and Services Tax...

GSTR 2B meaning inlcudes that it is an auto-generated document that contains details of all the inward supplies received from registered vendors. It includes...

Self Assessment Tax meaning is the tax individuals and businesses must pay on their income. It is a type of direct taxation, which means ...

Section 12A provides taxpayers with several benefits. Taxpayers can avail of deductions and exemptions that can significantly reduce their tax burden...

Knowing about the Goods and services tax on cars is very important while purchasing a car. Because without this knowledge...

Leave Travel Allowance (LTA), also known as Leave Travel Concession (LTC), is a provision under the Income Tax Act, 1961, that allows salaried employees to claim tax exemption on expenses...

The GST Council periodically revises these rates to ensure that they align with the changing economic needs of the country. The...

The implementation of GST on gold has brought about notable changes in the gold industry. With varying GST rates...

Tax is a mandatory financial charge or fee imposed by a government on individuals, businesses, or other entities to generate revenue. This revenue is used to fund public services...

Section 80CCD is a provision in the Indian Income Tax Act that provides tax benefits to individuals who contribute towards the National Pension System (NPS)...

The Memorandum of Association (MoA) is a legal document that plays a vital role in the formation of a company...

In India, there are two categories of taxes – direct and indirect. The government levies direct taxes on the income earned, whereas purchasing and selling goods and services involves indirect taxes...

Introduced in the Union Budget of 2020, Section 115 BAC of the Income Tax Act has been the talk of the town among taxpayers in India. The section pertains to the new optional tax regime for individuals and...

Section 185 of the Companies Act 2013 governs a company’s lending and borrowing activities. The provision lays down certain conditions under which a company can provide loans...

Section 186 of the Companies Act 2013 lays down the regulations regarding investments and loans made by a company. According to the Act, a company can make investments through multiple layers of investment companies...

Capital gains are the profits earned from the sale of an asset that has increased in value over time. This asset can be anything from stocks, real estate, or artwork...

Now, the standard deduction under 16 ia means a tax deduction of Rs 50,000 in place of the medical and transport allowance. The standard deduction does not require the taxpayer...

Cess on Income Tax is an additional tax levied on the regular income tax payable by taxpayers in India. The government levies cess to raise education,...

The taxation system of a country forms the strongest pillar of its economy. Thus, it is necessary to ensure a robust, simple, and citizen-friendly tax framework exists in a country...

If you are a customer or a business owner running a food business, it is important to understand what is GST on restaurants...

Section 194I mandates the deduction of tax at source on rental payments by the person responsible for paying rent to a resident (not being an individual or HUF)....

A number of provisions in the Income Tax Act of 1961 allow taxpayers to lower their taxable income by claiming tax credits and deductions...

Tax Saving FD is a kind of investment choice that let customers deposit funds and receive a greater interest rate than conventional...

There is a common misunderstanding among people that the income earned through freelancing work is not subject to taxation. However, it is important to note that freelancers, professionals, and consultants are required to pay income tax on half of their gross annual income...

An income tax rebate is a type of refund that individuals may receive from the Income Tax Department if they have paid more taxes than ...

Compliance guidelines regarding the new system of GST set forth a sense of discipline among the citizens of India. It mandates each business to comply with the various GST guidelines and pay taxes without

Invoicing under Goods and Services Tax (GST) is crucial to the GST compliance process. A GST invoice is a bill issued by the supplier to the recipient that specifies the value of goods or services provided, along with...

A taxpayer should follow elaborate steps while applying for the GST refund process. They must submit documents & declarations to GST authorities and claim the refund...

Direct taxes and indirect taxes are two types of taxes that are imposed by the government.Direct taxes are taxes that are paid directly by individuals or organisations to the government...

There are numerous factors involved in the Indian tax system, the Income Tax Act of 1961 defines these factors through various terminology. Two of the most common terms used to...

As soon as the financial year ends, you may hear conversations revolving around the ITR filing last date or people wanting an income tax due date extension latest news. However, understanding income tax returns is important before you know the last date for filing the income tax return in India. ITR (income tax return) is a form or statement filed by individuals...

he provision of taxable income, deductions, exemptions and tax rates for NRIs varies compared to resident individuals. Typically, income earned...

TRACES (TDS Reconciliation Analysis and Correction Enabling System) is an online portal of the Income Tax Department, India...

TAN refers to the Tax Deduction and Collection Account Number. The Income Tax Department issue a unique 10-digit alphanumeric number to entities that are required to deduct or collect tax on behalf of the government....

The Dearness Allowance is compensation for inflation-related increases in the prices of goods and services. It is a component of the salary paid in addition to the basic pay and other benefits...

The Indian government has set numerous mechanisms for Indian citizens and other legal entities to collect and deposit tax through various means. One such means is the tax collected at source, which entails the seller of goods and services collecting a certain percentage...

The Full form of IGST is Integrated Goods and Services Tax, a tax levied on India's inter-state supply of goods and services. It...

Payment of Gratuity Act 1972 is an Indian law that regulates the payment of gratuity to employees in India. The Act ensures financial security to employees...

Patta Chitta, also known as Land Records, is an important document for those who own land in Tamil Nadu. It provides evidence of ownership ...

GST on cement refers to the tax imposed on cement products under the Goods and Services Tax (GST) regime in India....

Section 80EEA of the Income Tax Act, 1961, provides a tax deduction to first-time home buyers in India. The deduction was introduced in ...

Residential status under the Indian Income Tax Act refers to the status of an individual who is either a resident or a non-resident based on his or...

Tax evasion is an illegal act applicable to nonpayment or underpayment of taxes. According to the tax evasion definition, This act is all about hiding the income ...

Central Goods and Services Tax is the tax imposed on the provision of goods and services in India, focusing on where they are consumed....

Excise duty refers to the taxes imposed on domestically produced items when compared to custom dusty, which is imposed on imported goods...

Tax evasion is a fraudulent approach to avoid paying the taxes that you are required to. It is an act of deceit when you understate your income or overstate the sum of your expenditures...

The full form of GAAR is the General Anti-Avoidance Rule. It is the anti-tax avoidance law in a country like India. It first appeared in existence on April 1 2017...

If you are wondering ‘what is reverse charge under GST’, we have some quick answers for you. Reverse Charge under GST is a mechanism where the recipient is liable to pay taxes instead of the supplier. The responsibility of paying taxes is deliberately shifted from the supplier to the recipient.,,

Depreciation as per Income Tax Act is defined as the decrease in the value of an asset due to its usage, wear and tear,...

Corporate tax in India is levied by the Income Tax Department on both foreign and domestic companies. With the enactment of the Income Tax Act 1961,...

GST Return Late Fees and Interest are charged when a business entity fails to file its GST returns on time. The article thoroughly covers all recent developments regarding GST late fees and interest charges!...

Highest currencies in the world are a topic that often garners attention among economists and investors. However, one aspect that is...

In 2021, the excise duty on petrol and diesel was Rs 27.90 and Rs 21.80 per liter. In May 2022, the central government...

A 15H form is a self-declaration form that is submitted by resident individuals above the age of 60 having no taxable income....

All law-abiding citizens of India are required to file their income tax to get returns and for income sources declaration to the income tax...

Payroll taxes are taxes employees, and employers pay on wages, salaries, and tips. When employees ...

State Goods and Service Tax, or SGST, is a component of the Goods and Service Tax system in India, alongside CGST and IGST. ...

Input Tax Credit or ITC, is a tax a business pays on its purchases and is later used to offset its tax liability when it makes a sale ...

Wealth tax definition is a levy on an individual's or household's net wealth. It includes assets like real estate, investments...

If you have been uninformed about what is Form 3Cd, here is what you need to know. The taxation audit Form 3CD is a comprehensive...

Form 10BA of Income Tax Act is a particular form that is used in India for tax purposes and is a declaration that is necessary to be furnished by a taxpayer...

Salaried individuals may be required to pay their tax on the entire amount received when they receive salary payments in...

Form 10F is a statement verifying an individual or entity's qualification to seek tax advantages...

Form 15CA is a document used for online filing of information regarding payments made to non-residents, which may be subject...

Form 15CB income tax plays a vital role in the payment process to non-residents or foreign ...

Many individuals experience anxiety when dealing with matters related to their income tax. A lack of sufficient knowledge...

Form 49B, following Section 203A of the Income Tax Act, 1961, serves as the application form for obtaining a Tax Deduction...

To monitor high-worth transactions conducted by taxpayers, the Income Tax Act introduced a fresh concept called...

What is non tax revenue? Simply put, it is the recurring income earned by the government, barring other taxes. There are different modes of tax revenues, and they comprise direct and indirect taxes.

Tax to GDP ratio is the size of the tax revenue given by the government. A high tax-to-GDP ratio suggests a larger fiscal ability.

Marginal tax rates determine how much tax you pay on any additional income you earn.

Tax Avoidance is the legal procedure to reduce the income tax amount that a business or individual owns.

Withholding tax refers to an obligation wherein a payer must withhold tax when payments are made for commission, rent, professional services, salary, etc.

Financial stress is not the only negative impact of debt. A big chunk of each paycheck going towards paying off debt can also make daily life less fun.

By minimizing their taxable income, individuals and corporations can reduce the amount of tax they owe the government.

This article will discuss the progressive tax meaning, conceptual framework, implementation approaches, merits, and limitations of progressive marginal tax rates adjusted for inflation.

It is a great strategy to improve your post-tax profits on investment. Tax-loss investing can enhance wealth generation even if it works in an indirect manner, particularly in the early stages of a portfolio's existence.

Understanding eligibility for GST is crucial which includes meeting turnover thresholds, possessing a valid PAN Card and engaging in taxable supplies of goods and services.

This article simplifies the differences between interstate and intrastate GST and explains what these terms mean in simple language.

This article provides a comprehensive coverage of TDS under GST along with an exploration and thorough understanding of related topics.

An income tax slab for women refers to the range of income where a predetermined tax rate is applied. In India, women share the same tax slab as men, without any separate classification.

In this blog, we'll outline four straightforward yet impactful strategies to efficiently complete your tax planning while avoiding costly pitfalls.

Owning a home is a dream for many. However, buying a house puts a lot of financial pressure on many individuals. The government aids this by offering tax benefits under the Income Tax Act of 1961. Understanding these benefits is crucial for saving on taxes

Home loans serve various purposes beyond purchasing a house, including renovation, land acquisition, or construction. While some loans provide tax rebates, others offer exemptions. Understanding these benefits is essential for individuals and businesses alike to optimize their tax liabilities and financial well-being.

This article explores tax-saving alternatives beyond Section 80C, aiming to maximize savings and minimize tax liability. Explore these strategies to make informed decisions and alleviate the tax burden, complementing your life choices and financial goals.

Filing your ITR isn't as difficult as it seems. You just need to understand the process, tax provisions, benefits, and gather essential documents. Not knowing how to classify income or calculate tax can be daunting, even with online filing.

If you're a freelancer unsure about taxes, this article is for you. Just like anyone earning income, freelancers must pay taxes and file returns as per the IT Act. The process for freelancers in India differs from that of employees.

If your gross total income falls below the basic exemption limit, filing an income tax return (ITR) isn't mandatory. The exemption limit varies based on the chosen tax regime.

GST, or Goods and Services Tax, is a unified tax applied in India on the sale of goods and services, from the initial manufacturing stage all the way to final consumption. It replaces several previous indirect taxes, simplifying the tax structure.

Imagine less paperwork and a break on taxes, sounds like a relief, right? Well, that's exactly what the GST composition plan offers, especially for the little guys in the business world.

The Ministry of Finance mandates businesses with a turnover exceeding Rs 5 crore to include a six-digit HSN or tariff code on taxable goods and services invoices from April 1.

Understanding taxes is essential. There are two main types: direct and indirect. Direct taxes, like income tax, are taken from your earnings.

Visit the GST portal and click the link 'New Registration' given under the registration tab. Fill up basic details in Part-A of the application form and verify the filled mobile number and email address.

Goods and Services Tax, so before we learn which taxes have been replaced by the GST, we should first understand the Indian taxation system, which is divided into two parts: direct taxes and indirect taxes.

If you have any income that doesn't fit into the categories we've talked about it gets reported as income from other sources.

Running a business isn't easy. Entrepreneurs work hard to control expenses for long term success. It's frustrating when they have to pay a chunk of their hard earned money as income tax.

A freelancer is someone who works for themselves offering services to different clients instead of being employed by one company.

Getting your first paycheck is a thrilling moment. You might have already planned out how much money you'll take home and are eager to put those numbers into your budget.

In the world of personal finance, gold has always held a special allure. Beyond its aesthetic appeal and historical significance, gold has been a store of value and a hedge against inflation for centuries.

Investing in mutual funds is a popular way for Indians to grow their wealth. However, it's essential to understand how mutual fund income is taxed and how to disclose it in your Income Tax Return (ITR).

Filing income tax returns (ITR) for futures and options (F&O) trading is crucial for traders to comply with tax regulations and ensure accurate reporting of their income.

Amidst the chaos of the COVID-19 pandemic, everyday people found themselves drawn to the derivatives market like never before.

As an Indian citizen, understanding how to obtain your Income Tax Return (ITR) copy online is crucial for financial planning and compliance.

These days, many taxpayers in India handle their income tax returns (ITR) online through a method called self-assessment. For the Assessment Year (AY) 2023-24, a whopping 8.18 crore ITRs were filed in India, marking a 9% increase from the previous year, as reported by the Finance Ministry.

Any Indian individual or company that distributes goods or services anywhere in nation & has annual aggregate turnover of more than Rs40 lakhs is needed to register for GST.

Goods & Services Tax has been game-changer in India's tax landscape since its implementation on July 1, 2017.

GST payments can be made both online & offline. Businesses must calculate amount of cash tax required after deducting input tax credit.

Understanding taxability also entails understanding whether or not item is excluded from GST. scope of taxable supplies has been expanded under GST, & GST exclusions have been explicitly stated.

Goods & Services Tax (GST) in India has brought about significant changes in country's taxation landscape. One such change pertains to concept of 'Supply without consideration'.

When you receive your salary from your employer they deduct a portion of it as tax as TDS on salary, regulated by Section 192 of the Income Tax Act.

Section 192A of the Income Tax Act deals with TDS on premature withdrawal from the Employee Provident Fund or EPF. Learn more about Section 192A in detail at 5paisa.

Section 194D of the Income Tax Act requires insurance agents commissions to have tax deducted at the source. This ensures timely tax payment.

Section 1941A of the Income Tax Act 1961, is important for property deals especially regarding Tax Deducted at Source or TDS on selling immovable property in India.

Section 194IB of the Income Tax Act pertains to tax deducted at source or TDS on rental payments. Initially aimed at joint development agreements in...

Understanding the intricacies of tax regulations can be daunting, especially for tenants navigating the process of Tax Deducted at Source (TDS) on rent payments in India. This comprehensive guide simplifies Form 16C...

Understanding the intricacies of tax regulations can be overwhelming, especially for tenants navigating the process of Tax Deducted at Source (TDS) on rent payments...

The Income Tax Act of 1961 lays the groundwork for taxation rules and regulations in India...

The Income Tax Act of India offers various deductions that empower you, the taxpayer, to significantly lessen...

Section 194LA of the Income Tax Act delves into the realms of Tax Deducted at Source (TDS) ...

Form 16A is essential tool that makes it easier for taxpayers to calculate & pay appropriate taxes. Taxpayers...

Salaried individuals are subject to taxation based on applicable slabs under Income Tax Act, 1961, & are obliged...