A tax is a necessary fee or monetary charge imposed by a government on an individual or an organization in order to raise funds for public works projects that provide the greatest services and infrastructure. The funds raised are then used to fund other government activities. Failure to pay taxes or refuse to contribute will … Read more
What is GST and GSTIN Number? GST: Introduced in July 2017, GST (Goods and Service Tax) is an indirect tax regime. The main purpose of introducing the GST by the government was to simplify the existing structure in India and follow one nation, one tax, one market. So many central and state levied taxes were … Read more
TDS (Tax Deduction at Source) is a significant compliance requirement for Income Tax Assessees. The numerous TDS rates, nature of payment, and TDS threshold limits are specified in various parts of the Income Tax Law, which have been summarized in this article. If the payment exceeds the threshold limit provided in a given section, then … Read more
On February 1, 2020, India’s Finance Minister, Nirmala Sitharaman, presented the Union Budget, 2020, which included New Income Tax Slabs. Regular individuals, senior citizens, and HUFs now have access to a new tax regime that allows them to pay taxes at lower income tax slab rates. Let’s look at the income tax slabs for 2020, both … Read more
You can use an online income tax calculator to figure out how much you owe in taxes. However, extra tax may be deducted at source from your pay or other sources of income. Alternatively, you could make a mistake and pay more advance tax than necessary. When you pay more income tax than you need … Read more
Professional tax is a type of direct tax that is levied on those who earn money from their jobs, professions, or trading. A lawyer, teacher, doctor, chartered accountant, and other practicing professionals are examples of practicing professionals. Employers deduct the tax from the employee’s monthly salary, which is then deposited with the state governments. Apart … Read more
Income Tax Deductions Guide Section 80 Deductions For FY 2020-21 (Including Budget 2021 Amendments) Whether you work for the government or for a private company, you can easily enjoy the benefit of Income Tax Deductions under Section 80C. There are also some Income Tax Deductions that you can claim in order to reduce your income … Read more
File ITR Online An income tax return is a form that a person uses to declare his or her earnings, spending, tax deductions, investments, and taxes, among other things. The Income Tax Act of 1961 makes it essential for a taxpayer to file an income tax return in a variety of situations. An income tax … Read more
GST Online Registration Guide Individual businesses with an annual turnover of more than Rs. 40 lakhs must register for GST. However, the turnover is Rs.10 lakh for businesses that are situated in North-Eastern states and hill states. All companies that are currently registered for central excise, service tax, or VAT must register under GST through … Read more