The objective behind introducing TDS was to minimize tax evasion. But what is the meaning of TDS? Tax Deducted at Source, also known as TDS, was introduced by...What is Form 16?
Form 16 is the most common financial document that most of you will require while filing your income...What is Direct Tax?
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...What are Capital Gains?
One of the major sources of income for the government is the tax collected from its citizens. Taxes are an interim...What is Professional Tax?
The professional tax definition applies to those earning through a consistent traditional medium or source. People often confuse professional tax and assume...What is Repo Rate?
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..What is Reverse Repo Rate?
Reverse Repo Rates refer to the short-term borrowing rates at which banking institutions lend the Reserve Bank of India...What is Debt-to-Equity (D/E) Ratio?
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...What is a Fiscal Deficit?
Calculating fiscal deficit is based on income and expenditure. The mathematical...What is Indirect Tax?
Taxes are either direct or indirect. Direct taxes are applicable on income including salary, profits, or interest from a...How To Save Tax In India Without Investment?
Investments are one of the most influential factors in financial planning and ensuring adequate...Securities Transaction Tax
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...How to check TDS refund status?
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 – TDS on Commission and Brokerage
Section 194H of Income Tax Act 1961 deals with the tax deduction at source (TDS) on commission or brokerage...Section 194J - TDS for Professional or Technical Services
Section 194J of Income Tax Act is a section regarding TDS deduction for payments made to professionals and technical service providers....Form 26QB: TDS on Sale of Property
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....Section 80EE- Income Tax Deduction for Interest on Home Loan
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 - Donations Eligible Under Section 80G
Section 80G of Income Tax Act provides tax deductions for donations made to eligible charitable organisations and institutions...Deferred Tax
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...What is a Financial Year?
Financial Year (FY) is an important concept in India. It defines the period a business or organization reports its financial results....Income Tax Slab for Senior Citizens: FY 2023-24 (AY 2024-25)
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...Form 26AS - How to Download Form 26AS
Filing your income tax return is much easier with Form 26AS, which contains a comprehensive overview of all taxes paid over any specified period...Income Tax Slab 2023
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...What Is 80TTA Deduction?
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...Old vs New Tax Regime
When considering the difference between the old and new tax regimes, understanding the structure and the eligible exemptions is crucial ...What is Gross Salary?
Gross salary is the total earnings of individuals before deducting any voluntary or mandatory deduction. ...194h TDS
As a source of income, it is subject to TDS (Tax Deducted at Source) under Section 194H of the Income Tax Act in India....50 30 20 rule
People often say, “I've barely got any money left by the 15th of the month.” Consequently, they struggle to cover their necessary expenses...What is 194c
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....194n TDS
TDS in Section 194n discourages cash transactions and promotes digital payments by mandating tax deductions at source...Section 80gg
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...Section 80u
To claim the deduction under Section 80U, an individual must submit the medical certificate specifying the disability ...What is Agriculture Income?
The Indian government has defined various sections to categorise income and earnings for better transparency while calculating the...Section 80Ddb Of Income Tax Act
Individuals and Hindu Undivided Families (HUF) can claim a deduction under section 80DDB. Additionally, the individual or HUF must be a resident Indian...What Is Conveyance Allowance?
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 ...What Is Perquisites
Income tax is a crucial aspect of the financial world, and taxpayers must comply with their countries' tax laws...What Is Voluntary Provident Fund?
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...How to Check Income Tax Refund Status
People in India are eligible for income tax refunds for paying more than the required amount. If you face any issues with tax refunds...Difference Between Assessment year and Financial year
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...GST on Mobile Phones
Prior to the implementation of GST, mobile phones were subject to a variety of different taxes. This included luxury taxes...GSTR 2A
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
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
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
Section 12A provides taxpayers with several benefits. Taxpayers can avail of deductions and exemptions that can significantly reduce their tax burden...GST on Car
Knowing about the Goods and services tax on cars is very important while purchasing a car. Because without this knowledge...What is Leave Travel Allowance (LTA)?
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...GST Slab Rates 2023
The GST Council periodically revises these rates to ensure that they align with the changing economic needs of the country. The...GST on Gold
The implementation of GST on gold has brought about notable changes in the gold industry. With varying GST rates...Types of Taxes in India
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...80ccd of Income Tax Act
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)...What is Memorandum of Association?
The Memorandum of Association (MoA) is a legal document that plays a vital role in the formation of a company...GSTR 9C
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...Section 115 BAC of the Income Tax Act
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
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
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 Gain Tax on Property
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...Standard Deduction Under Section 16 IA
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
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,...Advantages and Disadvantages of GST
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...GST On Restaurants
If you are a customer or a business owner running a food business, it is important to understand what is GST on restaurants...What Is Section 194I?
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)....Section 80CCC
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
Tax Saving FD is a kind of investment choice that let customers deposit funds and receive a greater interest rate than conventional...Section 44ADA
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...Income Tax Rebate under Section 87A
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 ...GST compliance
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 withoutGST Invoice
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...GST Refund Process
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...Difference Between Direct Tax vs Indirect Tax
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...Difference Between TDS and TCS
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...ITR Filing Last Date FY 2022-23 (AY 2023-24)
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...Income Tax for NRI
he provision of taxable income, deductions, exemptions and tax rates for NRIs varies compared to resident individuals. Typically, income earned...What Are TDS Traces?
TRACES (TDS Reconciliation Analysis and Correction Enabling System) is an online portal of the Income Tax Department, India...What Is TAN?
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....What Is Dearness Allowance?
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...What Is TCS Tax?
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...Integrated Goods and Services Tax (IGST)
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
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...What is Patta Chitta
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
GST on cement refers to the tax imposed on cement products under the Goods and Services Tax (GST) regime in India....80eea Income Tax
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 Income Tax Act
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
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 ...CGST - Central Goods and Services Tax
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
Excise duty refers to the taxes imposed on domestically produced items when compared to custom dusty, which is imposed on imported goods...Difference Between Tax Evasion and Tax Avoidance
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...General Anti-Avoidance Rule (GAAR)
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...Reverse Charge Mechanism (RCM)
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 under Income Tax Act
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
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,...Late Fees and Interest on GST Return
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!...GST on Rent
Highest currencies in the world are a topic that often garners attention among economists and investors. However, one aspect that is...Excise Duty on Petrol and Diesel
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...15h Form
A 15H form is a self-declaration form that is submitted by resident individuals above the age of 60 having no taxable income....ITR 1 vs ITR 2
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...What are Payroll Taxes?
Payroll taxes are taxes employees, and employers pay on wages, salaries, and tips. When employees ...SGST – State Goods and Service Tax
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 (ITC) under GST
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
Wealth tax definition is a levy on an individual's or household's net wealth. It includes assets like real estate, investments...What is Form 3CD?
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...What is Form 10BA?
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...What is Form 10E in Income Tax?
Salaried individuals may be required to pay their tax on the entire amount received when they receive salary payments in...What is Form 10F?
Form 10F is a statement verifying an individual or entity's qualification to seek tax advantages...What is Form 15CA?
Form 15CA is a document used for online filing of information regarding payments made to non-residents, which may be subject...What is Form 15CB?
Form 15CB income tax plays a vital role in the payment process to non-residents or foreign ...What is Form 26Q?
Many individuals experience anxiety when dealing with matters related to their income tax. A lack of sufficient knowledge...What is Form 49B?
Form 49B, following Section 203A of the Income Tax Act, 1961, serves as the application form for obtaining a Tax Deduction...What is Form 61A?
To monitor high-worth transactions conducted by taxpayers, the Income Tax Act introduced a fresh concept called...