Posts Tagged: direct tax

Tax Club

Which ITR Form Should I File?

Taxes! The word itself can conjure up feelings of dread and confusion. But fear not, fellow reader, as I am here to help clear the air. Filing your taxes isn't just a yearly ritual; it's an important step that contributes to your benefit and the nation.

Tax Club

Are You Managing Your Taxes Right? Quick Steps to Do It.

Human life is a mixture of contradictions. Let's think about salaried individuals for a moment. Making less money can be a bummer, but we grumble about taxes when we receive a raise. 😅

Your Money

Pay 0 Tax with an Income of upto ₹12 Lakh

Direct tax collections show a 19% increase, hitting ₹14.70 lakh crore by 11 January 2024. This achievement represents 81% of the fiscal year 2023-24 target, as reported by the Central Board of Direct Taxes (CBDT).

Startups

What is Angel Tax? Is the Government's Greed killing Indian Startups?

Perhaps you've come across the term "angel investors" in business news, seminars, or even in books. However, like many of us, you may have forgotten the details. That's where I come in to guide you through this fantastic, information-packed article. So, let's take a moment to brush up on our understanding of angel investing and dive deep into an essential component - angel tax.

Tax Club

Capital Gains: What to expect? How can taxation be improved?

Are you looking forward to the upcoming Indian Union Budget 2023? If so, there are many things you may want to keep in mind. Capital gains taxation in India has been a topic of discussion for a while now, and it seems that many changes are set to be made. The upcoming Indian Union Budget 2023 will majorly impact investors in India. You must know what to expect if you are planning to make any money in the country soon.

Tax Club

Income Tax E-Filing: Everything You need to know

Kids often want to go on vacation in July, right when people have to submit their taxes, right? So what do you do? You can’t skip paying your taxes, not legally, at least! Skip the vacation, and you will never hear the end of it! If only there was a way to do both.

Your Money

Income tax rebate under section 87a? Working and Eligibility

Even though they are unavoidable, we look for ways to avoid paying taxes. Every taxpayer tries to minimise their tax liability, but people do not educate themselves well enough. Though there are several ways to reduce a taxpayer's burden, the Government of India provides all citizens with a helpful resource – rebate u/s 87A of the Income Tax Act, 1961. In the current state of things, it is as if the Government is a shopkeeper that wants to give people a discount, but people are too frantic to listen and pay more than necessary.

Startups

Income Tax Incentives for Startups in India

Who does not want to own a business? Well, everyone does. But the dynamics have changed. Owning a business no longer means opening a shop in a famous mall or at a popular marketplace. The way of doing business has been completely revamped in the 21st century, and this new way of business is Startups.

Tax Club

In and Out of Excise Duty!

While seeing the news about petrol and diesel's skyrocketing prices, you may have heard about excise duty. Did you know that it still exists even after 3.5 years of the new GST regime?

Tax Club

Document Identification Number (DIN): Transparent and Accountable

The companies in India sell you the goods, earn their money, and pay the taxes. These taxes are paid to the government in two forms. The Direct tax that is income tax or corporate tax is levied on the income of the company. Other is the indirect tax now known well as the Goods and Service Tax or the GST and Customs duty.

Tax Club

All You Need to Know About GSTR-3

GST R1, R2, and R3 are various forms which are used for filing GST return. Return is a document which contains the details of income which a taxpayer is required to file with the authorities. Under GST a registered dealer has to file GST return which includes for purchases, sales, input tax credit etc.

Tax Club

Shortcomings of Goods and Service Tax

GST (Goods and Services Tax) is a kind of indirect tax and which is included in the sale price of goods and services. GST came into effect in India on 1st July 2017. A good go through various stages which starts from a manufacturer and then finally reaches a seller and in all such stages, GST is added.

Tax Club

What are the advantages of GST?

The Goods and Services Tax abbreviated as GST is a major tax reform which has consolidated the various manners in which the indirect tax was levied by Central and State tax departments and brought it under one umbrella. For instance, it has replaced the Service tax law, VAT, Entry tax, Luxury tax, Purchase tax, etc. It is a comprehensive tax on manufacture, sale and consumption of goods and services.

Tax Club

Critical Analysis of GST Slabs in India

Throughout the world, over 160 countries have adopted the Goods and Services Tax while France remains the parent country. India adopted this new tax system on 1st July 2017 with the One Hundred and First Amendment of the Constitution of India, replacing the various cascading taxes imposed by the central and state governments. Inspired by Canadian model, India adopted a dual-GST structure which is seen as the biggest tax reforms in the history of India.

Tax Club

What is GSTR 1return?

GSTR-1 is a return that is mandatory for every certified trader to file. This return contains details of outward supplies by that trader. The term ‘outward supply’ has been defined in the Central Goods and Services Tax Act, 2017. It implies all sales of either goods or services or of both, by methods of,

Tax Club

How is GSTR 1 Form filed?

Are you facing difficulty in filing GSTR-1? Don’t worry! This is your one-stop guide to finally understanding GSTR for what it is, and how is it to be filed.

Tax Club

What is the Composition Scheme under GST?

On July 1st, 2017 the Government of India announced GST to be applicable throughout the territory of India including the State of Jammu and Kashmir. At first huge resentment was shown by the public to the GST being applied as some were in a state of confusion that how to apply GST over their regular methods of applying service tax and some were worried that how will they now be able to evade tax liability. But the small dealers who were eligible to pay tax were the ones in the most disturbed state of mind as to whether the provision of composition scheme under service tax will be repealed or will continue to operate under the new Goods and Services Act, 2017.

Posts Tagged: direct tax

Which ITR Form Should I File?

Are You Managing Your Taxes Right? Quick Steps to Do It.

Pay 0 Tax with an Income of upto ₹12 Lakh

What is Angel Tax? Is the Government's Greed killing Indian Startups?

Capital Gains: What to expect? How can taxation be improved?

Income Tax E-Filing: Everything You need to know

Income tax rebate under section 87a? Working and Eligibility

Income Tax Incentives for Startups in India

In and Out of Excise Duty!

Document Identification Number (DIN): Transparent and Accountable

All You Need to Know About GSTR-3

Shortcomings of Goods and Service Tax

What are the advantages of GST?

Critical Analysis of GST Slabs in India

What is GSTR 1return?

How is GSTR 1 Form filed?

What is the Composition Scheme under GST?

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