Income Tax Incentives for Startups in India
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.

Continue Reading about 10 days ago
Do Olympic Athletes have to pay Taxes on Awards?
Taxes

Do Olympic Athletes have to pay Taxes on Awards?

“...aur fir hum Gold jeetega, aur humara Jhanda lehrayega”

Continue Reading about 1 months ago
Unusual Tax Cases in the World!
Recent Updates

Unusual Tax Cases in the World!

Have you ever wondered about some of the most unusual tax disputes in the world or the weirdest taxes that once existed? If not, then these cases and taxes will surely surprise you! One of the weirdest taxes that emerged in Ancient Rome was none other than Bachelor tax, yes you heard it right! This was broadly practiced in the year 1821 in Missouri in the USA. The bachelors had to pay a tax of $1 but it never became a law. 

Continue Reading about 5 months ago
Penalties Charged for Late Filing of ITR
Taxes

Penalties Charged for Late Filing of ITR

A lot of people seem to assume that filing tax returns is elective and therefore disperse it as unnecessary and burdensome. But a lot of individuals are not aware that this is not a very healthy perspective on tax-filing.

Continue Reading about 8 months ago
New Tax Regime vs Old Tax Regime: Which Suits You More?
Taxes

New Tax Regime vs Old Tax Regime: Which Suits You More?

The Budget of 2020 brought quite a few changes to our tax system. The most prominent change was the introduction of the New Tax Regime. However, this New Tax System was optional. But, many taxpayers were still confused as to which system they should follow.

Continue Reading about 8 months ago
Everything you need to know about ELSS Mutual Funds
Mutual fund

Everything you need to know about ELSS Mutual Funds

As a new investor in the market, it can become very hectic to find a long-term scheme that can generate wealth, give regular returns, with lower risk, and save taxes, all at the same time. There are various schemes in the market that offer regular returns; however, they are taxed accordingly.

Continue Reading about 9 months ago
How to save Income Tax in India
Taxes

How to save Income Tax in India

Are you someone who loves Bollywood a lot? Do you also find Bollywood life glamorous? The life of celebrities always seems so exciting and full of glamour. Whether it comes to clothes, travel, or lifestyle, they are always ahead. You must be knowing that these actors are always paid a jaw-dropping, hefty payment for everything they do, whether it's movies, song albums, advertisements, or performances.

Continue Reading about 11 months ago
How to file income tax return online for salaried employee
Taxes

How to file income tax return online for salaried employee

Lockdown caused a serious problem to all our day to day activities. Even getting out to purchase some groceries instilled a feeling of entering into a war zone. But a few things blossomed despite all these shortcomings such as Netflix, Zoom and E-Filing. Yes, you read it right. E-filing of income tax returns in India for the FY 2018-2019 saw a 14% increase. Filing your income tax return online has become an easy job.

Continue Reading about 1 years ago
Budget 2020: Which Tax Regime Should You Opt For?
Taxes

Budget 2020: Which Tax Regime Should You Opt For?

The budget simply welcomed a series of thumbs up and relatively higher criticisms. It's high time you understand the new tax regime and what it has in store for you. Now just picture the Avengers in a different scenario. In the climax, the powerful infinity stones are held by Thanos.

Continue Reading about 1 years ago
Document Identification Number (DIN): Transparent and Accountable
Taxes

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.

Continue Reading about 1 years ago
Tax Collected at source
Taxes

Tax Collected at source

Tax Collected at Source or TCS is a direct tax implemented by the seller on the buyer of certain goods. TCS is an income tax collected according to the provisions mentioned under Section 206C of the Income Tax Act, 1961. TCS is applicable on the purchase of only certain specified goods mentioned in the Act.

Continue Reading about 3 years ago
TAN :Tax Deduction and Collection Account Number
Taxes

TAN :Tax Deduction and Collection Account Number

Our everyday life from birth till death is connected to this one thing. Let the guessing start. 

Continue Reading about 3 years ago
Tax Benefits under Section 80C of Income Tax Act
Taxes

Tax Benefits under Section 80C of Income Tax Act

In a bid to entice citizens to invest in various avenues, the Government allows deductions while computing Income Tax. The most popular ones are covered under Section 80C. Here’s a guide.

Continue Reading about 3 years ago
TDS Filing
Taxes

TDS Filing

TDS means Tax Deducted at Source. It is the tax which is deducted from income, interest on securities, rent payment, payment of commissions etc. The full form of TDS makes its meaning quite clear that TDS is such type of tax which is deducted at the very source of it. For example, if a bank has to pay a certain amount of interest to a person who has an account in that bank, then the person is going get such interest with a deduction of a certain amount, that deduction will be the TDS. In this example, the deductor is the bank and the deductee is the account holder. Deductor has to file this TDS to the Govt.

Continue Reading about 3 years ago
Tax Incentives to Startups in India
Taxes

Tax Incentives to Startups in India

The introduction of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code, 2016 and the General Anti Avoidance Rule are instrumental in bringing more business under the vigilance of government and preclude tax evasion and corruption. The OECD data of 2017 cuts India’s growth forecast to 7%, according the secretary general Angel Gurria reports that India tops in tax reforms amongst the G- 20 countries, further calling the reforms to be historic and effective.

Continue Reading about 3 years ago
Minimum Alternative Tax
Taxes

Minimum Alternative Tax

Companies often have tendency to escape the taxes, to get more and more profit, and in order to escape it, they often become “zero tax companies” i.e. those companies which incur high profit but gets exempted from paying taxes by using undue advantages of various deductions, incentives tools provided to them for their benefits.

Continue Reading about 3 years ago
Income Tax Return Filling
Taxes

Income Tax Return Filling

Income-tax is a tax levied and collected by the Central Government on income of a person. The provisions relating to the income-tax are governed by the Income-tax Act, 1961. Income–tax return (ITR) is a statement of income and tax thereon, which is to be supplied by a taxpayer to the Income-tax Department in permitted form. All year dissimilar forms of returns of income are approved by the Income-tax Department for different taxpayers having different income from different sources. 

Continue Reading about 3 years ago
Income Tax Slabs and Structure
Taxes

Income Tax Slabs and Structure

In India, there is a three-tier tax structure which comprises of the central government, state government and local municipal bodies. Article 256 of the constitution give teeth to this structure which states that no tax shall be collected except by the authority of law. So basically, taxes are classified into 2 categories i.e. Direct and Indirect taxes. Direct taxes are those whose burden cannot be shifted upon another person, whereas indirect taxes are those where  burden can be shifted to the third person like goods purchased from shopkeeper includes the value of tax paid by a shopkeeper in it. Now with the introduction of GST, several other taxes like sales tax, excise duty, entertainment tax, octroi, service tax have been clubbed under 1 tax only. GST comprises of 3 parts i.e.

Continue Reading about 3 years ago