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 4 months 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 7 months 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 9 months 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 2 years ago
TAN | Tax Deduction and Collection Account Number
Taxes

TAN | Tax Deduction and Collection Account Number

TAN is a 10 digit alphanumeric number. Its abbreviation is Tax Deduction and Collection Account Number. This number enables the responsible person for deducting tax at source or collecting tax at source. This is number is issued by the Income Tax Department.  All most all not for profit organisations and profit organisations need to pay TAN. Failure to pay Tan may lead to fine up to Rupees 10,000 according to Section 272 BB of Income Tax Act. Individuals who are salaried do not have to pay TAN.

Continue Reading about 2 years ago
Tax Benefits under Section 80C of Income Tax Act
Taxes

Tax Benefits under Section 80C of Income Tax Act

Section 80C of Income Tax Act, 1961 talks about deductions of tax. The Section 80C directly reduces the taxable income because of the section 80C the tax liability comes down drastically. Most of the person enjoys the fruits of section 80 C directly or indirectly. The maximum rebate of Tax is up to Rupees 1.5 Lakh. Presently an individual who is less than 60 years and his income is Rupees 2.5 lakh or less is exempted from paying tax but through section 80C exemptions can be increased up to 4 lakhs. However, there are several conditions also on section 80C. Exemptions of tax helps an individual to improve his/her financial status, provide incentive for education, on investing money of different Governmental schemes etc.

Continue Reading about 2 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 2 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 2 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 2 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 2 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 2 years ago
What is TDS (Tax Deducted at Source)?
Taxes

What is TDS (Tax Deducted at Source)?

Tax is a compulsory contribution to state revenue, levied by the government on workers income and business profits, or added to the cost of some goods, services, and transactions. Technically it is a strain and burden on the people. In India Income Tax Department a government agency supervise tax collection by government of India. This is under department of Revenue of Ministry of Finance. The bottom line is that taxation should foster equal distribution of resources.

Continue Reading about 2 years ago
System of Advance Tax in India
Taxes

System of Advance Tax in India

Were you aware about the fact that the taxes that we usually paid at the end of every financial year, could also be paid in installments throughout the year?

Continue Reading about 2 years ago
What are the Requirements for Registering a Sole Proprietorship
Entrepreneurship

What are the Requirements for Registering a Sole Proprietorship

In a Sole Proprietorship, only one corpse or human being executes the business. Accordingly, the holder and the business are examined as individual material and substances. In other words, there is no variety between the sole-proprietorship and its possessor. Business drafted out by a single person is not like conventional and classical businesses. It is more of a one-man-show which is not expandable beyond an assertive point. Moreover, there is no decree or law leading its listing and working.

Continue Reading about 2 years ago