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 10 months ago
In and Out of Excise Duty!
Taxes

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? After the implementation of GST, Excise Duty has been abolished on most items. But there are a few products on which excise duty is still levied, which is liquor and petroleum products.

Continue Reading about 1 years ago
What Budget 2021 Mean For Taxpayers, Investors And Consumers?
Taxes

What Budget 2021 Mean For Taxpayers, Investors And Consumers?

The annual Union Budget is like packaged candy for a crying kid. And if it isn't very obvious, the wrapped candy is the expected budget reforms, and the crying kid is the economy. This year, the kid had been crying quite loudly, and while the entire nation was already hoping for candy, it was also expecting it to be bigger in size and sweeter in taste. 

Continue Reading about 1 years 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 1 years 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 1 years ago
Understanding Short Term Capital Gain Tax
Taxes

Understanding Short Term Capital Gain Tax

Holding capital assets as an investment has been a widespread practice for some time now. There is no doubt that capital assets are quite profitable investments. People keep buying and selling them to acquire that difference between the buying and selling price.

Continue Reading about 1 years ago
Long Term Capital Gain Tax: How can you save it?
Taxes

Long Term Capital Gain Tax: How can you save it?

Every person wishes to have a piece of property one day, which he could claim to be his own. But the process and the later obligations of owning a property isn’t as easy as dreaming to have one. A list of documentations, legal requirements, and other obligations are associated with buying a piece of property. One such requirement and consideration is the capital gain tax.

Continue Reading about 1 years ago
Tax Shelters: Crime or Intelligence?
Taxes

Tax Shelters: Crime or Intelligence?

"The best things in life are free, but sooner or later, the government will find a way to tax them."

Continue Reading about 1 years 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 1 years 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 2 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 2 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 2 years ago
Why should we move towards a Simpler Tax System?
Taxes

Why should we move towards a Simpler Tax System?

Albert Einstein once said, “The hardest thing to understand in the world is the Income Tax”. Why is that, even the smartest brains are unable to comprehend the taxes?

Continue Reading about 2 years ago
Now company formation made easy with SPICe!
Taxes

Now company formation made easy with SPICe!

As a young Entrepreneur, when you think about a Startup, you think about a Private limited company. Might be forming your own company seems to be Overwhelming but Finology made it easy. Incorporating your own company gives the Members- Limited Liability Benefit that means it will allow their members full exemptions from business debt & obligations.

Continue Reading about 2 years ago
Regular Scheme Under GST: Composition Scheme
Taxes

Regular Scheme Under GST: Composition Scheme

Goods and Services Tax Act, which came into effect on 1st July 2017, has now replaced most of the indirect taxes in India, with a single tax.

Continue Reading about 2 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