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 3 months 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 4 months 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 4 months 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 5 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 6 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 11 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 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
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 1 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 1 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 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 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
A Comment on Recent GST Slab Rationalization
Taxes

A Comment on Recent GST Slab Rationalization

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

Continue Reading about 2 years ago
All You Need to Know About GSTR-3
Taxes

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.

Continue Reading about 2 years ago
Wealth Tax
Taxes

Wealth Tax

Wealth tax is a form of direct tax, evolved after the commencement of the Wealth Tax Act, 1957 enacted for imposing the tax on the net wealth of an assessee. It is a tax on an individual’s wealth rather than on his income.

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