Tax saving tips more than 1.5 lakhs other than 80C

Most of us think that tax saving can be availed through Section 80C only and they miss to save tax more than Rs.1.5 lakhs. The main reason they do not choose those tax saving options which are other than 80C and help them

Read More

Check Income Tax Refund Status Online

If you are anxiously waiting and want to know your income tax refund status onilne, when the income tax refund cheque will arrive or when it will  deposited into your bank account, there’s no reason for it to remain a mystery. The

Read More

What is Gift Tax in India

We always have a question regarding Gift Tax or tax treatment of gifts received by an individual or HUF. We have divided this topic (Gift Tax) into three parts as below: Part 1 – Features of gift tax rules Part 2 –

Read More

GST Payment rule in India

GST Payment: For any intra-state supply, Central GST payment goes to the account of the Central Government. State GST payment goes into the account of the concerned State Government. Inter-state supply, tax to be paid is Integrated GST (IGST) which will have

Read More

Types of GST Returns to be filed in India

Under the new GST regime, GST registration would be required for all enterprises involved in the buying or selling or delivery of services exceeding Rs.10 lakhs a year in north-eastern and hill states, while the limit is Rs.20 lakhs for rest of

Read More

Maintenance of Accounts and Records under GST India

Section 42  Deals with the maintenance of accounts and records under GST in India and Section 43 of GST India deals with the period “of retention of accounts and records. Section 42 of GST law India deals with Maintenance of accounts and records: Every

Read More

GST Registration in India

Who required to get GST registration and what is GST registration threshold? Any person (individual or entity) that fulfills any of the following conditions needs to get GST Registration compulsorily: Every business carrying out a taxable supply of goods or services under

Read More

GST Transition: How to Migrate Existing Input Credits?

Taxpayers already registered under VAT/Service tax in India also need to register under GST. Each entity registered under the previous indirect tax laws shall get a certificate of registration on the provisional basis. This certificate issued would be valid for a period

Read More

What is GST, definition of GST in India

What is GST? GST – Goods and Service Tax is a kind of tax imposed on manufacturing, sale and usage of services and goods. Goods and Service Tax (GST) is applied on services and goods at a national level with a purpose

Read More

Income from Salary under Income Tax Act, 1961

To understand Income from Salary and its taxability, one need to understand the definition of Salary:  If the following amount received by an employee from his employer the amount so received is defined as Salary and taxable under the head income from

Read More