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Income Tax Saving

 Paying income tax on the income that you earn is mandatory if you have earned income above the basic exemption limits in a financial year. The tax rate depends on your income level (a.k.a. income tax slab). Moreover, to reduce the burden of taxation, the Income Tax Act has also specified various tax-saving avenues. These tax saving investments which help in lowering your tax liability. Chapter VIA of the Income Tax Act contains a list of deductions under Section 80 which help you to cut down on your tax outgo.SEE DETAILS

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GST (Goods and Services Tax) India

What is the Letter of Undertaking under GST?Letter of undertaking is the document that the user provides declaring fulfillment of all requirements under GST. It is furnished in case of export undertaken without paying IGST. Also, according to the Notification No. 37 /2017 – Central Tax It is mandatory to furnish LUT to export goods or services or both without paying IGST. If the exporter fails to provide the LUT, then he has to pay IGST or provide an export bond. Earlier LUT could only be filed offline at theSEE DETAILS

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Income Tax Learning

 Income tax is payable if any individual earns an income in a financial year. The tax rate depends on the aggregate income which the individual has earned under the following heads –Income from SalaryIncome from House PropertyIncome from Capital GainsIncome from Business or ProfessionIncome from Other SourcesAll the five heads of income are added together to arrive at the total income which is subject to income tax. There is a tax slab based on which the income calculated aggregating the five heads is calculated. The tax slabs are different forSEE DETAILS

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GST (Goods and Services Tax) India

  Value of SupplyIn GST regime it is important to know about the value of goods or services or both on which tax is to be paid. As per CGST Act, 2017 along with rules prescribed the provisions for determining the value of supply of goods or services have been made applicable in different circumstances and to different people.Value of  taxable supplyWhich section describe the value of supply?Value of taxable supply as per section 15Inclusions in the Value of supplyTaxes, duties,cesses,fees and ChargesAmount incurred by recipient on behalf of supplierIncidental expensesSEE DETAILS

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Income Tax Learning

Income Tax for Self EmployedEvery Indian citizen is required to pay an income tax if he earns an income. An income generating entity is called an assessee which, under Section 2 (7) of the Income Tax Act, 1961, is defined as a person or entity by whom any tax or any other sum of money is payable under this Act. Assessee includes the following –Salaried individualSelf-employed individual or a proprietor of a sole-proprietorship businessHindu Undivided FamilyPartnership firmLimited Liability Partnership (LLP)A company which has been registered with the Registrar of CompaniesSEE DETAILS

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