Category: TAX

India blocks access to overseas crypto exchanges Binance, Kucoin, and more after show cause notice On December 28, the FIU issued notices to Binance and eight other cryptocurrency exchanges, seeking clarification from them over operations in India. India has stopped people from using websites of foreign crypto trading and digital money services like Finance, Kucoin…

The Polycab Income tax raid of ₹1,000 crore in cash sales that had not been properly recorded and IT dept take legal action….. Recently, the Income Tax Department conducted a raid on the Polycab group, a well-known manufacturer of wires, cables, and electrical items. As a result of this operation, the authorities have discovered a…

Supreme Court seeks Centre’s reply to plea against levy of 28 per cent GST on online gaming On Monday, the Supreme Court of India decided to look into a plea from the E-gaming Federation that argues against the current 28% GST that is being levied on all forms of online real-money gaming. Headed by Chief…

What is GSTR 2B Table of Contents Introduction GSTR 2B is an auto-drafted Input Tax Credit (ITC) statement that is generated for every registered taxpayer on the GST portal in India. It is a monthly statement that summarizes the ITC available to a taxpayer based on the invoices uploaded by their suppliers. It helps in…

GSTR 2A Table of Contents Introduction GSTR 2A is a statement generated by the GST Network (GSTN) that shows the details of taxable supplies made by a registered taxpayer during a particular tax period. It is an auto-populated document that is generated based on the details provided by the taxpayer in their GSTR 1 (outward…

GST on Mobile Phones Table of Contents Introduction As of my last update, the Goods and Services Tax (GST) rate on mobile phones in India is currently 18%. This rate applies to both imported and locally manufactured mobile phones. The GST rate on mobile phone accessories such as chargers, earphones, and covers is also 18%.…

Difference Between Assessment year and Financial year Table of Contents Introduction Assessment Year and Financial Year are two important terms in the context of income tax in India. Although they are related, they are different concepts. Assessment Year:The Assessment Year (AY) is the period during which the Income Tax Department assesses and finalizes the income…

How to Check Income Tax Refund Status Table of Contents Introduction The Income Tax Department in India allows taxpayers to check the status of their income tax refund online. This service is provided through the official website of the Income Tax Department, and it is a convenient way for taxpayers to track the progress of…

What Is Voluntary Provident Fund? Table of Contents Introduction A Voluntary Provident Fund (VPF) is a savings scheme offered by some employers in addition to the mandatory Employee Provident Fund (EPF) scheme. While the EPF scheme is mandatory for all establishments with 20 or more employees, the VPF scheme is optional and can be offered…

What Is Perquisites Table of Contents Introduction Perquisites, commonly known as perks, are non-monetary benefits provided by an employer to an employee in addition to their salary or wages. These benefits are not included in the employee’s taxable income, but they are subject to income tax under certain conditions. Some common examples of perquisites include:…

What Is Conveyance Allowance? Table of Contents Introduction Conveyance allowance is a type of allowance provided by an employer to an employee to cover the expenses incurred by the employee while commuting between their place of work and residence. This allowance is intended to help employees meet the cost of transportation, such as the cost…

Section 80DDB Of Income Tax Act Table of Contents Introduction Section 80DDB of the Income Tax Act is a provision that allows taxpayers to claim deductions for the expenses incurred on the medical treatment of certain specified diseases for themselves or their dependents. The dependents can be the spouse, children, parents, or siblings of the…

What is Agriculture Income? Table of Contents Introduction Agriculture income refers to the income earned from agricultural activities such as cultivation of crops, plantation of trees, and rearing of livestock. This income is derived from the ownership or tenancy of land, and it includes the sale of agricultural produce, rent received from letting out agricultural…

Section 80u – Tax Deduction for the Disabled Persons Table of Contents GSTR 2B is a monthly reconciliation statement generated by the GST Network (GSTN) under the Goods and Services Tax (GST) regime in India. It is an important statement that helps taxpayers reconcile their monthly returns with their actual liabilities. Here’s a brief introduction…

Section 80GG – Deduction for Rent Paid Table of Contents Introduction Section 80GG of the Income Tax Act in India provides a deduction for individuals who do not receive any House Rent Allowance (HRA) from their employer or receive less than the basic exemption limit from their employer as HRA. This section allows such individuals…

SECRETS RULE THAT INCREASE YOUR WEALTH Table of Contents Introduction The 50-30-20 rule is a financial guideline that suggests dividing your after-tax income into three categories: 1. Needs (50%): This category includes expenses that are essential for your survival and well-being, such as housing, food, transportation, healthcare, and utilities. 2. Wants (30%): This category includes…

SECTION 194H : TDS on Commission and Brokerage Table of Contents Introduction TDS stands for Tax Deducted at Source. 194H is a specific provision under the Income Tax Act, 1961, which mandates the deduction of tax at the rate of 5% from the gross amount payable to a resident senior citizen (aged 60 years or…

What is Gross Salary? Table of Contents Introduction Gross salary refers to the total amount of money an employee earns before any deductions are made. This includes their base salary, any additional allowances or bonuses, and other forms of compensation. Gross salary does not take into account any taxes, insurance premiums, or other deductions that…

Old vs New Tax Regime : Which is better Table of Contents Introduction The Indian government introduced a new tax regime in the Union Budget 2020-21, which offers taxpayers a choice between the old and new tax regimes. The old tax regime is the existing income tax system, while the new tax regime is a…

Section 80TTA: Deduction for Saving Account Interest Table of Contents Introduction 80TTA (Section 80TT) is a tax deduction available under the Income Tax Act in India. It allows individuals to claim a deduction of up to Rs. 1,50,00 ($2,100) per year on the total amount of interest earned on deposits in savings accounts, including current…

Income Tax Slab for FY 2023-24 Table of Contents Introduction The income tax slabs for the financial year 2023-24 (Assessment Year 2024-25) have not been announced yet. The Union Budget for the financial year 2023-24 is scheduled to be presented on July 5, 2023. After the budget, the Central Board of Direct Taxes (CBDT) will…

Form 26AS – How to Download Form 26AS Table of Contents Introduction Form 26AS is an annual tax statement issued by the Income Tax Department that contains details of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) deducted or collected on your behalf by various entities such as banks, financial institutions, and…

Income Tax Slab for Senior Citizens: FY 2023-24 (AY 2024-25) Table of Contents Introduction Senior citizens are individuals who are 60 years or above in age but less than 80 years at any time during the previous year. Super senior citizens are individuals who are 80 years or above in age at any time during the…

What is a Financial Year? Table of Contents Introduction A financial year is a 12-month period used for accounting and financial reporting purposes. It is the timeframe during which a company records its financial transactions, prepares its financial statements, and calculates its taxes. The financial year does not necessarily coincide with the calendar year. In…

Deferred Tax- Meaning, Expense, Examples, Calculation Table of Contents Introduction Deferred tax is a provision that companies make to account for the difference between the tax they owe based on financial accounting principles and the tax they would owe based on tax accounting principles. This difference arises because financial accounting principles and tax accounting principles…