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Category : Tax
Finding it challenging to decode what tax exemption is and the categories present under it? Tax exemptions help taxpayers to decrease their tax liability. In India, tax exemption laws include provisions that allow certain taxpayers to save taxes on specific income or transactions.
Category : Tax
The Goods and Services Tax (GST) is a major reform of the Indian indirect tax system. It has replaced a multitude of indirect taxes levied by the state and central governments. GST has several advantages, starting from simplifying the tax system, reducing its cascading effect on taxes, and making compliance easier for businesses. Read on to learn about GST, its benefits, and more! But first, lets discuss about CGST and SGST.
Category : Tax
On February 1, Nirmala Sitharaman, Union Finance Minister, will present the Union Budget 2024 - 25 to the Lok Sabha. As early next year, the elections for the Lok Sabha are due, it will be termed as an interim Budget. The Finance Minister will present the full Budget for FY25 after the formation of the new government following the elections.
Category : Tax
As per Budget 2023, the Government of India has established a new tax regime, which is more attractive compared to the old tax regime. One of the crucial changes that were made in the new tax regime was that individuals with Rs. 7 Lakh income will have zero tax liability. Furthermore, this new regime provides two types of tax deductions to salaried employees. To learn how to save tax in the new tax regime and avail these deductions, read more!
Category : Tax
Understanding the tax deductions can help you save a significant amount of your hard-earned money. According to Section 80D, you can claim tax deductions on money spent on health insurance premiums in a financial year. This blog will provide an outline of the tax deductions under Section 80D and all the other necessary information you need to know.
Category : Tax
The Income Tax department allows several deductions from your taxable income under Chapter VI A of the IT Act. Among all these provisions, Section 80C creates room for up to Rs. 1.5 Lakh deduction from every taxpayer’s annual income. In this blog, you will learn about the top investment options that enable tax savings through Section 80C.
Category : Tax
According to the Constitution of Indias Article 112, presenting a budget at the Parliament is mandatory before starting a financial year. Popularly known as the Union Budget, it is issued for the upcoming fiscal year, usually in the first week of February. The Union Budget for FY 2024-25 will be presented on 1st February 2024 and will highlight how some of the key sectors in India will be impacted by it.
Category : Tax
When the Goods and Services Tax (GST) was officially implemented in 2017 in India, it brought about a change in the entire taxation system of the country.
Category : Tax
Goods and Services Tax is an indirect tax levied on goods and services. With the introduction of GST, multiple indirect taxes were abolished such as VAT, service taxes, excise duty, etc.
Category : Tax
In July 2017, the Goods & Services Tax (GST) was implemented in India in a bid to create a uniform taxation system that can be used countrywide, aka ‘one nation, one tax’.
