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tax exemption and its various categories
Tax Exemption & Its Various Categories

Category : Tax

Poonawalla Fincorp Team • Apr 03, 2024 • 163 views

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.

benefits of gst and list of taxes it replaced
9 Advantages of GST & Taxes It Replaced

Category : Tax

Poonawalla Fincorp Team • Feb 16, 2024 • 2580 views

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.

thumbnail image how union budget is prepared
How is the Union Budget Prepared?

Category : Tax

Poonawalla Fincorp Team • Feb 02, 2024 • 547 views

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.

thumbnail image how to save income tax in new tax regime
How to Save Income Tax in New Tax Regime?

Category : Tax

Poonawalla Fincorp Team • Jan 30, 2024 • 576 views

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!

thumbnail image understanding deductions under section 80d
Maximise Your Tax Deductions Under Section 80D

Category : Tax

Poonawalla Fincorp Team • Jan 30, 2024 • 538 views

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.

thumbnail image what are the various tax saving options under section 80c
A Guide to Tax-Saving Options Under Section 80C

Category : Tax

Poonawalla Fincorp Team • Jan 30, 2024 • 484 views

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.

thumbnail image why is the union budget important
Importance and Impact of Yearly Union Budget

Category : Tax

Poonawalla Fincorp Team • Jan 30, 2024 • 494 views

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.

GSTN full form
What is GSTN? Full Form, Roles & Functions Explained

Category : Tax

Poonawalla Fincorp Team • Feb 06, 2023 • 11989 views

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.

types of gst returns
What is GST (Goods & Services Tax)? Meaning & Types of GST Returns

Category : Tax

Poonawalla Fincorp Team • Feb 06, 2023 • 5599 views

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.

What is CGST and SGST
What is CGST & SGST? Meaning, Differences Explained

Category : Tax

Poonawalla Fincorp Team • Jan 25, 2023 • 10209 views

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’.

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