Introduction Taxes are an important and largest source of income for the government. The government uses the money collected from taxes for various projects for […]
Category: Tax Planning
Tax Planning
Clubbing of Income – Definition, Sections
Clubbing of income is including the income of any other person in the assessee’s total income. India has a progressive tax system. With the increase […]
TDS on purchase of a property
Section 194-IA deals with the deduction of TDS on purchase of a property by the buyer. When a buyer purchases an immovable property (a building […]
Surcharge on Income Tax
Surcharge on income tax is the additional tax payable when income exceeds the specified limit. It is an additional charge on the taxpayers who have […]
Tax rebate under section 87A
The income tax rebate under section 87A is for people who have a salary below the pre-defined limit. The act brings down the tax burden […]
Interest on late payment of TDS
TDS, tax deducted at source, is the collection of tax from the very source of income. The person liable to make payment to another person […]
Solvency Certificate – Definition, Users
Solvency means the ability of an individual or entity to pay back its liabilities. A person is solvent when assets exceed liabilities. A solvency certificate […]
GST on the sale of old vehicles
After GST implementation on 1st July 2017, the sale of old and used vehicles is taxable at the same rate as applicable on new ones. […]
QRMP Scheme
Introduction Under the GST law, Quarterly Return Monthly Payment (QRMP) Scheme allows the registered person (i.e., who is required to furnish Form GSTR-1 & GSTR-3B […]
What is CRR?: Objectives, Regular Changes, SLR, Workings, Relation to Economy
Introduction Cash Reserve Ratio (CRR) is the share of a bank’s total deposit that is mandated by the Reserve Bank of India (RBI) to be […]