Ever since the GST came into effect on July 1, 2017, the Indian economy has seen a plethora of regulations implemented by the GST council. Now the department is using analytics to keep tab on the errant taxpayers who are claiming excess input tax credit or to track some taxpayers who are not serious...
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1. What is GST Return? A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns that include: Purcha...
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1. New Tax Slabs vs Old Tax Slabs A new (and optional) tax slab is introduced now which has lower tax rates compared to old one. The investor will have choice of either staying with the old slabs along with various exemptions and deductions they used to enjoy, or they can shift to new slabs witho...
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Finance Minister Niramala Sitharaman introduced a new optional personal income tax system and announced multi-billion dollar farm, infra and healthcare package to revive growth in the country. Emphasising on capacity building and empowerment of marginalised sections of the society while protecting t...
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Goods and Services Tax (GST) is an indirect tax used on the supply of goods and services. GST is a value-added tax levied on goods and services sold for domestic consumption. It has subsumed several taxes including central excise duty, services tax, additional customs duty, surcharges and state-leve...
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For financial year 2018-19 (Including Budget amendments ) There are various deductions a taxpayer can claim from his/her total income to bring down taxable income and thereby reduce the tax outgo. In this article, let us discuss some of the important deductions under Section 80C a taxpayer can cl...
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