If toll tax is added to car hire bill on which amount TDS will be deducted Yes, you are correct. TDS is not applicable on toll tax as it is not considered as income. Therefore, when toll tax is included in a car hire bill, TDS will not be deducted on it. TDS is only… Read More »
Introduction Taxpayers in India often seek ways to reduce their taxable income through various exemptions and deductions provided under the Income Tax Act. One such provision is Section 80TTA, which offers tax benefits on interest income earned from savings accounts. This article provides an in-depth explanation of the 80TTA exemption, covering its definition, benefits, usage,… Read More »
Verifying GST Registration of a Company Verifying GST registration of a company, Statutory audit and tax audit are two distinct types of audits conducted for different purposes. Statutory audit: A statutory audit is perform to ensure that a company’s financial statements provide an accurate and fair view of its financial position and performance. It is… Read More »
Types of GST In India, there are primarily four types of Goods and Services Tax (GST): State Goods and Services Tax (SGST): Levied by state governments on the supply of goods and services within the state. Central Goods and Services Tax (CGST): Levied by the central government on the supply of goods and services within… Read More »
Introduction Allowances are additional financial benefits given by employers to employees apart from their basic salary. While some allowances are fully taxable, others enjoy partial or complete exemption under the Income Tax Act, 1961. Understanding the taxability of various allowances is crucial for both employers and employees to ensure proper tax planning and compliance.… Read More »
Tax audit preparation Tax audit preparation Website Link Tax audit preparation: Preparing for a tax audit can be a daunting task, but with the right approach, you can make the process smoother and reduce your chances of encountering any issues. Ensuring precise record-keeping is vital when getting ready for a tax audit. It is… Read More »
What do you mean by a GST Audit? Introduction The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It was introduced to create a unified taxation system, replacing multiple indirect taxes. To ensure compliance, accuracy, and transparency in tax filings, businesses are subject… Read More »
User Intent Taxpayers in India often struggle to decide between the Old Tax Regime and the New Tax Regime. With frequent changes in tax policies, selecting the most beneficial regime requires careful evaluation. This article provides a detailed, step-by-step comparison to help individuals and businesses make an informed decision for FY 2023-24. Introduction… Read More »
Introduction Saving for retirement is a crucial financial goal, and the Indian government provides various tax-saving options to encourage individuals to plan for their future. Two of the most popular pension schemes in India are the National Pension System (NPS) and the Employees’ Provident Fund (EPF). Under Section 80C of the Income Tax Act, individuals… Read More »
HRA Tax Exemption Calculation HRA tax exemption calculation: HRA, short for House Rent Allowance, is a salary component provided by employers to assist employees in covering their rental expenses. The exemption for House Rent Allowance (HRA) is determined by considering The following three factors: Actual HRA received from the employer. Rent paid by the employee… Read More »