Net taxable income Net Taxable income represents the portion of income that is liable to taxation after considering all eligible deductions and exemptions. It is the income remaining after deducting allowable expenses like contributions to provident fund, investments in specified tax-saving schemes, medical expenses, and more from the gross income. To visit https://www.gst.gov.in/ To calculate… Read More »
Advantages of EPF and EPS Advantages of EPF and EPS, The Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS) are social security schemes designed to provide financial security to employees during retirement or in the event of their unfortunate demise. These schemes offer several benefits, including: Retirement benefits: Upon retirement, employees receive a… Read More »
Income Tax Saving Income Tax Saving,To avail tax deduction under Section 80GGC of the Income Tax Act for donations made to registered political parties in India, you can follow these steps: Identify the registered political party: Ensure that the donation is made to a political party that is register with the Election Commission of India.… Read More »
80TTA exemption Exemption Under Section 80TTA of the Income Tax Act, individuals and Hindu Undivided Families (HUFs) can avail a deduction on the interest earned from savings accounts. This deduction is capped at a maximum of Rs. 10,000. It applies to interest income earned from savings accounts held with banks, co-operative societies, and post offices.… Read More »
The benefits of filing Income Tax Return The benefits of filing Income Tax Return provides several benefits, including: Avoiding Penalties: Timely filing of ITR helps you avoid penalties and interest on unpaid taxes. Carry forward of losses: If you have incurred losses from business, profession, or capital gains, filing ITR allows you to carry forward… Read More »
What is a tax exemption? A tax exemption refers to the exclusion of certain income, investments, or expenses from being subject to taxes. Governments grant tax exemptions to encourage specific activities or provide benefits to particular groups of taxpayers. For instance, in India, under Section 80TTA of the Income Tax Act, the interest earned… Read More »
Pension scheme According to section 80C of the Income Tax Act, individuals have the opportunity to save up to Rs. 1.5 lakh in a financial year by investing in Pension scheme like the National Pension System (NPS) or Employee Provident Fund (EPF). This investment amount is eligible for deduction from the individual’s taxable income, effectively… Read More »
What is advance tax Advance tax is the taxes paid in advance on the estimated income of the current financial year. It is a way of paying tax on an ongoing basis rather than waiting until the end of the year. In India, individuals and businesses require to pay advance taxes if their tax liability… Read More »
What is the Difference Between Capital and Non-Current Capital? When managing or analyzing a business, understanding different financial terms is crucial. Two commonly used terms in financial discussions are capital and non-current capital. While they may seem similar, they have distinct roles in the financial framework of a company. In this blog, we’ll break down… Read More »
What are Revenues? What Are Revenues? Revenues, often referred to as sales or turnover, are the income generated from normal business operations. They are a crucial component of a company’s financial health and are a key indicator of its performance. Understanding revenues is essential for stakeholders, including investors, managers, and analysts, as they provide insight… Read More »
