Understanding the Indian Tax System: Direct and Indirect Taxes

Introduction: Taxes play a vital role in the development and growth of a nation, funding essential services and infrastructure. India’s tax system consists of various direct and indirect taxes, each with its own set of rules and regulations. In this comprehensive guide, we’ll explore the Indian tax system, focusing on the major direct and indirect … Read more

Interest on Savings Account – Income Tax Deduction – Section 80TTA

Indians love savings. Savings is the essential driver of our Indian economy. The savings spur investment which is the main driver of demand and thus leading to production which utlimately drives the Indian economy. Having recognised the vital role played by the savings, the Income Tax Department allows certain amount of interest on such savings … Read more

Income Tax Implication on Gifts In India

Have you received any gift recently and wondering if you have to pay any tax on it? He is a blog post that explains the tax implications of gifts received by anyone in India as per the Income Tax Act 1961. First let’s start with defining the term ‘gift’. Gift can be any asset like … Read more

Income Tax Slabs for AY 2018-19 (FY 2017-18)–Individuals

Income Tax Slabs provide you the first hand information about how much tax you are liable to pay at the end of the financial year. Having knowledge of the income tax slabs puts you at an advantageous position as you can do tax planning and tax saving beforehand. In India, every year during the Annual … Read more

Advance Tax – Who Needs to Pay And How?

Advance Tax, as the name suggests is the tax that you pay to the Income Tax Department in ‘advance’ i.e., in the same financial year in which you earn the income. Hence it is also called as ‘Pay as you earn’ scheme of income tax. Let’s learn more about the Advance Tax. Who needs to … Read more

Check Income Tax Refund Status Online

Income Tax Refund: Income tax refund arises in a situation when you have basically paid the taxes to the income tax department (ex: in the form of TDS deducted) more than your tax liability. How to claim? In order to claim your refund, the basic condition is that you need to file your Income Tax … Read more

Gratuity Calculation And Tax Benefits

Gratuity is one of the retirement benefits provided by the employer to the employee in gratitude for the services rendered by the employee to the employer. As per the Payment of Gratuity Act 1972, gratuity is to be given by an institution having 10 or more employees. An employee will receive a gratuity a. after … Read more

Mutual Funds Taxation In India For AY 2018-19

Mutual Funds in India are gaining traction all thanks to the bull market conditions prevailing for the last few years especially after 2014. If invested early and in right schemes, Mutual Funds can provide you with long-term wealth. Though the number of subscribers for mutual funds is constantly growing, still lot of people are clueless … Read more