Section 194M of Income Tax Act: A Guide on TDS on Payments to Resident Contractors and Professionals
The budget of 2019 introduced various modifications to the already existing income tax rules. Durin... Read More »
What is Section 50C: Taxability Details on Sale of Land and Building
As India's population is rising at an increased rate, demand for real estate is also surging. This ... Read More »
What is Corporate Tax: Rates, Fees, Tax Return Forms and Due Dates
There are different types of taxes that Indian organisations pay to the government on income, wealt... Read More »
TDS Rate Chart for Financial Year 2022-2023 (AY 2023-2024)
To minimise tax evasion and collect taxes directly from the source of income, the Income Tax Depart... Read More »
Section 9 of the Income Tax Act: Working, Subsections and Exemptions
The rising number of foreign companies and non-resident individuals has made it crucial to know who... Read More »
What is Advance Tax: Due Dates, Calculation and How to Pay it Online
Advance tax is levied on an individual who has other income sources in addition to a monthly salary... Read More »
What is Surcharge on Income Tax and How To Calculate Marginal Relief
If you are in the higher income tax bracket, you may know that you have to pay an additional tax ca... Read More »
What is Form 26Q: TDS Deduction, How to Download Online and Due Dates
An employer deducts an amount from the employees’ salary. This is known as Tax Deducted at Source... Read More »
TDS Under Section 192 of Income Tax Act: When is TDS Applicable?
According to the Income Tax Department of India, “ Section 192 of the I.T.Act, 1961 provides that... Read More »
What is Inheritance Tax – Countries, Exemptions and How to Reduce It?
Assets of a person are distributed to their heirs as per the will after they have passed away. The ... Read More »
Cash Memo – Its Benefits and How to Create It?
All transactions in accounting must have accurate documentation as proof of financial trail. Docume... Read More »
What is Section 80D of Income Tax Act: Deductions for Medical & Health Insurance
Section 80D of the Income Tax Act, 1961, offers health insurance policyholders tax benefits to redu... Read More »
Professional Tax: 2023 Slab Rates, Exemptions & Applicability In India
Professional tax in India is levied on anyone who is employed. From professionals such as accountan... Read More »
What is Profit After Tax and How is it Calculated? Why is it Important for Companies?
An essential step for all organisations is to ensure that they continuously monitor the amounts of ... Read More »
What is Accounting Equation – Meaning, Formula and Calculation with Example
Regardless of the size of the company, financial statements are created using a basic accounting eq... Read More »
Cost Inflation Index: What is CII and How is it Calculated?
The price of commodities rises over time, reducing the purchasing power of money, which is the numb... Read More »
What is White-Collar Crime and What is the Penalty?
White shirts, black coats and well-ironed ties are typical stereotypes representing the rich and el... Read More »
Form 12B – How to Fill the Form, Types, and Importance
Form 12B Form 12B is an IT (income tax) form or statement that an employee must submit (as per R... Read More »
What is Condonation of Delay in Law? What are its General Principles?
As per the Indian law, there is a certain time frame to submit all forms and applications to the Re... Read More »
Foreign Exchange Management Act (FEMA): Its Regulations and Penalties
Import and export are essential components of the aggregate trade that occurs in India. Import-expo... Read More »
What is Withholding Tax? What are its Rates? How is it Different from TDS?
The Central government of India levies income tax, a type of direct tax, on the income of individua... Read More »
TDS on Salary – Calculation, Rules and How Reduce Deduction?
If you check your salary slip, you will find a segment that mentions TDS deduction. TDS on salary v... Read More »
Gross Salary: Meaning, Components and Calculation with Examples
Gross income denotes the total earnings without any deductions or tax adjustments. For salaried ind... Read More »
What is Deferred Tax? How is it Calculated?
For accounting purposes, a company prepares two financial reports or statements for every financial... Read More »