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List of 136 incomes on which tax is not required to be paid in India. (Complete List of exempt income along with sections and conditions)

Generally when any person (Individual, HUF, AOP, BOI, AJP, Firm, Company or trust etc.) earn any income, then some part of that income is required to paid to Government in the form of Income Tax as per prevailing provisions of law of the country. But some incomes are exempted by law and tax is not …

List of 136 incomes on which tax is not required to be paid in India. (Complete List of exempt income along with sections and conditions) Read More »

Threshold Limit & other aspect of GST Registration and RCM liability on purchase from Unregistered persons

Basics of GST Registration What is Threshold Limit for GST Registration? 1. Threshold limit for GST registration Upto 31st March 2019 Threshold limit for GST registration upto 31-03-2019 is given below:- Category States Threshold Limit Applicability Special Category states Puducherry, Meghalaya, Mizoram, Tripura, Manipur, Sikkim, Nagaland, Arunachal Pradesh and Uttarakhand Rs. 20 Lakh Upto 31.03.2019 …

Threshold Limit & other aspect of GST Registration and RCM liability on purchase from Unregistered persons Read More »

Present value calculator

Find the the required value to investment to be made to ensure receipts of pre-defined future value…Let’s find out present value… Assumption : 1. yearly compounding.

All about EPS-95 pension Scheme and Option for higher pension under para 11(3) & 11(4) of EPS-95 with changes upto 11.05.2023.

What is EPS-95? section 6A(1) of THE EMPLOYEES’ PROVIDENT FUNDS AND MISCELLANEOUS PROVISIONS ACT, 1952 provides that- The Central Government may, by notification in the Official Gazette, frame a scheme to be called the Employees’ Pension Scheme for the purpose of providing for—  (a) superannuation pension, retiring pension or permanent total disablement pension to the …

All about EPS-95 pension Scheme and Option for higher pension under para 11(3) & 11(4) of EPS-95 with changes upto 11.05.2023. Read More »

Various Due Dates in Income tax for FY 2023-24(AY 2024-25)

Due Dates of Income tax as applicable for FY 2023-24 (AY 2024-25) (A) Due date for filing Income tax Return Category Sub-Category Original Due date Extended due date (if any) Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 31-10-2024 (Audit report is to be filed upto 30-09-2024)   A working …

Various Due Dates in Income tax for FY 2023-24(AY 2024-25) Read More »

Rates of TCS (Tax collected at Source) for FY 2023-24 (1st April 2023 to 31st march 2024) (by Finance Act 2023)

The following changes in TCS-related provisions were amended by Finance ACT 2023:- 1. Section 206C(1G) – Change in TCS rate w.e.f 1st July 2023. 2. Section 206AB & 206CCA – Exclusion of specified category from non-filers of tax return w.e.f 1st April 2023 These sections provide for Higher TCS/TDS rate for non-filer of ITR but …

Rates of TCS (Tax collected at Source) for FY 2023-24 (1st April 2023 to 31st march 2024) (by Finance Act 2023) Read More »

Rates of Income tax for FY 2023-24 (assessment year 2024-25)

As we know that W.e.f FY 2020-21 i.e. budget 2020, two options of slab rate are available for Individual & HUF as per option given u/s 115BAC. Every taxpayer who is Individual or HUF, have to choose between (i)New tax regime (ii)Old tax regime. Salaried employee have to submit their option to their employer at …

Rates of Income tax for FY 2023-24 (assessment year 2024-25) Read More »

Rates of TDS (tax deducted at source) for FY 2023-24 (1st April 2023 to 31st March-2024) (by Finance Act 2023)

The following changes in TDS-related provisions were amended/inserted by Finance ACT 2023:- 1. Introduction of section 194BA: TDS provision for income from online gaming (w.e.f. 1.4.2023) TDS @ 30% is required to deducted by payer on the ‘net winnings’ in the user account at the end of the Financial Year (FY) or at the time …

Rates of TDS (tax deducted at source) for FY 2023-24 (1st April 2023 to 31st March-2024) (by Finance Act 2023) Read More »

Important Highlights of Budget 2023 regarding Direct Tax, Indirect Tax and other proposals(FY 2023-24)

ON 1st February 2023, Finance Minister of India presented Union budget 2023 . The Finance bill is the part of union budget which includes various tax proposal for next FY i.e. 1st April 2023 to 31st March 2024. The Finance bill is a weapon under Fiscal policy to control economic conditions in the country. For …

Important Highlights of Budget 2023 regarding Direct Tax, Indirect Tax and other proposals(FY 2023-24) Read More »

What to Choose: Old Slab Rate OR New Tax Regime as updated by Finance Budget 2023

In Budget 2023, some amendments are proposed for the new tax regime which was introduced in budget 2020 as an optional reduced slab rate u/s 115BAC. The option of the reduced slab rate was available only to Individuals & HUF. But to opt for this option of reduced slab rate, assesses have to forgo some …

What to Choose: Old Slab Rate OR New Tax Regime as updated by Finance Budget 2023 Read More »

Have you done tax planning for FY 2022-23 before the deadline 31st March 2023?- Checkout what you missed.

Financial year 2022-23 is reaching its end in a few weeks. 31st March is an important deadline with reference to Financial Planning and Tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2023, as we are required to file Income tax return for …

Have you done tax planning for FY 2022-23 before the deadline 31st March 2023?- Checkout what you missed. Read More »

Investment in GOLD

Gold is the most secure investment in times of crisis due to its features like global acceptance, liquidity, prestige, demand, etc. In India, people prefer to buy and accumulate gold for marriages, worship, investment, customs, etc. The middle-income group also buys a small quantity of Gold during Festival Season and holds it for any critical …

Investment in GOLD Read More »

Six styles of making money in the Stock Market.

Profit is the ultimate motive of the person involved in any business. The share market is seen as an ocean of opportunities to make money based on tip, risk, emotion & luck. As said in the famous dialogue of SCAM 1992 ” शेयर मार्टेक इतना गहरा कुंआ है, जो पूरे देश की पैसे की प्यास …

Six styles of making money in the Stock Market. Read More »

PROS & CONS of Fundamental Analysis AND Technical Analysis for investment in SHARE MARKET.

In the share market, most crucial question is, which stock to buy? Different types of retail investors, try to find the answer to this question in different ways:- Some people choose random stocks. Some people choose the script based on random tips, SMS, friend’s call etc. Some people decide on the stock based on their …

PROS & CONS of Fundamental Analysis AND Technical Analysis for investment in SHARE MARKET. Read More »

Some basic financial terms used in Fundamental Analysis of a script (Share market fundamental analysis)

In the fundamental Analysis of stock, we need to check the financial health of the company for determining the intrinsic value of a share. If the market price of a share is below its intrinsic value, then it is an opportunity to buy otherwise check the next script. The fundamental analysis focuses on the business …

Some basic financial terms used in Fundamental Analysis of a script (Share market fundamental analysis) Read More »

List of some important Nutrients, daily requirement, Functions, and their sources

Nutrients are such a chemical formation contained in a food that is essential for our body to survive, grow and reproduce. There are different types of nutrients such as Protein, Carbohydrates, Fiber, Vitamins, and minerals etc. Different Foods have different types of nutrients in different quantities. The nutrient chart given below gives a basic idea …

List of some important Nutrients, daily requirement, Functions, and their sources Read More »

blue and yellow graph on stock market monitor

What is the Impact of change in the interest rate on equity investment/share market?

As we know we are the second largest populated country in the world but in a country of more than 138 crore people, only approximately 1.2 crore people (as per data from NSE) actively invest in the share market. When the prevailing interest rate in the market falls, more people tend to see towards the …

What is the Impact of change in the interest rate on equity investment/share market? Read More »

Advance tax: Are you required to pay Advance tax? What are consequences for not paying Advance tax?

Do you know what is the due date for payment of Income tax for a financial year. ? With the increased list of transactions under the umbrella of TDS and TCS year by year, major part of your income tax is deducted and deposited in the form of TDS/TCS. The balance tax liability is paid …

Advance tax: Are you required to pay Advance tax? What are consequences for not paying Advance tax? Read More »

Rates of TCS for FY 2022-23 (1st April 2022 to 31st march 2023)

Budget 2022 was presented on1st February 2022 with historic least number of changes in Income tax. A complete list of TCS (tax collected at source) rate along with related transactions and budget proposals for financial year 2022-23 (AY-2023-24) is provided in the table given below.- TCS Rate Chart for FY 2022-23 (AY 2023-24) Section Nature …

Rates of TCS for FY 2022-23 (1st April 2022 to 31st march 2023) Read More »

Rates of TDS (tax deducted at source) for FY 2022-23 (1st April 2022 to 31st March-2023)

Budget 2022 was presented on1st February 2022 with historic least number of changes in Income tax. A complete list of TDS rate along with related transactions and budget proposals for financial year 2022-23 (AY-2023-24) is provided in the table given below.- TDS Rate Chart for FY 2022-23 (AY 2023-24) Payment Type Threshold Limit (Rs) Resident …

Rates of TDS (tax deducted at source) for FY 2022-23 (1st April 2022 to 31st March-2023) Read More »

Important Highlights of Tax Proposals in Union Budget 2022 (FY 2022-23)

Today, i.e. 1st February 2022, Finance Minister of India presented Union budget 2022 . The Finance bill is the part of union budget which includes various tax proposal for next FY i.e. 1st April 2022 to 31st March 2023. The Finance bill is a weapon under Fiscal policy to control economic conditions in the country. …

Important Highlights of Tax Proposals in Union Budget 2022 (FY 2022-23) Read More »

Have you done tax planning for FY 2021-22 before the deadline 31st March 2022- Checkout what you missed.

Financial year 2021-22 is reaching its end in a few weeks. 31st March is an important deadline with reference to Financial Planning and Tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2022, as we are required to file Income tax return for …

Have you done tax planning for FY 2021-22 before the deadline 31st March 2022- Checkout what you missed. Read More »

Clarifications/Guidelines regarding TDS u/s 194Q (applicable w.e.f 1.7.2021, TDS on payment for purchase of goods above threshold limit of Rs. 50 Lakhs by a buyer whose turnover is exceeding Rs. 10 crores in preceeding FY) and TCS u/s 206C(IH) and TDS u/s 194-O issued vide circular no. 13 dt. 30.06.2021

Applicability of 194Q A new section 194Q was inserted by Finance Act 2021 for deducting tax at source. This section is applicable w.e.f 1st July 2021. It applies to any buyer (Buyer is defined to be person whose total sales or gross receipts or turnover from the business carried on by him exceed ten crore …

Clarifications/Guidelines regarding TDS u/s 194Q (applicable w.e.f 1.7.2021, TDS on payment for purchase of goods above threshold limit of Rs. 50 Lakhs by a buyer whose turnover is exceeding Rs. 10 crores in preceeding FY) and TCS u/s 206C(IH) and TDS u/s 194-O issued vide circular no. 13 dt. 30.06.2021 Read More »

Financial System and its stages, components, and Functions.

Financial System A “Financial System” is a set of interrelated activities working together to achieve some pre-determined goal. It includes- Markets Financial institutions Financial Instruments Financial services and The Mechanism that influences the generation of savings for investment, capital formation and growth. An efficient financial system plays a key role for an economy to operate …

Financial System and its stages, components, and Functions. Read More »

Rates of TCS for FY 2021-22 i.e. 1st April 2021 to 31st March 2022 (AY 2022-23)

Normal TCS rate for financial year 2020-21 were changed w.e.f 14th may 2020 by reducing normal rates by 25%. But this reduction of tcs rates was applicable only upto 31.3.2021 and normal Rates are restored w.e.f 1.4.2021. A complete list of TCS rate along with related transactions for financial year 2021-22 (AY-2022-23) is provided in …

Rates of TCS for FY 2021-22 i.e. 1st April 2021 to 31st March 2022 (AY 2022-23) Read More »

Have you done financial planning for 2020-21 before the deadline 31st March 2021 – Check out what you missed.

Financial year 2020-21 is reaching to its ends in few days. 31st March is an important deadline with reference to tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2021, as we are required to file Income tax return for FY 2020-21 during …

Have you done financial planning for 2020-21 before the deadline 31st March 2021 – Check out what you missed. Read More »

Rates of TDS for FY 2021-22 (1st April 2021 to 31st March 2022)

Reduced TDS rate which were changed w.e.f 14th may 2020 by reducing normal TDS rates by 25%, were applicable only upto 31-03-2021. Hence this reduction in TDS rates in not applicable for FY 2021-22. A complete list of TDS rate along with related transactions and budget proposals for financial year 2021-22 (AY-2022-23) is provided in …

Rates of TDS for FY 2021-22 (1st April 2021 to 31st March 2022) Read More »

What is Balance of Payment? What is balance of Trade? What is current account deficit/ Surplus and capital account deficit / Surplus? What is forex reserve? What is Trade Deficit/ Surplus?

There is many terms like Balance of payment, Balance of Trade, Current A/c Deficit, Capital account deficit, trade deficit, forex reserve which appears to be confusing to many students. Read the complete article to develop such understanding about these terms that you will never forget. Please refer following basic points before going ahead in learning …

What is Balance of Payment? What is balance of Trade? What is current account deficit/ Surplus and capital account deficit / Surplus? What is forex reserve? What is Trade Deficit/ Surplus? Read More »

Important Highlights of Tax Proposals in Finance Budget 2021-22

The Finance Minister, Nirmala Sitharaman presented her third Union budget 2021 in Parliament today i.e. 01-02-2021. Following are important proposals made therein:- Direct tax proposals:- 1. Major Direct Tax Proposals made in budget 2021-22 is given below:- NO change is proposed in direct tax rates / slab rates of income tax, following 32 changes are …

Important Highlights of Tax Proposals in Finance Budget 2021-22 Read More »

Decision Making and Risk Factor: How to take an economic decision considering the risk factor?

Every person wants to make the best decision but every person may have a different risk attitude and our risk attitude play a major role in our decision making. On the basis of risk attitude, people can be divided into the following three categories:- Risk-Averse person:- A person who does not like to take the …

Decision Making and Risk Factor: How to take an economic decision considering the risk factor? Read More »

Taxability of Mutual Fund: Is your mutual fund taxable or exempt?

Investment is a good habit to make our future more independent. Keeping some part of our money to get more money in the future is called investment. In today’s economy, there are various investment options available to us like:- Saving bank account Fixed Deposit in Bank Recurring Deposit in bank Fixed Deposit of Corporate Government …

Taxability of Mutual Fund: Is your mutual fund taxable or exempt? Read More »

Income tax due dates for FY 2020-21 (AY 2021-22)

Due Dates of Income tax as applicable for FY 2020-21 (AY 2021-22) (A) Due date for filing Income tax Return Category Sub-Category Original Due date Extended due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 31-10-2021 (Audit report is to be filed upto 30-09-2021) 15-03-2022 (Audit report is to …

Income tax due dates for FY 2020-21 (AY 2021-22) Read More »

Last date for filing ITR for FY 2019-20 extended to 31st December 2020

Last date for filing ITR for FY 2019-20 extended to 10th January 2021 As per official notification dated 30th December 2020, Last date for filing ITR for FY 2019-20 (AY 2020-21) has been extended to 10th January, 2021 from 31st December 2020 and for audit cases last date is extended to 15th February 2021 from …

Last date for filing ITR for FY 2019-20 extended to 31st December 2020 Read More »

Last date to file ITR for FY 2018-19 extended to 30th November 2020.

31st March 2020 was last date to file your Income tax return for FY 2018-19 which is now extended to 30th November 2020 If you have not filed your income tax return for financial year 2018-19 or you want to revise your income tax return for 2018-19(only if assessment is not yet completed) then it …

Last date to file ITR for FY 2018-19 extended to 30th November 2020. Read More »

25th August is Last date to apply for November 2020 Examination of ICAI (Institute of Chartered Accountants of India)

25th August is Last date to apply for November 2020 Examination of ICAI (Institute of Chartered Accountants of India) As we already know that due to corona pandemic, the Institute has already decided to cancel May 2020 Examinations and merge the May 2020 attempt with November 2020 Examinations. Following are important to note w.r.t November 2020 …

25th August is Last date to apply for November 2020 Examination of ICAI (Institute of Chartered Accountants of India) Read More »

How a Package of Rs. 20 Lakh Crores going to make India – Atmanirbhar Bharat: First Phase-13th may 2020

How a Package of Rs. 20 Lakh Crores going to make India – Atmanirbhar Bharat: First Phase-13th may 2020 We all know that Indian Independence day is celebrated on 15th August. We secured our independence on 15th August 1947 or we can say we were declared independent on 15th August 1947 when UK parliament passed …

How a Package of Rs. 20 Lakh Crores going to make India – Atmanirbhar Bharat: First Phase-13th may 2020 Read More »

Coronavirus (COVID-19): How much harmful is corona for world economy? What should we do? What should investors do in this era of viruses i.e. Coronavirus.

Coronavirus (COVID-19): How much harmful is corona for world economy? What should we do? What should investors do in this era of viruses i.e. Coronavirus.? There are many questions come to everyone’s mind regarding Coronavirus (Covid-19). Share market is facing one of the biggest fall due to corona virus. Hence investors are in panic. Everyone’s …

Coronavirus (COVID-19): How much harmful is corona for world economy? What should we do? What should investors do in this era of viruses i.e. Coronavirus. Read More »

GST 39th Council Meeting Update:- GST on mobile phone and parts increased to 18% and Deadline for GST filing extended.

39th Meeting of GST council held in New Delhi today. Some of highlights are given below:-. It was decided to raise the GST rate on mobile phones and specific parts to 18% form 12%. A completely enhanced capacity with better system of GSTN will be made available by July 2020, instead of Jan 2021. It …

GST 39th Council Meeting Update:- GST on mobile phone and parts increased to 18% and Deadline for GST filing extended. Read More »

Important Highlights & Tax Proposals of Finance Budget 2020-21

Important Highlights & Tax Proposals of Finance Budget 2020-21 The Finance Minister, Nirmala Sitharaman presented his second Union budget 2020 in Parliament today i.e. 01-02-2020. Following are important proposals made therein:- Direct Taxes Proposals Income tax slab rate for individual & HUF are proposed to be changed for FY 2020-21 but this new slab is …

Important Highlights & Tax Proposals of Finance Budget 2020-21 Read More »

Have you done financial planning for 2019-20 before the deadline 31st March 2020/30th July/ 30th September – Check out what you missed and what are relief measures provided by FM in view of Covid19 (Coronavirus) Outbreak.

Have you done financial planning for 2019-20 before the deadline 31st March 2020/30th July 2020/30th September 2020 – Check out what you missed and what are relief measures provided by FM in view of Covid19 (Coronavirus) Outbreak? Financial year 2019-20 is reaching to its ends in few weeks. 31st March is an important deadline with …

Have you done financial planning for 2019-20 before the deadline 31st March 2020/30th July/ 30th September – Check out what you missed and what are relief measures provided by FM in view of Covid19 (Coronavirus) Outbreak. Read More »

Current position of Indian Economy w.r.t. Economic Survey of India for FY 2019-20 (presented in Parliament on 31-01-2020)

Current position of Indian Economy w.r.t. Economic Survey of India for FY 2019-20 (presented in Parliament on 31-01-2020) Economic Survey 2019- 20 was presented in the Parliament by Finance Minister Nirmala Sitharaman on January 31, 2020. The theme of Economic Survey 2020 is- “Enable markets, promote ‘pro-business’ policies and strengthen ‘trust‘ in the economy”. The …

Current position of Indian Economy w.r.t. Economic Survey of India for FY 2019-20 (presented in Parliament on 31-01-2020) Read More »

Key Features of Draft GST simplified returns formats issued by CBIC on 30th July 2018.

The GST Council in its 28th GST Council Meeting held on July 21, 2018 under the Chairmanship of Shri Piyush Goyal, Union Minister for Railways, Coal, Finance & Corporate Affairs has approved the new return formats. The Council had earlier approved the basic principles of GST return design and directed the law committee to finalize the …

Key Features of Draft GST simplified returns formats issued by CBIC on 30th July 2018. Read More »

How to File Income Tax Return for F&O Trading and Speculative transactions in FY 2017-18 (AY 2018-19)

Most of Salaried Employees are involved in derivative trading (trading in future and options or F&O on stocks, currencies, and commodities) But due to little knowledge about how these trades are taxed, those who have losses from futures & options skip reporting it in their income tax return, which is not right. If you are …

How to File Income Tax Return for F&O Trading and Speculative transactions in FY 2017-18 (AY 2018-19) Read More »

Deadline for filing Income tax return extended till August 31, 2018

The finance ministry in a tweet has announced the extension of income tax return filing deadline by a month to August 31. The tweet says “Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 …

Deadline for filing Income tax return extended till August 31, 2018 Read More »

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