• GSTR-9C: Reconciliation Statement & Certification – Due Date, Applicability, Limit, Format

    GSTR-9C is an annual GST reconciliation statement that must be filed by eligible taxpayers. Every registered person whose aggregate turnover in a financial year exceeds ₹5 crore is required to submit this form. Along with the form, taxpayers must also provide a copy of their audited annual financial statements. Latest Updates 55th GST Council Meeting…

  • Complete Guide to the Different Types of Companies in India

    Under the Companies Act, 2013, companies are grouped according to how many members they have.The Micro, Small and Medium Enterprises (MSME) Act further divides businesses into micro, small, and medium categories so they can get MSME benefits.Companies can also be grouped by other factors, such as how much liability their owners have, who owns the…

  • Income Tax Slabs FY 2025–26 & AY 2026–27 (New & Old Regime)

    Income tax slabs specify the rate of tax payable for different income levels. For the financial year 2025–26, a major relaxation in these slabs has been introduced, significantly lowering overall tax liability. Under the new tax regime, the slab rates for FY 2025–26 are as follows: New Regime Slab Table for FY 2025–26 (AY 2026–27)…

  • Stamp Duty & Registration Charges in Maharashtra 2025

    When purchasing property in Maharashtra, buyers must pay both stamp duty and registration charges to have the property officially recorded. If you are planning to buy property in the state, this guide covers: What Is Stamp Duty in Maharashtra? Stamp duty in Maharashtra is an indirect tax, while registration charges are the fees payable to…

  • GSTR-3B: Due Date, Late Fee, Format, Return Filing, Eligibility, Rules

    GSTR-3B is a summary GST return that taxpayers are required to file regularly to report sales, input tax credit (ITC) claims, tax liabilities, refunds, and other details linked to their GSTIN. This guide offers a detailed explanation of GSTR-3B and its requirements. We provide a complete GSTR-3B filing solution with advanced tools for automating sales…

  • Capital Gains Tax on Property Sale

    Profits earned from selling a property are liable to capital gains tax. When a property is sold within two years of purchase, the profit is treated as short-term capital gain and is taxed according to the applicable income-tax slab rates, with no indexation benefit. If the property is sold after holding it for more than…

  • Sovereign Gold Bond (SGB) 2025: Issue, Premature Redemption, Interest Rate & Dates

    Sovereign Gold Bonds (SGBs) are a secure and convenient gold investment offered by the Reserve Bank of India (RBI). Compared to physical gold, SGBs provide multiple advantages, making them a preferred choice for investors. What is a Sovereign Gold Bond? Introduced in November 2015 under the Gold Monetisation Scheme, SGBs are government securities denominated in…

  • Direct and Indirect Taxes in India – Types, Benefits, Drawbacks & Rates

    A tax is a mandatory charge collected by the Central and State Governments from individuals and businesses to meet public expenditure and sustain economic growth. Taxes are broadly categorized into two forms: Direct taxes and Indirect taxes. Direct taxes are charged on a person’s income or profits and are paid straight to the government. Indirect…

  • Income Tax Audit under Section 44AB – Criteria, Audit Report, Penalty

    Under the provisions of the Income Tax Act, 1961, certain persons are required to have their books of accounts audited before submitting their income tax return. Businesses and professionals whose turnover crosses the prescribed threshold must undergo a tax audit in accordance with Section 44AB. The infographic below will help explain when a tax audit…

  • Which ITR to File in FY 2024-25? Types of ITR Forms and Their Applicability

    The Income Tax Department has specified different ITR forms for taxpayers based on their income sources, residential status, income level, and legal category (individual, firm, company, etc.). What is ITR? An Income Tax Return (ITR) is a form through which taxpayers report their income and taxes to the Income Tax Department. It must be filed…

  • Section 44ADA – Presumptive Tax Scheme for Professionals

    Did you know that professionals like doctors, lawyers, interior designers, freelancers, and others can be taxed on only half of their professional income? To make tax compliance easier for such professionals, the presumptive taxation scheme was introduced under Section 44ADA starting from FY 2016-17. Under this scheme, professionals can declare 50% of their total turnover…

  • How to Get PAN Card Acknowledgement Number & Download

    A PAN (Permanent Account Number) card is a vital document required for various legal and financial activities. It also serves as a valid proof of identity, making it essential for every Indian citizen to possess one. Whenever you apply for a PAN card online, you are issued an acknowledgement number. This number serves as proof…

  • Tax on Dividend Income: Do I Need to Pay Tax on Dividend Income?

    For equity investors, dividends are another source of earnings apart from capital gains. These dividends are taxable in the hands of the investor, not the company. They must be reported under “Income from Other Sources” and are taxed at the applicable slab rates. If the dividend amount exceeds ₹10,000, the company will deduct TDS at…

  • Difference Between Money Market and Capital Market

    The Indian financial system consists of two key segments: the money market and the capital market. The money market addresses short-term liquidity requirements, while the capital market provides a platform for long-term investments. Money market instruments are considered more liquid compared to capital market instruments, and the money market generally carries lower risk. Several other…

  • Indexation: Meaning, Benefits, Calculation and More

    Indexation refers to adjusting the impact of inflation on the value of an asset or transaction. In the context of income tax, it means recalculating the cost of an asset based on the prevailing inflation rates. The Cost Inflation Index (CII), issued annually by the central government in the official gazette, is used for this…

  • Advance Tax Payment: Applicability, Due Dates, Calculator, Installments, and Procedure

    Advance Tax is a system where income tax is paid in installments during the financial year instead of paying the entire amount at the end of the year. Any taxpayer with a liability exceeding ₹10,000 in a financial year must pay advance tax. Adhering to the advance tax payment schedule and due dates is essential…

  • PAN Card for Individuals

    A Permanent Account Number (PAN) card is a vital document for every Indian citizen. Apart from serving as proof of identity, it is required for filing Income Tax Returns, opening bank accounts, receiving tax refunds, and more. A PAN is a unique 10-character alphanumeric code, such as “AAAAA8888A”. All individuals, including minors, students, and non-resident…

  • Senior Citizen Savings Scheme (SCSS) 2025: Interest Rate, Tax Benefits & Limit

    Launched in 2004 as part of the post office savings initiatives, the Senior Citizen Savings Scheme (SCSS) was designed to ensure financial stability for retirees by offering them a steady income. Indian residents above the age of 60 can open an SCSS account either individually or jointly. Accounts can be opened at post office branches…

  • What is Capital Gains Tax in India: Types, Tax Rates, Calculation, Exemptions & Tax Saving

    Most valuable assets you own are considered capital assets, such as property, shares, or bonds. When these assets are sold for a profit, the earnings are subject to capital gains tax. The tax is categorized as short-term or long-term depending on how long the asset was held, and each is taxed at different rates. As…

  • Tax Concepts in India: Meaning, Types & Examples

    Tax is a compulsory charge imposed by the government on individuals and entities, serving as a major source of revenue to finance development and welfare projects. In India, taxation is regulated by laws such as the Income Tax Act, 1961, the Goods and Services Tax Act, 2017, along with other legislations. The proposed New Income…

  • Belated Return: Section 139(4), Penalty, How to File ITR After the Due Date?

    Missed the deadline for filing your income tax return? Don’t worry—you can still submit your return after the due date, though it may attract a penalty. This guide explains belated returns under Section 139(4), helping you understand the process and file smoothly while minimizing financial consequences. Meaning of Belated Return A belated return refers to…

  • Additional Depreciation Under the Income Tax Act

    Under the Income Tax Act, depreciation is allowed as a deductible expense for computing taxable income. Depreciation can be calculated using two methods: the Written Down Value (WDV) method and the Straight Line Method (SLM). For income tax purposes, depreciation is typically computed using the WDV method. In addition, taxpayers can claim additional depreciation as…

  • What Is Schedule 112A & Scrip-Wise Reporting of Capital Gains From Listed Equity Shares and Units?

    Section 112A deals with the taxation of long-term capital gains (LTCG) arising from the sale of listed equity shares, equity-oriented mutual funds, and units of business trusts. From 23rd July 2024, the applicable LTCG tax rate on such listed securities is 12.5% for gains exceeding ₹1.25 lakh. Prior to this date, the rate was 10%…

  • How to Find Your PAN Card Number – Retrieve PAN Using Name, DOB, Email & Aadhaar

    If you have lost or forgotten your Permanent Account Number (PAN), there are multiple safe and quick methods to recover it. Below is a summary of both online and offline ways to know your PAN number: Online options: Offline options: This guide explains the step-by-step process to retrieve your PAN card number through these methods.…

  • Impact of GST on Export of Goods and Services

    The introduction of GST has transformed the way exports are handled in India by creating a more transparent and simplified tax structure. Under GST, exports are categorized as zero-rated supplies, meaning no tax is charged on export sales, while exporters are entitled to claim refunds on the taxes paid for inputs and services. This mechanism…

  • Levy of GST on Old and Refurbished Cars

    The GST framework for old and refurbished cars has been streamlined, bringing more clarity and ease for both dealers and buyers. Following the 55th GST Council meeting, a uniform 18% GST rate was introduced on second-hand vehicles. Under this system, tax is levied on the profit margin rather than the total transaction value. This change…