Input Tax Credit (ITC) under GST
For finance professionals, optimizing every rupee is crucial. Managing tax liabilities and improving cash flow are key responsibilities, and this is where Input Tax Credit (ITC) becomes more than just…
Section 16 of the Income-tax Act, 1961 – Salary Deductions
Under the Income Tax Act, 1961, specific deductions are permitted while calculating an individual’s total income. Section 16 focuses on deductions that can be subtracted from an employee’s gross salary.…
Cost Inflation Index for FY 2025-26: Index Table, Meaning, and Calculation
The Cost Inflation Index (CII) helps determine the yearly increase in the prices of goods and assets caused by inflation. For the Financial Year 2025-26, the Cost Inflation Index (CII)…
Intimation Under Section 143(1) of the Income Tax Act – ITR Intimation Password
An intimation under Section 143(1) is issued by the Income Tax Department after your filed income tax return (ITR) is processed. It includes details such as your ITR acknowledgement number,…
Section 10 – Tax Exemptions, Allowances & How to Claim
Overview Section 10 of the Income Tax Act, 1961 provides a list of exemptions on certain types of income such as House Rent Allowance (HRA), Leave Travel Allowance (LTA), interest…
What is the MCA 21 Portal? – MCA 21 Services, MCA Registration, and MCA V3
The Ministry of Corporate Affairs (MCA) introduced the MCA 21 portal in 2006 to provide secure and convenient online access to various MCA services for professionals, corporate bodies, and the…
Section 43B of the Income Tax Act, 1961
Section 43B of the Income Tax Act specifies certain expenses that can be claimed as deductions under the head ‘Income from Business and Profession’. It states that some expenses are…
GSTR-9 Annual Return Explained: Filing Deadline, Eligibility, Turnover Limit, and Format
GSTR-9 is an annual GST return that must be filed by 31st December of the year following a financial year. It includes details of your sales, purchases, and GST paid…
Uniform Allowance Explained: Rules, Tax Exemption Limit, and Calculation
A uniform allowance is money given by employers to help employees buy and maintain the uniforms they need for work. It’s usually provided in jobs with specific dress codes, like…
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…