RTGS Full Form, Meaning, Features, Benefits and How RTGS Works
RTGS Full Form, Meaning, Features, Benefits and How RTGS Works RTGS stands for Real-Time Gross Settlement. It is a payment system used by banks to transfer funds instantly, where each…
Section 195 of Income Tax Act – TDS Applicability for NRIs
Section 195 of the Income Tax Act, 1961 governs the deduction of Tax Deducted at Source (TDS) on payments made to Non-Resident Indians (NRIs) or foreign companies. Whenever an Indian…
Dearness Allowance (DA) – Meaning, Types, Calculation & Taxation
Dearness Allowance (DA) is a salary component given to employees working in public sector organisations to help them manage the impact of inflation and increasing living expenses. It is calculated…
Penalty for Late Filing of Income Tax Return
Taxpayers must file their Income Tax Return (ITR) reporting the income earned and clearing their tax liabilities for the previous financial year. The Income Tax Department specifies due dates for…
Section 80E of Income Tax Act: Deduction for Interest on Education Loan
Section 80E of the Income Tax Act, 1961 allows taxpayers to claim a deduction on the interest paid on education loans taken for themselves or their relatives. What is Section…
GSTR-2: Return Filing, Format, Eligibility & Rules
GSTR-2 is a monthly return that enables taxpayers to report and summarise details of inward purchases of taxable goods and/or services. However, since September 2017, the filing of GSTR-2 has…
Section 80G & 80GGA Deductions – Donations Eligible Under Section 80G and 80GGA
Under the Income Tax Act, Section 80G provides tax deductions for donations made to eligible funds, trusts, and charitable institutions. Taxpayers can claim either 50% or 100% of the donated…
Section 80C of the Income Tax Act – Complete 80C Deduction List
Section 80C allows taxpayers to claim deductions of up to ₹1.5 lakh on eligible investments and expenses. These include contributions towards life insurance premiums, Public Provident Fund (PPF), home loan…
Deductions Under Section 80CCD of the Income Tax Act
Section 80CCD provides tax deductions for contributions made towards the National Pension System (NPS) and the Atal Pension Yojana (APY). By investing in these schemes, taxpayers can claim NPS-related tax…
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…
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