Form 60: Who Needs It, How to Fill It, and How to Download It Online
Form 60 is a declaration submitted by an individual (other than a company or firm) or a foreign company that does not possess a PAN but is involved in any…
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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…
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…
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…
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…
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)…
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…