TDS Rate Chart for FY 2024-25 (AY 2025-26)
TDS Rate Chart for FY 2024-25 (AY 2025-26) Understanding TDS:Tax Deducted at Source (TDS) is a mechanism introduced by the Income Tax Department to collect tax at the point of…
Leave Encashment – Tax Exemption, Calculation & Formula with Example, Rules
Have you ever come across the term ‘leave encashment’? For salaried employees, leave encashment is a common concept. It essentially means that even unused leave can be converted into financial…
GST on Mobile Phones: Applicability, HSN Code, and GST Rate
The GST rate on mobile phones and accessories was increased from 12% to 18% effective 1st April 2020, as decided in the 39th GST Council meeting. Additionally, Budget 2023 proposed…
GST on Food and Restaurants – Rules & Rates Explained
This article explores the impact of GST on one of our favorite indulgences—food and restaurants. It delves into how GST applies to food items and restaurant services, explaining its effect…
GST Rate & HSN Code for Software and Software Services
GST Rate & HSN Code for Software and Software Services Understanding the taxation framework for software and its services can be challenging, particularly when determining the appropriate HSN code and…
Form 15G & Form 15H: Save TDS on Interest Income
Are you worried about TDS deductions on your interest income when your total income is not taxable? Under Section 194A of the Income Tax Act, banks must deduct TDS if…
Income Tax Surcharge Rate & Marginal Relief – Latest Updates
If you fall under the higher income tax bracket of 30%, you may be subject to an additional surcharge on your tax liability beyond a certain threshold. Simply put, a…
Understanding Deductions Under Section 80CCD of the Income Tax Act
Paying your income tax accurately and on time is essential for the nation’s economic progress. As a responsible taxpayer, it’s important to be aware of the deductions available under the…
Consent Letter for GST Registration: Format and Guidelines
In today’s digital age, many entrepreneurs operate businesses remotely or from home, often without a dedicated office space. In such cases, businesses must register under GST by declaring a place…
PAN Aadhaar Link – How to Link Your Aadhaar Number with PAN Card Online After the Deadline?
As per government regulations, all PAN card holders were required to link their Aadhaar with their PAN by 30th June 2023. This mandate applies to all taxpayers to ensure compliance…