financial services

Union Budget 2018-19: Impact on Individuals

The government has made PAN mandatory for anyone entering into a monetary transaction of Rs 2.5 lakh or more. Customs duty on mobile phones has been increased from 15% to 20%. This will upset the mobile buyers who are planning on buying a mobile brand which is imported into India. EPF mandatory contribution for women… Continue reading Union Budget 2018-19: Impact on Individuals

financial services · Income Tax · income tax return · Taxation

Union Budget 2018-19: Taxation Proposals

Do you think the union budget just flew past you? Let’s find out the key highlights that you missed in this year’s budget. Tax-related proposals which made the headline are as follows: One good news for salaried individuals and HUFs is the reintroduction of standard deduction which covers a tax deduction of Rs 40,000. The… Continue reading Union Budget 2018-19: Taxation Proposals

financial services

Understanding Flat Tax

Tax systems that are followed worldwide majorly fall into three categories – Progressive tax Regressive tax Flat tax A progressive tax is one which charges the rich more than the poor. Here, the tax-rates increase as income tax brackets go higher, thus financially impacting higher-income individuals and businesses more and low-income earners less. Regressive taxes… Continue reading Understanding Flat Tax

financial services

How to pay GST on exchanging Currency

There’s more to converting currencies than just knowing the foreign exchange rate. We are talking about taxes.In this article, you will learn how to calculate service tax (now GST – goods and services tax) and taxable value when interchanging currencies in India. Why Service Tax? We know that service tax is levied on any service provided or to… Continue reading How to pay GST on exchanging Currency