The best part of the end of the month is the expectation of obtaining your salary but income tax can be a dampener on your joy. Most of us receive our salaries by the first half of the month. Our employers are bound by law to deduct income tax for us as individuals before they… Continue reading How to calculate Income Tax on Salary
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
The Federation of Indian Exporters regional chairman was recently quoted as saying that traders have been waiting for nearly INR 5 lakh crore worth of tax refunds due and that is adversely impacting the working capital flows of exporters. In fact, export figures turned negative for the first time since last June shrinking to USD… Continue reading The GST Council and Tax Reform
The ancient tradition of the Joint Hindu Family is referred to as a Hindu Undivided Family or HUF for the purposes of income tax. There are several tax advantages to running a business or earning under various heads of the Income Tax Return form that can save a big chunk of taxable income should you… Continue reading What is a Hindu Undivided Family in Tax Law?
The onset of the GST regime on 1st July, 2017 was supposed to remove barriers to trade and make goods and services cheaper. But what we’ve seen so far seems to belie all faith and publicity that this news generated initially. Drop in Hotel, Restaurant GST tax rates Basic things like food and sanitary napkins became… Continue reading GST: Gamble or Good
The number one rule for successful personal finance is ‘Save before Spending’ and although it may seem contradictory to common sense, you can actually save taxes by investing in the stock market. So, here’s how. Equity investments are a source of income and the government doesn’t give you incentives to earn more. But equity is… Continue reading How to Invest in Shares and Save Taxes
With news of retail inflation reaching a high of 3.58% in October as per data released by the Ministry of Statistics and Programme Implementation and wholesale inflation touching a 6-month peak of 3.59%, it behoves the intelligent individual to understand how tax and inflation relate to each other. So, what is inflation, retail or wholesale?… Continue reading Inflation and Taxes