Types of Taxes

Taxes are an essential part of any nation to promote its economic growth. The taxes that we pay fill the coffers of the government, which are then utilized by it to deliver various services to the country’s population. The government has been given the authority to collect taxes by the Indian Constitution. All the taxes that we pay are backed by laws passed by either the Parliament or the State Legislature. Now that we know what taxes are, let’s look at the type of taxes in India. Different types of…

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GST Return Types

Introduction GST stands for Goods and Services Tax and is the largest indirect tax imposed by the government of India on the supply of services and goods. GST brings all different taxes such as Service Tax Law, Entry Tax, Central Excise Tax, Luxury Tax, entertainment tax and VAT under a single umbrella. The tax is levied on consumption, sales and manufacture of services and products. It applies to the consumer and the manufacturer. All the details of sales, purchases, tax accumulated for sales and tax accumulated for purchase has to…

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GST Full Form: What is GST (Goods & Services Tax)

Introduction GST or Goods and Services Tax is a single indirect tax that is imposed by the Government of India. This is perhaps one of the biggest tax reforms in the country. The tax aims to bring all indirect taxes such as VAT, Central Excise Tax, Luxury Tax, Service Tax Law, Entertainment Tax and Entry Tax together. To put it simply, under GST, meaning Goods and Services Tax, all goods and services produced in the country along with the imported goods will have a single indirect tax. On 29th March…

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GST Rates

GST, i.e. Goods and Service Tax is a new type of tax that replaces all state and central taxes, like countervailing duty, excise duty, value-added tax (VAT), service tax, luxury tax, and entry tax. This single tax is aimed at simplifying all indirect taxes levied by the Govt. Services and goods should be taxed on the basis of value addition at every stage and not on the gross value of services or goods billed at every stage. Furthermore, the tax should eventually be borne at the point of consumption rather…

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Section 80D Deduction – All You Need To Know

Medical emergencies often crop up unexpectedly. It is better to stay prepared beforehand than regret later. The same holds true for health insurance. A necessity these days, health insurance should definitely feature in your investment portfolio. The Indian government encourages every individual to purchase health insurance and permits you to save on taxes under Section 80D. Many people may have heard of tax deductions under Section 80D, but do not have a clear idea of the scheme. For those, here are some essential information regarding Section 80D deductions. What is…

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Section 80CCC – Income Tax Deduction Under section 80CCC

As a taxpaying Indian citizen, you might always look for different ways to reduce your taxes. You can claim tax deductions under different sections of the Income Tax Act such as 80C, 80CCC and 80CCD that will help to reduce your tax outgo. The popular option for most people to save on taxes is Section 80 C along with 80CCC. The main intention of obtaining taxes from the citizens by the government is to provide proper public services. But if you end up paying a significant amount of your earnings…

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How to Check Income Tax Refund Status?

An income tax refund is an amount that you can get if you have paid a higher amount of tax against your liability to the government in any financial year. It is paid to you by the income tax department. One can easily put in a claim to get the income tax refund. There are more chances of you to get the income tax refund if you have made an advance payment upon self-assessment. You can also get the income tax refund if your tax liability is lesser than your…

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How to Calculate Income Tax?

The Government of India levies income tax on both individuals and business organizations. The income tax is collected annually in accordance with the slabs determined in the budget for the financial year. Taxpayers are required to file their income tax within the deadline set by the government. When it comes to tax assessment, many people term it complicated and confusing. Here’s a guide on how to calculate income tax! Knowledge of Tax Slabs It is essential to know about the slabs according to which one needs to pay income tax.…

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How to Change Photo in PAN Card

Permanent Account Number (PAN), an alphanumeric code for the account that keeps records of a person’s financial history, is widely used as an identity proof and required for various financial procedures, such as credit card, loan, investment, etc. Hence, it is mandatory to provide correct and updated information on your PAN card, especially the crucial details like photo and signature. Having the important information updated would help in hassle-free processing of your matters related to finance. In case you are wondering how to change photo on PAN card, here’s the…

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List of Documents Required for PAN Card

Today the PAN card is amongst the most vital documents in India. Way back in 1972, it was introduced to keep tabs on all tax-related information. The IT Dept.of the Government of India issues this valuable document. The PAN card is a 10-digit alpha-numeric code. No two individuals have the same code. Why do you need a PAN card? A PAN card serves many purposes. Originally, it simply used to help store data on tax payments. However, now its purpose has been widened to include many other functions. It is…

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