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National Saving Certificate – Know NSC Interest Rate, Benefits & More
National Savings Certificate is an investment scheme that one can invest in through a post office. The nature of this scheme is fixed income, which means it is a low-risk product. This product has been created by the Indian Government. National Savings Certificate or NSC is a savings bond, primarily for small and mid-income investors. NSC is also an income tax saving instrument. The interest rate of NSC is generally higher than that of bank fixed deposits. Anyone over 18 years of age can purchase NSC from the post office. For minors, the rule is that they need to purchase...more
PF Balance Check – How to check EPF balance?
Employee Provident Fund or EPF is one of the best tools for developing a financial corpus for the future. In this scheme, a portion of the basic salary of the employee is deducted and is put into the EPF account. As per the governmental guidelines, the individual will accumulate interest on that amount. After retirement, the entire amount along with the interest is provided to the employee. Some amount of money is transferred towards the EPS (Employees’ Pension Scheme), which provides insurance cover. There are different ways through which you can check the amount in your EPF account. PF balance...more
TDS Refund – How to Check TDS Refund Status?
Tax Deducted at Source (TDS) is a type of tax that is deducted from the salary or payment that you are liable to before it is credited to your account. The amount can also be deducted from rent, interest obtained from a bank or commission. TDS is collected by the employer or the bank from their employees or customers based on the government rules. It may be collected each month or at the beginning of the financial year. In case where TDS is distributed throughout the year, it decreases the tax burden at the end of the financial year. The...more
TDS Rates Chart
Managed by the Central Board of Direct Taxes, TDS or Tax Deducted at Source forms a part of the income tax. Here, the person making a payment to the receiver is liable to deduct a percentage of the tax before making the full payment. The deductions can be on salary, commission, rent, incentives, professional fees or interest. Further, TDS is used by the government to make sure that the tax is collected in advance instead of paying it to the authorities later. This helps in reducing the cases of tax frauds and monetary complications due to tax. When is TDS...more
What is PF? – PF Meaning, Benefits & Rate of Interest
EPF stands for Employee Provident Fund that is a scheme for providing a monetary benefit to all salaried individuals after their retirement. The process is monitored by the Employee Provident Fund Organisation of India. Any organisation that has more than 20 employees must register with the EPFO. This scheme is very beneficial for all employees for developing a corpus after their retirement. In this process, an amount is deducted from their monthly salary and is put into the EPF account. The amount collected in the EPF account is provided to the employees after they retire. What is PF? In 1952,...more
Impact of GST on the Indian Economy
The Goods and Services Tax or GST came into effect on the 1st of July 2017. The aim of introducing the tax was to replace all the existing indirect taxes with a single comprehensive tax. Through GST, all indirect taxes such as central excise tax, service tax, VAT and entertainment tax were consolidated. This major step has helped the citizens of India to file their taxes easily without the hassles they faced earlier. And, this article will discuss the impact of GST on the Indian economy. What is GST? Goods and Services Tax is levied on the manufacturing and sales...more
How to get GST number?
Introduction According to the current GST rules and regulations, every company that provides products and services to the customers has to register under GST or Goods and Services Tax. So, if you are a business owner having an annual turnover of above Rs. 40 lakh, you need to register under the GSTN (Goods and Services Tax Network). The annual turnover rate for businesses running in the North-Eastern states and hill states is Rs. 10 lakh. In this article, we will look at the various steps on how to get a GST number. GST registration The GST registration process is necessary...more
How to file GSTR 9?
The implementation of Goods and Services Tax (GST) on July 1, 2017, was aimed at revolutionizing the taxation system in India. Through the ‘one nation, one tax’ policy of GST, the burden of taxes has been reduced not on the citizens alone but the business owners as well. This is because now a single tax is levied on the supply of goods and services (right from the manufacturer to the consumer), which has made it is easier to understand how much tax is to be paid. GST can be easily filed online. All the details of the business transactions of...more
How to file GSTR 1?
Introduction The Goods and Services Tax (GST) was introduced in India to reduce the taxation problems faced by the general citizens and the business owners. Notably, GST diminished the cascading tax effect by abolishing the ‘tax on tax’ practice. This has, in turn, enhanced the revenue structure and amount as more people are paying their taxes properly. Undoubtedly, it has significantly boosted the economic growth of the country. When it comes to GST return filing, there are various forms, such as GSTR 1, GSTR 9 and GSTR 2. You need to fill them according to your business transactions and income....more
GST Filing – Know How To File GST Returns
The enforcement of Goods and Service Tax (GST) as on 1st July 2017, has led to one of the greatest tax reforms in India. GST is a comprehensive tax imposed on the supply of services and goods, which seeks to replace all other forms of indirect tax, including VAT, purchase tax, central excise duty, central sales tax, etc. All manufacturers, service providers and traders need to register under GST return filing. GST returns refer to the documents that the taxpayer files based on a period with the income tax authorities. Anyone registered on the GST portal needs to provide information...more
