Advance Tax is a system that requires taxpayers to pay income tax in installments throughout the financial year rather than at the end. This method, also known as “pay-as-you-earn” tax, ensures that the government receives tax revenue regularly and helps taxpayers avoid a financial burden at year-end. What is Advance Tax? Advance Tax is income …
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Freelancing has become a popular career choice, offering flexibility and independence. However, one critical aspect that freelancers must navigate is taxation. Unlike salaried employees, freelancers are responsible for managing their own taxes, including income tax and Goods and Services Tax (GST), where applicable. This blog will provide a comprehensive guide to understanding the tax implications …
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The Public Provident Fund (PPF) is one of India’s most trusted long-term investment options, offering guaranteed returns, tax benefits, and financial security. For decades, it has been a go-to savings instrument for individuals seeking risk-free investment and tax-saving benefits. However, with the introduction of the new tax regime under Section 115BAC, which eliminates various deductions, …
Investment in PPF: A Comparison Between Old and New Tax Regimes Read More »
Systematic Withdrawal Plan (SWP) is a mutual fund withdrawal option that enables investors to withdraw a fixed amount of money at regular intervals from their investment. It is a smart way to create a steady cash flow while keeping the remaining funds invested and potentially earning returns. How SWP Works When you set up an …
House Rent Allowance (HRA) is a crucial component of an individual’s salary, aimed at providing financial support for rental housing expenses. Section 10(13A) of the Income Tax Act, 1961, allows salaried employees to claim tax exemption on HRA, thereby reducing their taxable income. In this blog, we will explore the eligibility, exemption calculation, conditions, and …
Understanding House Rent Allowance (HRA) under Section 10(13A) of the Income Tax Act Read More »
1. What is Income Tax? Income tax is a direct tax imposed by the government on an individual’s or entity’s income. It is levied based on the income earned during a financial year (April 1 – March 31). Income is not same as Sales / Turnover. In case of businesses Income is generally the profit …
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In an increasingly digital world, cybersecurity has become the cornerstone of trust in online interactions. With data breaches, ransomware attacks, and cybercrimes on the rise, robust cybersecurity measures are indispensable. The introduction of India’s Digital Personal Data Protection Act, 2023 (DPDP Act) is a major step toward addressing data security and aligning it with modern …
The Digital Personal Data Protection Act, 2023 (DPDP Act) marks a significant leap in India’s regulatory framework for protecting personal data and ensuring privacy in the digital era. This article highlights the key provisions, objectives, and implications of this landmark legislation. Introduction With the exponential rise in digital interactions, safeguarding personal data has become crucial. …
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In today’s rapidly evolving business landscape, having a solid foundation in taxation and legal principles is crucial for students pursuing the Chartered Accountancy (CA) course. Beyond academic knowledge, understanding these concepts builds ethical awareness, enhances professional competency, and prepares students for informed decision-making. This article explores why taxation and legal concepts are essential for CA …
India provides various tax benefits to help startups reduce their tax liabilities, freeing up capital and resources for reinvestment and growth. These benefits play a crucial role in enhancing profitability and enabling startups to scale efficiently. Here’s an overview of the tax incentives available to startups in India: 1. Tax Holiday Under Section 80-IAC Government-recognized …
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