Category Archives: Taxes

section 24

Income Tax Saving Under Section 24, 80E, 80G, 80TTA and 80RRB

Section 80 C is related to savings, Investment and retirement planning. While section 80 D and 80 U are related to health. Individuals saving money in Health insurance as well as making expenses in health related issue are covered under this section. Now remaining sections applicable for middle class are Section 24, 80E, 80GG, 80TTA, 80G, 80GGB, 80GGC and 80RRB are explained in following article: Section 24: Income Tax Benefit on Interest on Home Loan Deduction is allowed for the payment of interest on home loan under Section 24 of the Income Tax Act. Income from House Property shall be Continue Reading »

section 80d

Income Tax Saving Under Section 80D, 80DD, 80DDB and 80U

Section 80 C is related to savings, Investment and retirement planning. While section 80 D and 80 U are related to health. Individuals saving money in Health insurance as well as making expenses in health related issue are covered under this section. Section 80D: Premium Paid for Medical Insurance Up to Rs. 25,000/- Deduction is available to a taxpayer for insurance of self, spouse and dependent children or 30,000/- in the case If individual or spouse is more than 60 years old An additional deduction for insurance of parents is available upto Rs. 25,000/– if less than 60 years old and Rs 30,000 if parents Continue Reading »

Income Tax

Income Tax Saving Under Section 80C, 80CCC and 80CCD

Under Section 80c Individual and HUF can save upto 1,50,000/ (The limit for the financial year 2017-18 ) tax free amount. If you Invest your Rs. 1,50,000/- in the scheme which falls under 80C you can save upto 15,450/-,  if you are under 10 % tax Slab, Rs. 30,900/ if you are in 20 % tax slab and Rs. 46,350/  in the slab of 30 % Under this section deduction of Rs 1,50,000 can be claimed from total income. Means, an Individual or an HUF can reduce up to Rs 1,50,000 from total taxable income through section 80C. Investment and Continue Reading »

gst_enrollment_registration_process

Step by Step Complete Procedure for GST Registration in India

GST Registration is Compulsory for Any Individual Who: Having an annual aggregate turnover from operations in the state which is above the threshold limit of 20 Lakhs (Rs. 10 Lakhs for North-Eastern States) Currently registered under any of the existing indirect tax regimes (VAT, Excise Laws, Service Tax Laws) irrespective of the threshold limit Having operations in multiple states Having multiple business verticals in one state Making any Inter-State taxable supply Casual taxable persons & Non-resident taxable persons Required to pay tax under Reverse Charge Required to deduct tax at source Agents of a supplier Input Service Distributor Supplying goods or services through E-commerce Operator E-commerce Operator/ Aggregator Continue Reading »

gst itemwise

GST Schedule Revised on 03.06.2017 by Finance Ministry

Chapter wise Rate wise GST Schedule was first Introduced on 18.05.2017. After revision on schedule. It was introduced on 03.06.2017.  Below given is the revised GST Chapter wise Rate wise Schedule on 03.06.2017. For GST rate of Non revised Articles or Products and services has remain same as original schedule which was first introduced on 18.05.2017. Click here for Chapter wise Rate wise GST Schedule 18.05.2017 GST RATE SCHEDULE FOR GOODS and SERVICES [As per discussions in the GST Council Meeting held on 03rd June, 2017] Source of this article is www.cbec.gov.in. Every care has been taken to make this perfect. Continue Reading »