Who should file income tax return (A.Y.2023-24): According to the Income Tax Laws, if a resident individual has earned a total income exceeding the basic exemption limit during the financial year, he or she must file an ITR on a mandatory basis. If you opt for the old income tax regime, the basic exemption amount … Read more
Simplified Explanation of the New GST Set-Off Rules: Business owners have to navigate a variety of rules and regulations to comply with the Goods and Services Tax (GST). The government changed the set-off procedure with effect from 29th March 2019. The new rule specifies that IGST credit set-off rules must be fully utilized before using CGST and … Read more
Excel GST Set-Off Calculator: You can download this GST Set off calculator for free. It is free to use in Excel for an unlimited period of time. You can use the GST utilization calculator as often as you like. This calculator is based on new rules applicable w.e.f. 1st Feb 2019. Prior to using the CGST and … Read more
How to use GST Set-Off Calculator The GST set-off calculator is very easy to use. By using this GST utilization calculator, you can calculate GST payable or GST input carry forward. Step 1: Based on your transaction details, fill in the values for Output GST (IGST, CGST, SGST) and Input GST (IGST, CGST, SGST). … Read more
eInvoice Turnover Applicability Calculator 2023: Here is the latest calculator for e-invoice turnover applicability. It includes the latest update on the 10th of May 2023 about the turnover limit being reduced from 10 crores to 5 crores. This calculator makes it easy for you to determine if you qualify for e-invoices or not. What … Read more
A computer-generated invoice is called an e-invoice. Basically, e-Invoices are invoices that have already been generated from accounting software so they can be uploaded to GST Portal as well. The GST Council believes that the format of electronic data used for invoices needs to be uniform (same for all) so that the data can be … Read more
The Income Tax Act and the Goods and Services Act (GST) both contain different provisions regarding the maintenance of books of accounts, respectively. It is common for people to keep records of their daily expenses and incomes. In accordance with the Income Tax Act, some individuals are required to keep and maintain records of daily … Read more
For a country like India, a Voter ID card serves as an important document of identification. Irrespective of whether you are buying a new sim card or buying a house, Voter ID card is a must. The Election Commission of India (ECI) has recently simplified the process to register for Voter ID cards by taking … Read more
From the perspective of income tax, determining the taxability status of a person in India is very important. So to calculate tax as per Income Tax ACT India, you have to determine your residential status. In order to determine a resident’s status in India, the Income Tax Department of India has prescribed certain guidelines which … Read more
Deduction 80D AY 2023-24 & 2024-25: Medical expenses of an insured person are covered by a health insurance policy. Each policy can have different coverage, benefits, and limitations. It makes paying medical bills easier and relieves financial burden. Tax deductions can be claimed on the premiums paid towards health insurance by individuals and Hindu Undivided … Read more
Deduction 80D Calculator AY 2023-24 & AY 2024-25 – Calculate 80D Deduction in Seconds. Ask if you have any queries related to 80D deduction calculation.Until the 2023 Finance Act, all amendments to section 80D are included in this calculator. Deduction 80D Calculator: Taxpayers paying for health insurance or preventive health care can deduct such expenses … Read more
Deduction 80C A.Y. 2023-24 & A.Y.2024-25: There are a number of deductions under Chapter VI-A, namely Sections 80C to 80U, that can be deducted from gross income in order to arrive at net income/taxable income. In this article, we will discuss only section 80C deduction. Investments in certain instruments, such as Life Insurance Premiums, Employee … Read more
Your browser does not support iframes. PAN Validation Tool: This tool (PAN Validator) confirms the valid structure of the Permanent Account Number (PAN). There are ten letters and numbers in this code, as discussed in the PAN structure above. There is a particular structure that follows the formation of a PAN (Permanent Account Number) card … Read more
TCS Rates Chart AY 2024-25: The table below shows the TCS rate for the financial year 2023-24/ Assessment Year 2024-25 under section 206C. If the collector does not receive the collectee’s PAN, tax will be collected in accordance with section 206CC at either twice the rate listed in the table or at 5%, whichever is … Read more
Excel Income Tax Calculator AY 2024-25: This income tax calculator is for calculating income tax for both AY 2023-24 and AY 2024-25. This income tax calculator is free to download. You can calculate the income tax amount for both old tax regime and new tax regime. All amendments up to finance bill 2023 are included … Read more
Deduction 80C of Tuition Fee: The government allows income tax deductions for education because education is a vital part of one’s life. Developing countries like India benefit from it by increasing literacy rates. There are lots of tax benefits available for Children’s Education Allowance, Tuition Fee Payment, and School Fee Payment. Taxpayers can deduct up … Read more
Indexed Cost of Acquisition shall be calculated in two steps. Calculating the cost of acquisition of capital assets is the first step. CII of the year in which the capital asset is transferred is multiplied by the cost of acquisition and divided by either CII of 2001-02 or CII of the year in which the … Read more
IncomeTaxCalculatorv10 Income Tax Calculator Financial Year FY 2023-24 (AY 2024-25)FY 2022-23 (AY 2023-24) Your Age 0 to 60 Years60 to 80 YearsAbove 80 Years INCOME DETAIL Income from Salary … Read more
TDS Rates Chart AY 2024-25 (FY 2023-24): At the time of accrual or payment of certain incomes/payments to the payee, the payer deducts tax at the source at the prescribed rate. Taxes deducted/collected or paid as advance tax in the previous year are known as pre-paid taxes. Pre-paid taxes are deducted from the assessee’s total … Read more
Free Online Tool for Creating Rental Receipts: A rental receipt is a document that acknowledges the fact that a tenant has paid rent to their landlord. Normally, the payment voucher must have the payment date and its amount, period of tenancy, address of the tenant as well as the signatures of both parties involved – … Read more