Tax Blogs

Are you wondering what the full form of VAT Tax is? It stands for value-added tax. It is one of the most crucial forms of tax that is levied on goods. Note that GST has replaced all the indirect tax on goods since 2017. However, there are still goods not covered under the new regime …

Understanding the TDS on the interest of fixed deposits is an important aspect of calculating your total earned interest. It also directly impacts your total earnings, which is important when you are investing.  Here is everything you should know about TDS on fixed deposit interest and how much fixed deposit interest is tax-free to plan …

Under section 194A of the Income Tax Act, financial institutions deduct TDS on interest if it exceeds ₹40,000 in a year. This limit for senior citizens is ₹50,000. If you rely on this income to manage these expenses, then you should definitely know about 15G and 15H forms.  This is a self-declaration form submitted at …

To file ITR without Form 16, you need to replace the missing document with alternative paperwork.  Filing ITR before the due date is mandatory for all citizens of India earning over the taxable threshold limit. This is also important for avoiding penalties past the due date. Incomplete documentation is one of the common reasons for …

The customs duty on gold in India is levied by the government to increase the revenue and regulate the movement of goods. This is why many people opt to buy gold out of India, where they can save on paying high taxes and other charges. Customs duty is a type of tax that you must …

Direct tax and indirect tax are the two primary categories of taxes that the Government of India levies. They are the main sources of revenue for the government, which plays a crucial role in funding public services and infrastructure development. You need to pay these taxes on whatever you earn or whenever you purchase a …

Along with the tax benefits of NPS, there are multiple reasons to subscribe to this government-backed savings scheme for your future. Ever since its introduction, retirement planning has become simplified for Indians. Now, instead of just relying on savings for old age, you can grow money to enjoy a comfortable retirement life.  This way, you …

The Government of India allows you to avail rebate of tax to encourage savings and investment, especially if you belong to the middle-income group. It refers to a refund that you can get if you have paid more income tax than that you owe.  Understanding these rebates is crucial as they can help you reduce …

Advance income tax, also known as ‘pay as you earn’, is when you pay your tax liabilities in the same year. However, you don’t pay in lump sum but rather in instalments. You can easily pay the tax online through the official website of the Income Tax Department. Additionally, there are certain terms and conditions …

With a high increase in education costs over the years, affording the fees of reputed institutions can be a challenge. Thankfully, an education loan is a great solution to help address these costs. You can also claim tax benefits on an education loan and save more overall.  These are available in the form of a …