How GST will benefit you

Do you know how GST will benefit you ? Are you ready to accept the upcoming law in India. Read this post to know future benefits of GST ( Goods and service tax in India.) How GST will benefit you ? Good and Services Tax (‘GST’ for short) is the single most significant indirect tax reform since the introduction of the Sea Customs Act in the year 1878 by the then British regime. This is for the simple fact that the Victorian concept of seeking to tax multiple events in a commercial transaction is being replaced by taxation of...

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Set off and carry forward of Losses: The ultimate Guide

Set off of losses means adjustment of losses against income earned for the financial year and carry forward of losses means any unadjusted losses for one financial year adjusted against income of subsequent financial year. There are in all 5 heads of income under the Income Tax Act viz., 1.Income from salaries 2.Income from house property 3.Income from business or profession 4.Income from capital gains and 5.Income from other sources. The Income Tax Act has prescribed rules to set-off losses against income from different source under one head of income and also to adjust loss from one head against...

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TCS on Cash Sale: 11 Important Points to KNOW

Tax collected at source on cash sale ( TCS on cash sale) under section 206C is effective from 1st June, 2016. Here are the most important points related to TCS you should consider while doing sale or purchase transactions. Meaning of TCS on cash sale: ( Section 206C) TCS is covered under section 206C of income tax act,1961 TCS is short form of tax collection at source A sum equal to the statutory percentage of purchase price is collected by the seller/collector from buyer/lessee/payee.Every person,being seller,shall collect tax at source from the buyer of goods specified in section 206C...

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How to save taxes by Gifting or spending money for Family

How to save taxes ? Well most of us look into alternate ways to save the amount of tax we pay to the government. We search through exemptions and rebates. But have you ever thought your family members can help you in saving taxes. Yes there are certain exemptions in tax rules through which you can gain exemption over the money you spend for them. However there are rules and regulations governing them so make sure you read through it with attention.   HOW to SAVE TAXES by Gifting Or Spending money for your Family Members   Pay rent...

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