Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India.
How do I file an Income Tax Return (ITR)?
You can file your ITR online on the Income Tax Department's e-filing portal or through authorized intermediaries.
What are the deductions available on property income?
Deductions such as interest on home loan, property taxes paid, and standard deduction are available under the Income Tax Act.
How can I register my company in India?
Company registration can be done through the Ministry of Corporate Affairs (MCA) portal by following the prescribed procedures.
What is salary deduction and how does it work?
Salary deduction refers to the amount subtracted from an employee's earnings for various reasons such as taxes, insurance premiums, or loan repayments.
What allowances are exempt from income tax?
Allowances such as House Rent Allowance (HRA), Leave Travel Allowance (LTA), and certain medical allowances are exempt from income tax up to specified limits.
How should I calculate mutual fund returns?
Mutual fund returns are calculated based on the changes in the fund's NAV (Net Asset Value) over a specified period, considering dividends and capital gains.
What is equity investment and how does it differ from mutual funds?
Equity investment involves buying shares of a company, while mutual funds pool money from multiple investors to invest in stocks, bonds, or other assets.
What should I do if I receive a tax notice?
If you receive a tax notice, carefully read the details and respond within the specified timeframe. Seek professional advice if needed.
How do I apply for GST registration?
GST registration can be done online through the GST portal by filling out the necessary forms and submitting required documents.
What is Input Tax Credit (ITC) under GST?
Input Tax Credit allows taxpayers to claim credit for taxes paid on inputs used in the production or supply of goods and services.
How is GST calculated?
GST is calculated based on the value of the goods or services supplied, including applicable taxes at specified rates.
When is GST registration mandatory?
GST registration is mandatory for businesses with an annual turnover exceeding the prescribed threshold limit, varying for different states.
What are the different types of GST returns?
GST returns include GSTR-1 (outward supplies), GSTR-3B (summary return), and others depending on the nature of the taxpayer's business.
What are the penalties for late filing of GST returns?
Penalties for late filing of GST returns include a fixed amount plus interest on the outstanding tax liability.
What documents are required for filing Income Tax Returns (ITR)?
Documents required for ITR filing include PAN card, Form 16, bank statements, investment proofs, and Aadhaar card (where applicable).
Can I file my Income Tax Return (ITR) without Form 16?
Yes, you can file ITR without Form 16 by using your salary slips, bank statements, and other income proofs.
How does capital gains tax work in India?
Capital gains tax is levied on the profit earned from the sale of capital assets such as property, stocks, or bonds.
What is TDS (Tax Deducted at Source) and how is it calculated?
TDS is deducted by the payer at the time of making payments like salary, rent, interest, etc., and is calculated based on prescribed rates.
How do I check my Income Tax Refund status?
You can check your Income Tax Refund status online on the Income Tax Department's e-filing portal using your PAN and assessment year details.
What is Form 26AS?
Form 26AS is a consolidated tax statement that reflects details of TDS, TCS, advance tax, and self-assessment tax paid against your PAN.
How can I update my PAN details online?
You can update your PAN details online through the NSDL or UTIITSL portals by submitting the required documents and completing the verification process.
What is the difference between Form 16 and Form 16A?
Form 16 is issued by employers to employees showing salary details and TDS deductions, while Form 16A is issued for TDS on income sources other than salary.
How can I track my GST registration application status?
You can track your GST registration application status online through the GST portal using the ARN (Application Reference Number).
What is the composition scheme under GST?
The composition scheme is for small businesses with a turnover up to a specified limit, allowing them to pay tax at a fixed rate without input tax credit.
How do I cancel my GST registration?
GST registration can be canceled online through the GST portal by submitting the application for cancellation with required details and documents.
What is the difference between CGST, SGST, and IGST?
CGST (Central GST) and SGST (State GST) are levied
