Meaning & Definition

what is cess in income tax

Cess on Income Tax 

Cess on income tax is a type of additional tax or levy that the Government of India (GoI) collects to raise funds for a particular purpose. These specific purposes are government welfare schemes, programs or projects. However, not all such...

what is angel tax

Angel Tax 2024 Guide: Meaning, Applicability and Exemption

You might be familiar with the Angel Tax meaning if you run your own business. Or, you might have come across the term ‘Angel Investors’. These investors invest in ‘growth-stage’ start-ups in exchange for equity. Angel investments are essential for...

what is form 16a

All You Need to Know About Form 16A

If you have been a payroll employee in a company, you might know Form 16 or Form 16A. Form 16A will be issued to the taxpayer if they have a Tax deduction at the Source (TDS) component for their remuneration,...

What is gstr 2a?

GSTR 2A: All You Need to Know

GSTR 2A is a GSTR-1 return that is automatically generated by the seller's GSTR-1 for the GST-registered buyer. GSTR-2A captures the information filed by the seller's GSTR-1. It is a dynamic, purchase-related tax return, as it can change based on...

what is gstr 2b

GSTR 2B: All You Need to Know

GSTR 2B has been recently updated on the GST portal. It was introduced from the August 2020 tax period. It is the Input Tax Credit (ITC) auto-generated statement. The generation of this statement is independent of whether the taxpayer has...

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types of gst in india

GST Types: What are the types of GST in India?

Goods and Services Tax, as its name suggests, is a tax on the sale and purchase of goods and services in India. Introduced on July 1, 2017, different types of GST encompass numerous other indirect taxes like VAT (Value Added...

gst in india

Goods and Services Tax: All you need to know about GST

What is GST or Goods and Services Tax? Once you have dealt with this beginning question, you might face initial doubts about GST registration, types of GST, benefits of GST, formula for GST calculation and more. Let us have a...

what is input tax credit

Input Tax Credit: What is ITC in GST?

The GST system was introduced to infuse convenience and simplicity into the then-existing tax system. The Input Tax Credit in GST is one of the key features introduced to reduce the cascading effect of taxes and adjust business costs with...