Tax Articles

direct tax and indirect tax

Direct Tax and Indirect Tax in India

What is a Direct Tax? In India, taxes are levied by the Government through Direct & Indirect Taxes. Both are extremely important in the growth of the Indian economy. Direct taxes, in simple terms, is the tax that is levied...

difference between tds and tcs

What is the Difference Between TDS and TCS?

It is a very common mistake to consider TDS and TCS the same for the purpose of taxation. In fact, there lies a major difference between TDS and TCS. This difference between the TDS and TCS alters the point of...

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Difference Between Form 16 and Form 16A

Many times we as taxpayers get confused between Form 16 and Form 16A. An employer issues Form 16 to its employees while other deductors issue Form 16A. However, both differ in their purpose, information regarding TDS and salary or other...

deferred tax

How To Calculate Deferred Tax Asset and Liability in Income Tax?

Before moving to understand the concept of deferred tax liability, below are a few key points that need to be considered: Companies generally prepare two important financial reports for every year, being tax statements and income statements. Considering the tax...

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Dearness Allowance

Being a salaried employee you must have heard about dearness allowance as part of your salary. Your salary comprises a basic fixed salary and a few allowances. The total of basic pay and allowances make up your take-home salary. It...

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cost inflation index

Cost Inflation Index (CII)

What is Cost Inflation Index (CII)? In general, as inflation rises, so do the prices of goods. As a result, the purchasing power of money falls. For example, if you can buy ten units of some products for Rs. 1,000...

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Corporate Tax in India

Corporate Tax in India is applicable to a company. It is a subset of direct taxes in India. In this article, we have covered corporate tax, India in-detail, its applicability, tax payment, applicable tax rate, and filing of ITR. What...

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Children Education Allowance

Education has the ability to enhance people's quality of life at a geometrically faster rate. Every parent is concerned about children education. You are inspired to work harder each day because you want to provide your child with a high-quality...