Tax Articles

Have you sold goods worth more than ₹50 lacs during the current financial year? Then, you need to consider Tax Collection at Source (TCS) as you receive payment from the buyer under Section 206CL of the Income Tax Act.  Sec...

Income Tax Slabs Under the Old Income Tax Regime and New Income Tax Regime Old Tax Regime Income Tax SlabTax RateUp to ₹ 2,50,000Nil₹2,50,001 - ₹5,00,0005%₹5,00,001 - ₹10,00,00020%Above ₹10,00,00030% New Tax Regime (FY 20-21, FY 21-22 & FY 22-23) Income...

What is Salary Slip? A salary slip or payslip is a document issued monthly by an employer to its employees. A salary slip contains a detailed breakdown of employee salary and deductions for a given period. This document can be either...

Form 15CA and 15CB are crucial documents under the Income Tax Act for foreign remittance compliance. 15CA and 15CB act only when the taxpayer has paid to a non-resident or a foreign entity. Form 15CA and Form 15CB focus on...

Form 10IE is filed to choose the new tax regime under the Income Tax Act.  The Union Budget 2020 introduced a new tax regime that offers a lower income tax rate without the old tax regime’s deductions. Taxpayers can choose...

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...

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...

Section 194Q of the Income Tax Act pertains to transactions with a high volume falling under the ambit of Tax Deduction at Source (TDS). For this 194Q TDS, there is a threshold limit on the purchase value. If any payment...