GST (Good and Service Tax) is a landmark bill in India's indirect taxation system. It is going to rolled out in India on July 1, 2017. GST portal is the central portal and website made available to general public to register, upload, and manage their GST obligations.
India's finance minister Arun Jaitely presented union budget on Feb 1, 2017 for financial year 2017-18. Given the upcoming rollout on July 1, 2017, lot of people were looking for updates on GST as part of budget. Here is a quick summary of GST updates mentioned in Budget 2017-2018.
EPFO (Employee Provident Fund Organization) manages the India's primary social service scheme known as EPF or PF (Provident Fund). Currently it has more than 4 crore members as part of service and is mandatory for all private companies in India having more than 20 employees.
EPFO members need to login to EPF website regularly to check if their contributions as well the matched contribution by ...
Income tax rates and slabs in India are an important aspect impacting each and every salaried person. From individual perspective, they want the tax rate as low as possible. While from government perspective, it want to increase the money collected from tax without impacting the economy.
FY 2017-18 (AY 2018-19) starts from Apr 1, 2017 and end of Mar 31, 2018. It is a crucial year from tax and budget perspective due to demonitisation impact on economy.
Below is the income tax slab and rates based on budget 2017 presented on Feb 1, 2017.
In December 2016, Prime minister Narendra Modi has launched a new mobile app called BHIM to simplify digital payment in India. Such a mobile app was badly needed as the country is still facing significant cash crunch after demonetisation. But the adoption of BHIM has been less than desired. To fix this, government has declared a new BHIM referral scheme yojana to promote use of BHIM Mobile app.
Along with referral Bonus scheme, india govt has launched a BHIM Cashback Scheme]
BHIM is the premier mobile digital payment platform promoted by govt of India. It was launched by Prime minister Narendra Modi in December 2016. Core part of BHIM involves a mobile app and allows users to do bank account to bank account transfer in a simple and seamless manner.
Now to promote wide adoption of BHIM, india government has launched a cashback scheme along with BHIM Referral Bonus Scheme.
For PF withdrawals done before 5 years of continuous service, EPFO cuts a tds of 10% and you are required to pay remaining taxes on the EPF amount according to the tax bracket you fall into. For eg. if you come into 30 % tax slab, then you need to pay the remaining 20% (after tds cut of 10%) while filing the income tax return. However, if the total PF amount withdrawn is less than Rs 50000, then ...
TDS (Tax collected at Source) is a method to collect income tax on the origin / source of income. TDS is used by Indian government to ensure that tax is being paid by people as they earn instead of end of year. TDS also makes it difficult for people/businesses to hide their income and associated tax. AY 2017-18 (FY 2016-17) refers to the period starting on Apr 1, 2016 and ending on Mar 31, 2017.
As per income tax rules, TDS on Commission / Brokerage need to be deducted whenever a payment is made by way of commission or brokerage. This article explains the TDS on commission for AY 2017-18.
Income tax is a crucial part of every working professional and businessman and affect their life and livelihood in multiple ways. In today's times it is important to have working knowledge of intricacies of Income tax rules and regulations, otherwise you end up losing your hard earned money.
There has been news and reports that government of India is planning to make Aaadhar card mandatory for Income tax efiling staring Finance Year 2016-17 (AY 2017-18).
As people are aware, government is trying to increase the financial tracking following demonitisation on Nov 2016 and use that as a tool to prevent black economy. Earlier Aadhaar number was also made mandatory for EPS portion of EPF.