GST on Food & Grains

What Is the Current GST Rate? The Goods and Services Tax (GST) is a tax levied on traded goods and services in India. The GST was implemented on July 1, 2017, with the goal of creating a unified tax system across the country. Rice, wheat, barley, and other cereals are subject to a 12% GST. …

GST on Food & Grains Read More »

How to surrender EP/FPF

How to surrender EPF/PF

What is EPF ? EPF or employee provident fund is a retirement scheme that every salaried employee can avail from their employer. What is the use of EPF ? ●     It helps in saving money for the long run. There is no requirement to make a single, lump-sum investment. ●     Deductions are made on a …

How to surrender EPF/PF Read More »

New TDS Section 2022

New TDS Section 2022

  First Applicable – 1st July 2022                      TDS to be deducted by – Business or Profession To be deducted on – Any Prerequisite / Benefit to RESIDENT      Type of advantage or Prerequisites –  In Cash or In-Kind or Partially in cash and Partially in Kind. …

New TDS Section 2022 Read More »

New Accounting Rules from 5 August

New Accounting Rules from 5 August

~ The Companies (Accounts) Fourth Amendment Rules, 2022 have been notified by the Ministry of Corporate Affairs (MCA) in order to update the Companies (Accounts) Rules, 2014.  ~ The clause referring to “Manner of keeping books of account in electronic mode” has been amended. ~ Under sub-rule (5), in the proviso, the terms “daily basis” …

New Accounting Rules from 5 August Read More »

New TCS/TDS rules

New TCS/TDS rules

The CBDT stated that those who have not submitted income tax returns for two years will be subject to a higher TDS or TCS rate. TDS or TCS will be taxed at the higher of twice the rate outlined in the applicable Income Tax Act provision or 5%. The requirements of this section will apply …

New TCS/TDS rules Read More »

Section 80CCC in Income Tax

What exactly is Section 80CCC? Individuals can claim tax deductions for donations to certain pension schemes under Section 80CCC of the Income Tax Act of 1961. This section allows for a tax deduction of up to Rs. 1,50,000 per year on costs paid in purchasing a new policy or continuing an existing plan that pays …

Section 80CCC in Income Tax Read More »