Tax Law

There are instances where an employee may get salary arrears for any prior year or years in the current year as a consequence of pay modification. And because one's income tax slab rate changed to a higher tax slab, the tax due for the current year could be higher. The Income Tax is on the assessee's total earnings or receipts from the previous year. There are instances where the employee receives payment for past dues as salary arrears in the current year. The income tax amount the employee would be required to pay in this situation would be higher in...

Contributions to specific relief funds and charity organisations are deductible under Section 80G of the Income Tax Act. However, all donations are ineligible for Section 80G deductions. Only contributions to specified funds are deductible. This deduction is open to all taxpayers, including individuals, corporations, partnerships, and sole proprietorships. If you choose the new tax regime, you will not be able to claim this deduction. Who is eligible for claiming deduction under section 80g? People must be aware that many causes are there in the exem...

GST is known as a very significant step in bringing reform in the Indirect tax system in India. GST gets termed as Goods and Services Tax. It abolished various indirect taxes throughout the country and introduced the system of one nation one tax. GST amalgamated all the indirect taxes levied by the central and state government into one single indirect tax applicable throughout the country. GST implementation reformed the indirect taxation system by allowing input tax credits for consumers in a unified regime. What is GST in India? GST (i.e. Goods and...