Tax Law

Goods and Service Tax (GST) is a very significant step in ushering reforms in the indirect tax system in India. GST 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 throughout the country. GST implementation reformed the taxation system by allowing input tax credits for consumers in a unified regime. What is GST in India? GST is a destination-based tax levied on every value addition 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. In the new tax regime, you will not be able to claim this deduction. Who is eligible for claiming deduction under Section 80G? Many exemption clauses based on percentages exist. Before filing taxes...

An employee may receive salary arrears for any prior year or years in the current year as a consequence of pay modification. Such arrears may result in the income tax slab rate changing to a higher tax slab. The income tax is calculated on the assessee's total earnings or receipts from the previous year. An 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 the current year because the assessee's tax slab rate changes to a higher...