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Procedure For Online Service Tax Refund: Refund of service tax can be done online as per the following procedure: Visit the official Automation of Central Excise and Service Tax (ACES) website Click the ‘Service Tax’ tab in the menu located at the top of the screen On the following screen, the applicant will be required … Continue reading “How To Apply For Service Tax Refund Online”

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TDS or Tax Deducted at Source is the amount of tax that is deducted from your salary by your employer or the deductor. Most of the time, TDS is deducted each month by employers based on tax projections declared by the employee at the beginning of each financial year. The significance of TDS lies in the fact … Continue reading “How to Claim TDS Refund on Excess Paid or Interest”

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The CTC quoted to you at the time of joining includes components such as basic salary, travel allowance, house rent allowance, medical allowance, dearness allowance, special allowances and other allowances. The CTC is divided into two major categories: salary and perquisites. Perquisites, or perks as they are popularly called, include facilities and benefits provided by the … Continue reading “How to Calculate TDS on Salary – TDS”

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Any income received by an employee is taxed under the head Income from Salaries. It is only taxable when an employer-employee relationship exists. The first thing one needs to know is the salary slab they fall under. Then the employee needs to submit their declaration about their proposed investments so that the employer can take them under … Continue reading “How to Calculate Income Tax on Salary?”

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The implementation of the Goods and Services Tax in India was a historical move, as it marked a significant indirect tax reform in the country. The amalgamation of a large number of taxes (levied at a central and state level) into a single tax is expected to have big advantages.   When did GST start? … Continue reading “History of GST in India”