GSTR-9 is the Annual tax return that includes all business transactions i.e., supplies made and received under various tax heads (CGST, SGST, and IGST) during a financial year. It further contains details such as Taxes paid or adjusted, Input tax credits (ITC) claimed or reversed, Refund claimed, Previous year transactions etc. In simple words, it […]
Taxpayers should be aware of the difference between the Financial Year (FY) and Assessment Year (AY), especially those who need to file their Income tax returns. Many times, taxpayers get confused about the FY and AY while selecting the options for availing the E-filing services. So, let’s understand both in detail: Meaning of Financial Year […]
What is TDS and its applicability? Tax Deducted at Source (TDS) is the tax deducted at the time of making specified payments such as rent, commission, interest, etc. All the provisions related to TDS are specified under the Income Tax Act, 1961. In the TDS mechanism, a person (known as deductor) is liable to make […]
The UAN is a unique number allotted to EPFO members who contribute towards their EPF Accounts. According to the Employees’ Provident Fund Organisation (EPFO) rules, every PF member should have only one UAN. In case the employees change their jobs, the UAN of the members remains the same. However, employees are claiming to have more […]
Permanent account number (PAN Card) is one of the essential documents for banking transactions and serves as an identity proof. Therefore, it is always recommended to keep your PAN Card updated and ensure that all the PAN Card details are correct. In case there is any mistake in your PAN Card, and you are looking […]
Meaning of Income Tax Refund When the taxpayer pays the taxes more than they are liable to, they are eligible to claim the Income Tax Refund. Taxes can be paid more in the form of TDS, TCS, Advance tax, or Self-assessment tax. So, you can calculate your income tax refund as follows: Refund: Amount of […]