GST Council Considers Slashing Insurance Tax to 5%: Relief in Sight for Policyholders
In a move poised to make health and life insurance more affordable for millions of Indians, the Goods and Services Tax (GST) Council is set to deliberate on reducing the GST rate on insurance premiums from the current 18% to 5%. This proposal, aimed at…
Union Budget 2025: PHDCCI’s Call to Abolish Securities Transaction Tax
As the Union Budget 2025 approaches, industry bodies are actively presenting their demands to the Finance Ministry. Among the prominent voices, the PHD Chamber of Commerce and Industry (PHDCCI) has urged Finance Minister Nirmala Sitharaman to remove the…
CBDT Extends Deadline for Filing Belated and Revised ITRs
The Central Board of Direct Taxes (CBDT) has extended the deadline for filing belated and revised Income Tax Returns (ITRs) for the Assessment Year (AY) 2024-25. Taxpayers now have until January 15, 2025, to comply with their tax obligations, a relief…
Can You Really Go to Jail for Not Paying or Filing Taxes?
Did you know that the richest 10% of people, who earn $169,800 or more, pay nearly 75% of all taxes in the country? Most Americans believe that middle-class people pay the most taxes but the wealthiest 1% have the largest tax rate at 25.9%. Taxes are…
GST Tax: Advantages and Disadvantages
The Indian government implemented GST in the year 2017, and this new tax brought up a lot of changes in the overall tax collection regime. Before GST, there were other taxes applicable such as VAT, Excise, Service Tax, and others. But now, all the other…
Tax Deduction at Source (TDS) Advantages and Disadvantages
TDS stands for tax deduction at source. Tax Deduction at Source means that a certain portion of your tax will be deducted at the source of income itself. An example of this could be when you are receiving rent. If the rent is more than a certain amount,…
Impact of GST on Real Estate Sector in India
One of the biggest industries in India is the real estate industry. It contributes between 6% and 8% to the country’s GDP. In addition, the real estate industry is right after the IT industry when it comes to the Indian GDP. Before GST, there were…
How FICA Payroll Taxes Impact Your Take-Home Pay
From an employee’s perspective, payroll taxes can be confusing. Ensuring employers accurately file these employment taxes is critical to avoid penalties and back tax payments. FICA (Federal Insurance Contributions Act) taxes are the familiar…
Income Tax Return (ITR) Filing Advantages and Disadvantages
If your net income exceeds the 2.5 lakh rupee limit, then you automatically become eligible for an income tax return. However, the income tax percentage depends upon the net income of an individual, corporate entity, authority, or group of individuals.…
Impact of GST on the Automobile Sector in India
The automobile sector is huge in India and comes with many operational challenges. Low-profit margins, high fixed costs, and ever-changing emission norms pose new challenges for India’s automobile sector. Even the people in India seek…