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GAN - Can You Solve This Quiz Question No. 1 – PSFirst- Advertising and Digital Media Marketing Company

Haryana – PSFirst- Advertising and Digital Media Marketing Company

The Budget has made no significant change for Tax Rates for Individuals. The Individuals who earn income of Less than 5 Lakhs rupees will get Rs 5000/- as Tax rebate under section 87A. There is increase insurcharge on income tax levied on individuals earning income of Rs 1 crore or more from 12 per cent at present to 15 per cent. This move is aimed at taxing the rich. The Middle Class always pay effective more tax including indirect taxes and have to plan their retirement and savings at the same time save on overall tax outgo. The Article gives you brief idea on how to save tax and at the same time make proper investment and cover insurance and Medical expenses risk. 1.Investment in 80C for Purpose of taking full benefit of 1,50,000 Deduction under 80C is related to deduction that an individual can deduct from his gross taxable income in order to reduce his tax liability by investing in specified investment. It is applicable to individuals and HUF. An assessee can get deduction under...

“Goods and Service Tax (GST) is a comprehensive tax levy on manufacture, sale and consumption of goods and service at a national level. GST is a tax on goods and services with value addition at each stage having comprehensive and continuous chain of set-of benefits from the producer’s/ service provider’s point up to the retailer’s level where only the final consumer should bear the tax.”  Introduction of a GST to replace the existing multiple tax structures of Centre and State taxes is not only desirable but imperative in the emerging economic environment. Increasingly, services are used or consumed in production and distribution of goods and vice versa. Separate taxation of goods and services often requires splitting of transaction values into value of goods and services for taxation, which leads to greater complexities, administration and compliances costs. Integration of various taxes into a GST system would make it possible to give full credit for inputs taxes col...