Author: Jesna John K

What is Surcharge? Surcharge is an additional charge levied for persons earning Income above the specified limits, it  is charged on the amount of income tax calculated as per applicable rates.    10% – Taxable Income above ₹ 50 lakh – up to ₹ 1 crore.    15% – Taxable Income above ₹ 1 crore – up… Continue reading Surcharge, Marginal Relief and Health & Education Cess 

The income tax system in India based on the Income Tax Act,1961. Individuals are required to file an income tax return (ITR) annually, declaring their income from various sources like salary, business or profession, capital gain and other sources and applicable deductions or credits. Failure to file taxes result in penalties and legal consequences. It is important… Continue reading Income Tax Slab -New Regime

The GST (Goods and Services Tax) percentages levied vary from country to country. Here are the current GST percentages levied in some countries: India: The GST rate in India is 5%, 12%, 18%, and 28% for different goods and services. Additionally, there is a special rate of 0.25% on rough precious and semi-precious stones, and… Continue reading Country Based GST Rates

GST (Goods and Services Tax) is a consumption-based tax system, introduced to replace multiple indirect taxes such as excise duty, VAT, and service tax. GST is a value-added tax that is levied on the supply of goods and services and is charged at every stage of the production and distribution chain. It is a comprehensive,… Continue reading Goods And Service Tax (GST)