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The government has introduced various updates in income tax laws in the recent years.

• The Finance Act, 2021 has introduced a new provision for tax deduction at source (TDS) on purchase of goods at 0.1% rate.

• The deadline for filing income tax returns for the financial year 2020-21 has been extended to September 30, 2021.

• The government has introduced a new tax regime with lower tax rates for individuals who are willing to...read more

TDS sections refer to the different sections under which tax is deducted at source.

• TDS sections are numbered from 192 to 196D.

• Each section specifies the rate at which TDS is to be deducted.

• Section 194C applies to payments made to contractors and specifies a TDS rate of 1% for individuals and HUFs, and 2% for others.

• Section 194J applies to professional or technical services and specifies a TDS rate of 10%.

• Section 195 ap...read more

The current prevailing GST rates in India vary from 0% to 28% depending on the goods or services.

• GST rates are divided into 4 slabs - 5%, 12%, 18%, and 28%

• Some goods and services are exempted from GST, such as healthcare and education

• Luxury items like cars and tobacco products have higher GST rates

• GST rates are subject to change based on government policies and economic conditions

The income tax basic limit in India for individuals is Rs. 2.5 lakhs per annum.

• Individuals earning up to Rs. 2.5 lakhs per annum are exempt from income tax.

• For senior citizens (age 60 years or above), the basic limit is Rs. 3 lakhs per annum.

• For super senior citizens (age 80 years or above), the basic limit is Rs. 5 lakhs per annum.

• Income tax rates increase with income levels above the basic limit.

• The basic limit is su...read more