GSTR-3B is a monthly summary return filed by registered taxpayers under the Goods and Services Tax (GST) system in India. It provides a snapshot of the total tax liability and input tax credits (ITC) available for a particular month. While not as detailed as other returns, it is crucial for tax compliance. Components of GSTR-3B … Continue reading Understanding GSTR-3B
Category: Explanation
Navigating Section 87A—Maximizing Tax Rebates under Indian Tax Law
Despite surpassing the basic exemption threshold, you might still evade paying any income tax, courtesy of Section 87A of the Income-tax Act, 1961. This provision grants Indian residents a tax rebate under both the old and new tax regimes, contingent upon their total income remaining within the prescribed limits. For the fiscal year 2023-24 (assessment … Continue reading Navigating Section 87A—Maximizing Tax Rebates under Indian Tax Law
Unraveling India’s Food Inflation—An Expert Analysis
Despite early monsoon rains and forecasts of above-normal precipitation, India’s food prices, which constitute nearly half of the consumer price basket, continue to soar, keeping headline inflation above the Reserve Bank of India’s 4% target. This persistent inflationary pressure has stymied the potential for interest rate cuts. The delayed summer crop planting, attributed to a … Continue reading Unraveling India’s Food Inflation—An Expert Analysis