Key Insights GST is an indirect tax on goods and services, while income tax is a direct tax on individual and business earnings. GST replaces multiple indirect taxes and is divided into CGST, SGST, and IGST for transactions within a state and across states. Income tax helps fund government programs such as public infrastructure, healthcare, [...]
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On February 1, 2025, Finance Minister Nirmala Sitharaman unveiled the Union Budget for 2025-26, setting the course for India’s economic transformation towards a developed nation by 2047. This budget introduces tax reforms, sectoral initiatives, and policy measures aimed at stimulating economic growth, easing tax compliance, and fostering opportunities across industries. Below are the key highlights [...]
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The Liberalised Remittance Scheme (LRS), introduced by the Reserve Bank of India (RBI), is designed to facilitate Indian residents to remit funds abroad for various purposes. This scheme, launched as part of India's financial liberalization measures, allows resident individuals to remit up to USD 250,000 per financial year (April to March) for a range of [...]
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Tax Deducted at Source (TDS) is a taxation method wherein a specified percentage of tax is deducted from the income at the time of payment. Governed by the Income Tax Act, 1961, and monitored by the Central Board of Direct Taxes (CBDT), TDS applies to various income types, such as salaries, interest, rent, and commissions. [...]
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