Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Service Tax »
Open DEMAT Account in 24 hrs
 Tax e-filing: New banks enabled for online tax payments via e-pay tax service Check the entire list of banks
 Income Tax Bill 2025: Changes under the new bill that taxpayers must know. Check FAQs
 ITR filing: Know the new Budget 2025 rules for filing updated income tax returns
 New Income Tax Bill 2025: What are expected changes and how will they affect you?
 From tax changes to capex growth 5 key expectations from Emkay Global for Indias economy
 Income Tax Returns: What are the consequences of not verifying your ITR within 30 days
 Income Tax: Want to update your ITR? You can file an updated tax return; Here s all you need to know
 ITR Filing 2024: How to check income tax refund status online using PAN card? A step-by-step guide
 ITR Filing 2024: Which Income Tax Regime Is Better For NRIs? Check Expert Inputs Here
 ITR filing 2024: How to check income tax refund status online? A step-by-step guide
 Income Tax Return: Why should you wait till June 15 to file your ITR for FY24?

Paying income tax does not grant relief from Goods and Service Tax
February, 08th 2019

The Income Tax Act, 1961 (Act) and the Goods and Services Tax Act (GST Act) are not mutually exclusive. Paying one does not grant relief from the other. Income Tax is required to be paid on the income earned by a person during a financial year. The proceeds that is received from the customers gets treated as income from profession and the total income, after claiming eligible deductions of expenses incurred, is chargeable to tax. However, no income-tax is required to be paid if the amount of the said total income is below the basic exemption limit of Rs 2,50,000 (Rs 5,00,000 in case of a senior citizens). GST is an indirect tax levied on supply of goods/ services which is required to be charged from the customers and deposited with the government. Similar to the income-tax, the basic exemption limit has also been specified for the payment of GST. Accordingly, liability to collect and pay GST arises when gross receipts exceeds Rs 20,00,000. Thus, if your total income and total receipts are below the respective threshold limits you shall neither be required to pay Income-tax or GST.

I changed jobs last year and joined the current in September. I will be submitting proof of my investments in the current office. Other than that do I have to submit any other document from the previous employer for tax purposes - Shweta Nayak

The employers compute the total income and taxes after giving deductions and allowances based on the documentary evidence submitted. Therefore, you shall have to submit documentary evidence for every deduction/ allowance that you wish to claim from your income. Deduction will be given only on the basis of the actuals submitted and not proposed declaration. You may also furnish the computation sheet prepared by your previous employer indicating the total TDS deducted by him.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2025 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting