Resources

1. Calculators

Managing finances can be complex, but with our specialized accounting calculators, individuals and businesses in India can streamline calculations and make informed financial decisions. Here’s a list of essential calculators designed specifically for the Indian financial environment:

1. Income Tax Calculator for India

Calculate your annual income tax liability based on the latest tax slabs and rates in India. Simply enter your income, deductions, and applicable tax exemptions to get an estimate of your taxes, helping you plan your finances effectively.

2. GST Calculator

This calculator helps businesses calculate Goods and Services Tax (GST) on products and services. By entering the taxable amount and the applicable GST rate (5%, 12%, 18%, or 28%), you can quickly determine the GST and total invoice amount, ensuring compliance with Indian tax regulations.

3. EMI Calculator

Calculate your Equated Monthly Installment (EMI) for loans such as home loans, personal loans, or car loans. This tool requires the loan amount, interest rate, and tenure to generate an EMI schedule, helping you understand your repayment obligations.

4. Depreciation Calculator (WDV & SLM Methods)

This calculator is designed for calculating depreciation using the Written Down Value (WDV) and Straight-Line Method (SLM), as per Indian accounting standards. Depreciation calculation is crucial for financial reporting and tax deductions on asset investments.

5. HRA Calculator

The House Rent Allowance (HRA) calculator helps salaried individuals calculate the tax-exempt portion of HRA. By entering your salary, rent paid, and the city of residence, you can determine the tax savings on HRA under Section 10(13A) of the Income Tax Act.

6. Capital Gains Tax Calculator

Calculate the capital gains tax on the sale of property, stocks, or other assets. By distinguishing between short-term and long-term capital gains, this calculator helps investors estimate their tax liability based on holding period and asset type.

7. Section 80C Deduction Calculator

This calculator helps you understand the tax savings under Section 80C, one of the most popular deductions in India. Enter your eligible investments, such as EPF, PPF, life insurance premiums, and ELSS, to calculate the total deduction amount up to ₹1.5 lakh.

8. TDS Calculator

Calculate the Tax Deducted at Source (TDS) for payments such as salaries, rent, or contractor payments, based on the latest TDS rates in India. This calculator ensures that businesses and individuals accurately compute TDS and avoid penalties for incorrect deductions.

9. Advance Tax Calculator

For individuals and businesses with taxable income beyond a certain threshold, advance tax payments are essential to avoid interest penalties. This calculator helps you estimate your advance tax liability based on your income, allowing timely quarterly payments.

10. Retirement Corpus Calculator

Estimate the amount of retirement savings you’ll need to maintain your lifestyle post-retirement. This calculator considers inflation, expected returns, and monthly expenses to provide an estimated retirement corpus, helping you plan for a secure future.

11. Budget Calculator

Plan your monthly budget by entering income and anticipated expenses. This tool helps track spending, manage savings goals, and improve financial discipline by giving an overview of your cash flow.

12. Profit Margin Calculator

This calculator assists businesses in calculating gross, operating, and net profit margins by inputting revenue and expenses. Understanding profit margins is essential for assessing business performance and profitability.

Why Use Our Accounting Calculators?

Our India-specific accounting calculators are designed to simplify financial management by providing accurate results that reflect current tax laws and financial standards in India. By using these tools, you can:

Save time on complex financial calculations
Ensure compliance with Indian tax regulations
Make better financial planning decisions for the future

Explore our full range of calculators and start managing your finances with ease today!

2. Internet Links

Here are some valuable links that can be included on an accounting website in India. These links lead to trusted resources for tax information, compliance, regulatory updates, and other essential accounting needs:

1. Income Tax Department of India

incometaxindia.gov.in
This official site of the Indian Income Tax Department offers resources, forms, e-filing services, and guidance on tax laws and updates.

2. Goods and Services Tax (GST) Portal

gst.gov.in
The GST Portal provides resources for GST registration, filing returns, and accessing important GST updates and notifications in India.

3. Institute of Chartered Accountants of India (ICAI)

icai.org
ICAI is the national professional accounting body in India, providing information on CA certifications, accounting standards, and updates for accounting professionals.

4. Ministry of Corporate Affairs (MCA)

mca.gov.in
MCA oversees corporate regulations in India, and its website provides access to forms, compliance guidelines, and updates on the Companies Act and corporate governance.

5. Reserve Bank of India (RBI)

rbi.org.in
RBI’s website offers insights into India’s monetary policy, foreign exchange guidelines, and essential updates relevant to the banking and financial sectors.

6. Central Board of Indirect Taxes and Customs (CBIC)

cbic.gov.in
CBIC’s portal provides resources on customs, GST, and indirect taxes, offering news, notifications, and tools for tax compliance.

7. Employees’ Provident Fund Organisation (EPFO)

epfindia.gov.in
EPFO manages retirement benefits and provident funds in India. This site offers resources for employers and employees on contributions, withdrawals, and account management.

8. National Pension System (NPS) – Pension Fund Regulatory and Development Authority (PFRDA)

npscra.nsdl.co.in
The NPS portal provides information on the national pension scheme, account opening, tax benefits, and investment guidelines.

9. Securities and Exchange Board of India (SEBI)

sebi.gov.in
SEBI regulates the securities market in India, and its website provides resources on stock market regulations, investor protection, and guidelines for financial reporting.

10. TDS Reconciliation Analysis and Correction Enabling System (TRACES)

tdscpc.gov.in
TRACES offers tools for TDS filing and reconciliation, allowing users to download Form 16, view TDS statements, and manage TDS compliance.

11. Startup India

startupindia.gov.in
This site provides resources and information on government initiatives, funding options, and tax benefits available for startups in India.

12. Small Industries Development Bank of India (SIDBI)

sidbi.in
SIDBI supports small and medium enterprises (SMEs) with loans, guidance on funding options, and resources to encourage business growth in India.

13. Invest India

investindia.gov.in
This site provides information for investors, business registration guidelines, and resources on starting and expanding businesses in India.

Why These Resources Matter for Accountants and Businesses

These links are essential for staying updated on India’s dynamic financial and regulatory landscape. They provide tools and information that help individuals and businesses meet compliance requirements, stay informed on tax laws, and take advantage of various government benefits and resources.

3. Tax Facts

Understanding the basics of India’s tax system can help you make better financial decisions, maximize deductions, and avoid unnecessary penalties. Here are some useful tax facts to keep in mind:

1. India Has a Progressive Tax System

India’s income tax system is progressive, meaning the tax rate increases as your income rises. Individuals are taxed according to income slabs, with higher-income earners paying higher rates.
These slabs are revised periodically, so staying updated with the latest tax structure can help you make informed financial decisions.

2. New vs. Old Tax Regime

Taxpayers in India can choose between two tax regimes: the old regime with deductions and exemptions or the new regime with reduced tax rates but limited deductions.
Selecting the right regime based on your income and eligible deductions can significantly impact your tax liability.

3. HRA Exemption for Salaried Employees

House Rent Allowance (HRA) is a significant tax-saving tool for salaried employees who rent their accommodation. A portion of HRA can be tax-exempt based on salary, rent paid, and the city of residence.
Proper documentation, such as rent receipts, is necessary to claim HRA exemption.

4. Deductions Under Section 80C

Section 80C offers a maximum deduction of ₹1.5 lakh on investments and expenses like EPF, PPF, life insurance premiums, and Equity Linked Savings Schemes (ELSS).
This deduction helps reduce your taxable income, making it a popular tax-saving tool.

5. Education and Health Deductions (Sections 80E and 80D)

Section 80E: Deduction on interest paid for an education loan, available for up to 8 years or until the loan is fully repaid.
Section 80D: Deduction on health insurance premiums up to ₹25,000 (or ₹50,000 for senior citizens), covering self, spouse, children, and parents.

6. Capital Gains Tax on Asset Sales

Gains from the sale of assets, such as property and stocks, are subject to capital gains tax. These are classified into short-term and long-term gains, depending on the holding period.
Long-term capital gains on listed equities are taxed at 10% above ₹1 lakh, while short-term gains are taxed at 15%.

7. Tax Deducted at Source (TDS)

TDS is deducted by employers or other payers (e.g., banks on interest income) before making payments, and it serves as an advance tax payment.
Reviewing TDS deductions throughout the year and reconciling them during filing helps avoid underpayments or overpayments.

8. Advance Tax Payments for Self-Employed Individuals

Self-employed individuals, business owners, and those with high-income sources outside of salary need to pay advance tax if their liability exceeds ₹10,000 for the year.
Advance tax payments are made in four installments throughout the financial year to prevent penalties on unpaid taxes.

9. Tax Benefits on Home Loans

Home loan interest qualifies for a deduction under Section 24(b) up to ₹2 lakh, while the principal repayment is deductible under Section 80C.
These tax benefits make home loans a useful tool for reducing tax liabilities while investing in property.

10. Corporate Tax Rates

Indian corporate tax rates vary based on turnover and type of company. Domestic companies with turnover below ₹400 crore are taxed at 25%, while others pay 30%.
Additionally, certain industries and companies opting for specific schemes may be eligible for reduced rates.

11. Income from Agriculture is Tax-Exempt

Agricultural income is fully exempt from income tax in India. However, it must be declared if your total income (including agricultural income) exceeds the threshold limit for tax purposes.

12. Deductions for Charitable Contributions (Section 80G)

Donations to eligible charitable institutions can be claimed as deductions under Section 80G, with varying deduction rates depending on the organization.
This provides an opportunity to reduce taxable income while contributing to social causes.

13. Tax Return Filing Deadlines are Important

Individuals typically must file their income tax returns by July 31 for the preceding financial year, while businesses often have until October 31.
Late filing can lead to penalties and interest, so filing on time is essential for maintaining compliance.

Stay Informed with Our Tax Resources

Navigating taxes can be complex, but with the right knowledge and resources, you can make informed financial decisions. Check our website frequently for tax tips, updates on tax laws, and tools to help you maximize deductions, credits, and overall tax savings.

4. Key Dates

Staying aware of important tax and financial filing deadlines can help individuals and businesses in India avoid penalties and streamline their accounting processes. Here’s a list of crucial dates for your financial calendar:

January 15

Advance Tax Payment (Quarter 3)

The third installment of advance tax is due for individuals and businesses with significant non-salary income, such as freelancers and business owners.

January 31

TDS Statement for Quarter 3 (Form 24Q and 26Q)

Employers and deductors must file their quarterly TDS returns by January 31. This helps ensure accurate tax deductions and credits for the year.

March 15

Advance Tax Payment (Quarter 4)

The final advance tax installment for the financial year is due by March 15. Timely payment is essential to avoid interest penalties on underpaid taxes.

Tax Return Filing Deadline for Companies

This deadline applies for tax filings of domestic companies, including submission of required financial reports and forms.

March 31

End of Financial Year

March 31 marks the end of India’s financial year. Ensure all necessary year-end entries, reports, and financial statements are finalized by this date.

April 15

Form 15G/15H Submission for New Financial Year

Individuals who expect to earn income below the taxable threshold can submit Form 15G (or 15H for seniors) to avoid TDS on interest income.

June 15

Advance Tax Payment (Quarter 1)

The first installment of advance tax for the new financial year is due. This applies to individuals with significant non-salary income, businesses, and self-employed professionals.

Form 16 Issuance by Employers

Employers must provide Form 16 to their employees by this date. It serves as a summary of taxes deducted at source on salary income, helping employees in their tax return filing.

July 15

TDS Statement for Quarter 1 (Form 24Q and 26Q)

The TDS return for the first quarter is due on this date. Employers and others responsible for deducting tax at source must file these returns.

July 31

Income Tax Filing for Individuals and HUFs

Individuals, Hindu Undivided Families (HUFs), and salaried taxpayers without audit requirements must file their income tax return by July 31 for the previous financial year.

September 15

Advance Tax Payment (Quarter 2)

The second installment of advance tax is due for all taxpayers with substantial non-salary income. Meeting this deadline helps avoid interest charges on unpaid taxes.

Extended Filing Deadline for Audited Accounts

Companies and entities requiring statutory audits must file their returns by this date. This applies to businesses and self-employed individuals with higher income levels.

October 15

TDS Statement for Quarter 2 (Form 24Q and 26Q)

Employers must file TDS returns for the second quarter, ensuring accuracy in tax credits for their employees and contractors.

October 31

Income Tax Filing for Companies and Audited Entities

Companies and individuals subject to audit requirements must file their income tax return by October 31 for the previous financial year, including all relevant financial disclosures.

December 15

Advance Tax Payment (Quarter 3)

The third installment of advance tax for the financial year is due by December 15.

Additional Monthly and Quarterly Deadlines

Monthly GST Filing

GST returns, such as GSTR-1 and GSTR-3B, are due monthly, typically by the 10th and 20th of each month for businesses registered under GST.

Quarterly GST Filing (for Quarterly Taxpayers)

Businesses eligible for quarterly GST returns must file by the 13th of the month following each quarter, ensuring GST compliance.

Staying Compliant and Avoiding Penalties

Missing tax deadlines can result in penalties and interest charges. Keeping a track of these key dates allows businesses and individuals to meet compliance requirements smoothly. Reach out to our accounting team to stay updated on these deadlines, or to get reminders and assistance with timely filing.

This list of key dates provides a practical guide for Indian taxpayers and businesses to organize their financial responsibilities effectively.