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This article explains what cess on income tax means, its full form, and how the 4% Health and Education Cess is calculated, with worked examples across income slabs. It also breaks down the difference between cess and surcharge, the types of cess levied in India, and who is liable to pay. Cess on income tax is an additional levy the Central Government charges on top of …
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This article explains what a UPI reference number is, how its 12-digit format works and how to track it online using your UPI app passbook or history section. It also covers the difference between a UPI reference number and a UPI ID and what to do if a transaction gets stuck. What is a UPI Reference Number? A UPI reference number, …
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Virtual Payment Address (VPA) in UPI or Unified Payments Interface is a unique identifier of your account. It is a system that bypasses the need for bank account numbers and bank IFSC. You can use VPA to send or receive money, make bill payments and initiate merchant payments. To learn more about VPA in payment, …
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A BSR code is a 7-digit bank branch code used mainly for tax payment tracking in India. Its full form is Basic Statistical Return Code, and it helps the Income Tax Department identify the bank branch through which tax payments, TDS, TCS or challan-related transactions are made. In simple terms, you can say BSR code is a unique identification number allotted by the Reserve Bank of India …
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It is crucial to know the difference between CGST and SGST, and IGST to file accurate returns. To further the ‘One Nation, One Tax’ policy, the Government of India introduced a new indirect tax regime called the GST in 2017. These three categories of GST simplify interstate and intrastate transactions. To learn what is IGST, …
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A term loan offers an excellent means of financing when a business experiences a shortage of funds. Businesses need capital to cover their day-to-day operations and capitalise on growth opportunities. These expenses include paying rent for the workspace, purchasing raw materials, paying suppliers and covering utility bills. Read on to learn what is a term …
Your Aadhaar card can be linked with your ration card either online by visiting your state PDS portal, offline by visiting your nearest ration shop/PDS centre or via SMS, wherever facility is provided. The process of linking ration card with Aadhaar card assists in verifying the real beneficiaries, removing duplicates of ration cards and ensures subsidised food grains are supplied to the right …
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A salary account is basically for people who are salaried professionals. It usually comes with 0 minimum balance, salary-linked benefits and easier banking privileges. A savings account, on the other hand, is better for anyone who wants to park money safely, earn interest and manage everyday transactions, even without a monthly salary credit. Simply put, the main difference between a salary account and a savings …
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DBT full form in bank is Direct Benefit Transfer, a government program designed to transfer subsidies directly to beneficiaries’ bank accounts, ensuring convenience and transparency. With many welfare programs introduced by the Government of India, DBT ensures its benefits reach the underprivileged population on time without hassle. Often, the funds released from the government trusts …
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RBI launched Digital Rupee officially as a legal tender for the wholesale segment on December 1, 2022. Taking another step towards the ‘Digital India’ initiative, the new digital currency of India is exchangeable with paper currency. Also referred to as the Central Bank Digital Currency (CBDC), this helps the country head towards a cashless economy. …
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