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The topic of tax deductions from donations to political parties may seem dry and uninteresting at first glance. Still, it is a fascinating subject…
TDS stand for Tax Deductions at Sources. Basically, TDS is a part of Income Tax. The government, with the help of Tax Deducted at…
The introduction of the Goods and Services Tax (GST) in India in July 2017 marked a significant milestone in the country’s economic landscape. GST…
The GST Act 2017 is a comprehensive indirect tax law that combines several indirect taxes, including the Value Added Tax (VAT), central sales tax,…
Professional Tax is levied by the state government under the provisions of the Rajasthan Professional Tax Act, 1976. It applies to individuals who are…
Tax Deducted at Source (TDS) is a mechanism implemented by the Indian government to collect tax at the source of income generation. It ensures…
The Companies Act, 2013 is a comprehensive legislation governing the functioning and operations of companies in India. Under this act, companies are required to…
Goods and Service Tax is the one single tax replacing various indirect tax. GST Registration or Return filling is still a big matter of…
Income Tax Return (ITR) filing is a crucial process that every taxpayer needs to undertake every year. Filing the ITR accurately and within the…
Goods and Services Tax (GST) was implemented in India on July 1, 2017, under CGST Act, 2017 with the aim of simplifying the taxation…
Section 12A of the Income Tax Act, 1961, provides for the exemption of income of NGOs that are registered under this section. Registration under…
Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. GST returns are periodic…
The Companies Act, 2013 is the governing law for companies incorporated in India. It lays down the rules and regulations that companies need to…
Financial statements are crucial documents that businesses use to report their financial performance to stakeholders, such as investors, creditors, and regulators. These statements are…
Goods and Services Tax (GST) is a destination-based tax system that replaced various indirect taxes in India. Under the GST regime, every registered person…
Income tax is a fundamental component of any country’s revenue system. India is no exception to this rule. Income Tax Regulations for NRIs is…
Offences and Penalties under GST are the legal consequences that businesses may face for non-compliance with Goods and Services Tax (GST) laws. GST is…
The Goods and Services Tax (GST) is a comprehensive indirect tax that has had a significant impact on various sectors in India, including the…
Gurugram is a rapidly growing city in the National Capital Region (NCR) of India. The city is home to various businesses, which include small,…
Income from other sources is taxed at the applicable slab rate, as per the income tax laws. However, certain incomes may be exempt from…
Form 15G and Form 15H are used to save TDS (Tax Deducted at Source) on interest income earned by individuals. TDS is a tax…
The Goods and Services Tax (GST) Composition Scheme is a tax scheme that provides relief to small businesses by allowing them to pay a…
Capital gains tax is a tax levied on the profit earned from the sale of a capital asset. Such as property, stocks, mutual funds,…
On July 1st, 2017, India implemented the Goods and Services Tax (GST) to unify the country’s indirect tax structure. The Goods and Services Tax…
Goods and Services Tax (GST) was introduced in India on July 1st, 2017, to unify the country’s indirect tax system. GST is a value-added…
Calculating income tax on salary can be a complex process, as it depends on various factors such as your total income, tax deductions, and…
Tax Deducted at Source (TDS) is a mechanism introduced by the government of India to collect taxes from various sources of income. The purpose…
Taxes are an essential part of a functioning government, and the United States is no exception. U.S. taxation is a complex system of federal,…
An updated return, also known as a revised or amended return, is a type of tax return that taxpayers can file to correct errors…
The Goods and Services Tax (GST) regime, introduced in India on 1st July 2017, has revolutionized the way businesses pay taxes. The GST system…
GST applicability means to whether or not a specific goods and service (G&S) is comes under the GST in India. It is a wider…
The introduction of the Goods and Services Tax (GST) in India has been a major tax reform aimed at unifying the indirect tax system…
In recent years, there are various new notifications with regard to the filing of Form 10F introduce. Central Board of Direct Taxes (hereinafter referred…
The Indian tax system has various provisions to ensure timely and accurate payment of taxes. Section 194J of the Income Tax Act, 1961, is…
Filing Income Tax Returns (ITR) can be a daunting task for many individuals, especially those who are not familiar with the process. However, with…
Under the presumptive taxation system in India, certain eligible taxpayers are allowed to pay tax on a presumptive basis. This means that the income…
The Indian tax regime affects corporate governance by either imposing liabilities or offering tax incentives; in contrast, corporate governance has an impact on the…
If you want to cancel a flat booking, then you have come to the right place. How smooth your cancellation process basically depends on…
It is not easy to handle such a Huge yet Amazing country like India, where diversity between cultures, religions, Class can be seen clearly.…
“Your ride will be arriving shortly!” Nowadays even an ordinary person knows this and often uses a taxi service. In recent years, the rental…
My firm recently went through dissolution and I am not sure about the liability of the assets finally distributed. While wondering about such a…
After section 80P of the Income Tax Act, 1961 (Income Tax Act) section 80PA is inserted with effect from 1 April 2019. Section 80PA…
The Finance Act 2022 introduced section 194R which deals with the deduction of tax on benefits or emoluments to businesses or professions. Businesses, companies…
The Global Minimum Tax (GMT) applies a standard minimum tax rate worldwide to a defined corporate income base. The OECD has drawn up a…
The draft Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was proposed by the Indian Government and has become a key area of…
TDS was designed to collect tax directly from the source of revenue. According to this theory, a person (deductor) who is compelled to make…
Warehousing and storage of agricultural produce come under Service Account Code 9986 and are exempted under Insert No. 54(e) of Notification No. 12/2017-Central Tax…
Tax Planning is the process of evaluating a financial plan or conditions in relation to taxes in order to achieve the greatest possible tax…
The GST Council was formed to oversee the Goods and Services Tax (GST) legislation. The GST Council is a combined forum of the Centre,…
Section 13 of the Income Tax Act, 1961 (Income Tax Act) describes the situations in which the exemptions provided by Sections 11 and 12 would…
Unemployment is a significant issue in every country. Section 80JJAA was enacted to increase employment and encourage individuals. Section 80JJAA allows you to claim…
Since Satoshi Nakamoto first unveiled Bitcoin, this digital money has had a significant impact on culture. Some people claim that Bitcoin is a substantial…
In India, does crypto currency have to be taxed? Do you want to know how the Indian Income Tax Department (ITD) feels about Bitcoin…
To allow a registered taxpayer to transfer any amount of tax, interest, penalties, etc. that is accessible in the electronic cash ledger to the…
You must be conscious of a crucial update as you get ready to file GSTR-3B in August 2022. Table 4 of the form, as…
The experts at Legal Window have replicated the part and a recent judicial decision in this article. The latest judicial pronouncements mostly addressed E-way…
The Tax Auditors and the assessee are both concerned about ‘Clause 44’ in the tax audit report in Form 3CD, which deals with reporting…
Entrepreneurs rejoice! Now save money by hiring! The Income Tax Act 1961 contains a provision under section 80JJAA to offer additional tax credits to…
In the Indian economy, cash transactions have always played a major role and serve as a consistent reason for the accumulation of black money.…
For effective financial management, it is essential to understand the functioning, powers, and limitations of the powers of the tax authorities. This turns out…
The history of Income Tax in India is later back to the 1800s, In 1860 the tax was first introduced in India by Sir…
Article 279A of the Constitution of India provides for the establishment of the Goods and Services Tax Board by the President of India under…
There are two sorts of Indian Taxes: Direct Taxes and Indirect Taxes. During a fiscal year, direct taxes are charged on the revenue received…
The COVID-19 epidemic has had a huge impact on the Indian economy, resulting in one of the world’s greatest lockdowns. The Indian internet economy,…
While preparing GSTR-3B for August 2022, you must take note of a critical modification. From the GSTR-3B of August 2022 forward, the form’s recently…
The concept of Tax Deducted at Source was introduced with the purpose of collecting tax from the source of income. According to this concept,…
Tax is a compulsory fee that is imposed on corporations or individuals by the State and the Central Government. This fee is imposed by…
GST is a complex subject matter according to most people and over time these complexities only increased. With the rise in difficulty for taxpayers…
Audit by departmental authorities is a familiar concept. It already existed within the laws that existed even before the GST tax regime was introduced.…
Finance Minister of India, Smt. Nirmala Seetharaman on 1st February 2022 presented the 2nd digital union budget for the FY 2022-2023. Accordingly, the proposed…
The structure of GST (Goods and Service Tax) is created to make the process of tax collection efficient, reduce corruption, and make the movement…
Currently, there is a surge in equity transactions, investments, and so on. Indian investors have moved beyond conventional gold, silver, and real estate investments…
An auditor should utilize Form 3CD when examining the financial records of taxpayers who are the subject of tax audits. According to the Income…
Even after four years of GST implementation and over a thousand notifications and circulars, we continue to encounter several issues with GST on-site maintenance…
The Reserve Bank of India (RBI) regulates the purchase and acquisition of immovable property in India by non-residents under the Foreign Exchange Management Act…
Businesses must claim Input Tax Credit (ITC) that shows only in GSTR-2B from January 1, 2022. As a result, Rule 36(4) of the CGST…
The 47th GST Council meeting held on June 28th and 29th, 2022, produced a new proposal stating that GST will be levied at 5%…
In a circular dated August 3, 2022, the Central Board of Indirect Taxes and Customs (CBIC) clarified the application of the GST to various…
An Indian residing abroad is generally known as a Non-Resident Indian (NRI). NRI means a person residing outside India who is a person of…
Every coin has two faces and so the same applies to the concept of GST implementation in India. Of course, this is the biggest…
Input Tax Credit (ITC) reversal calculations, input tax credit availability and non-availability calculations, and input tax credit calculations for capital under GST each have…
The Goods and Services Tax (GST) on rent went into force on July 18th. However, the GST will only apply in particular circumstances and…
The tax on the income of educational institutions often remains the most controversial topic. The nature of educational institutions such as top educational institutions…
Indian taxes are classified into two types: direct taxes and indirect taxes. Direct taxes are levied on the income earned by various types of…
There has been a sharp increase in the number of GST notifications in the last 2 years. This is due to the completion of…
GST is a major factor that has the potential to cover the economic base of the country along with its ancillary activities, India is…
Hon’ble AAR, Gujarat in Re: Karma Buildcon [Case No- GUJ/GAAR/R/33/2020 dated July 2, 2020] has fixed this supplied value for a transaction of supply…
Under the GST Regime, assessees are required to obtain registration under the GST Act based on their aggregate turnover. All taxpayers (suppliers of goods…
Taxation is seen as one of the necessities that influence the formation of every constitutional democracy. Tax policy decisions in India have an impact…
The introduction of GST has brought a positive impact on the automobile sector. Previously, traders could not claim credit for excise duty and VAT…
The Government of India levies duty on all imports within the country and some exports from the country. The amount to be paid as…
According to a government proclamation dated March 31, proposed changes to the 45th GST Council Meeting on building bricks, clay tiles or roofs, fly…
Businesses that collect taxes from the general public are bound by the principle of public trust as the general public who pays such taxes…
The presumptive scheme option has always been an exciting and confusing story for taxpayers. As the 2016 Budget comes into effect from FY 2016-17,…
Insurance auditors while conducting insurance audits will review credit policy and procedures, tax records, risk assessments, and other financial records of insurance. This is…
Form 26AS is a tax credit statement that summarizes all tax deducted, tax received, advance taxes, and self-assessment taxes paid in a single report.…
After finishing a monetary accounting course, many students dread another semester of debit entries, credits, and reflective diaries. Fortunately, management accounting is not the…
If an individual is classified as ‘non-resident’ then the tax inference is similar to that of ‘RNOR’ status. In the case of NRIs, only…
Capital gain tax includes short-term capital gains and long-term capital gains. Larger assets can be properties or securities. There is a tax exemption in…
No filing or late filing of TDS/TCS returns can get you into trouble. As tax laws suggest, taxpayers fall under two penalties in the…
