Introduction Filing taxes as a freelancer in the USA can feel overwhelming, especially for those new to self-employment. Unlike traditional employees, freelancers must handle their own tax filings, deductions, and payments. Understanding the process is essential to avoid penalties and maximize deductions. This guide provides a step-by-step approach to filing taxes as a freelancer, including… Read More »
Introduction Taxation is an essential component of any economy, and tax deductions play a crucial role in reducing the tax burden for individuals and businesses. By understanding tax deductions, taxpayers can optimize their tax liabilities while complying with legal provisions. This article provides an in-depth discussion on tax deductions, including their definition, applications, benefits, limitations,… Read More »
Introduction Disadvantages of Direct Tax : Taxation is the backbone of a nation’s economy, providing the government with revenue to fund public services and infrastructure. Taxes are broadly classified into direct and indirect taxes. While direct taxes are levied on an individual’s or a business’s income and profits, indirect taxes are imposed on goods and… Read More »
Corporate tax is a crucial aspect of any country’s taxation system, directly impacting businesses and economic policies. In India, corporate tax is levied on the income or profits of companies, forming a significant portion of government revenue. However, many individuals often wonder whether corporate tax is a direct or indirect tax. Understanding this classification is… Read More »
India is a lucrative market for foreign businesses due to its vast consumer base, dynamic economy, and growing digital landscape. However, taxation plays a crucial role in determining the viability of foreign investments. The corporate tax framework in India is governed by the Income Tax Act, 1961, which outlines the tax obligations for both domestic… Read More »
Understanding GST on Flat Purchase in India When buying a flat, understanding Goods and Services Tax (GST) is essential as it impacts the total cost of your investment. GST, introduced on July 1, 2017, under the Goods and Services Tax Act, replaced multiple indirect taxes such as VAT, service tax, and excise duty. This brought… Read More »
Manpower Tax Penalty Manpower Tax Penalty, Employment Agency Audit the penalty and due date of the tax audit report for Manpower & Employment Agencies (MEAs) vary depending on the state. In Wisconsin, for example, MEAs are required to file a tax audit report with the Department of Revenue by the 15th day of the… Read More »
Threshold And Deadline for Tax Audit Threshold And Deadline for Tax Audit, The threshold limit for tax audit for Manpower & Employment Agencies in India is Rs. 10 crore for the financial year 2023-24, if the cash transactions do not exceed 5% of the total transactions. This is an increase from the previous threshold limit… Read More »
Tax Deduction for Media House Tax Deduction for Media House, Absolutely, here are several tax deduction for media house when filing their income tax returns: 1. Section 80C: This provision permits a deduction of up to Rs. 1,50,000 for investments in qualifying schemes like life insurance premiums, ELSS, PPF, etc. 2. Section 80D: This rule… Read More »
Tax Deduvtion for Educational Institutions Tax Deduvtion for Educational Institutions such as schools, colleges, universities, and professional schools in India can avail certain tax deductions while filing their income tax returns (ITR). Here’s an explanation of the available tax deductions: ◘ Section 10(23C): Educational institutions can claim tax exemption under Section 10(23C) of the… Read More »
