Tax audit preparation Tax audit preparation Website Link Tax audit preparation: Preparing for a tax audit can be a daunting task, but with the right approach, you can make the process smoother and reduce your chances of encountering any issues. Ensuring precise record-keeping is vital when getting ready for a tax audit. It is… Read More »
Which country first started practicing taxation Taxation has been around for thousands of years and has been practiced in many ancient civilizations such as ancient Egypt, Greece, and Rome. However, it is difficult to pinpoint which country first started practicing taxation as we know it today. For more information visit this site: https://www.mca.gov.in In modern… Read More »
Which professions are exempt from income tax In India, no professions is completely exempt from income tax. However, certain professions or categories of taxpayers may be eligible for certain tax deductions or exemptions based on the provisions of the Income Tax Act. To visit- https://www.incometax.gov.in As an illustration, specific types of income such as agricultural… Read More »
Taxability Of Invoices In India In India, invoices are not taxed directly. Instead, taxes such as GST (Goods and Services Tax) or VAT (Value Added Tax) are levied on the value of goods or services mentioned in the invoice. The tax amount is calculated based on the applicable tax rate and added to the invoice… Read More »
What is a tax exemption? A tax exemption refers to the exclusion of certain income, investments, or expenses from being subject to taxes. Governments grant tax exemptions to encourage specific activities or provide benefits to particular groups of taxpayers. For instance, in India, under Section 80TTA of the Income Tax Act, the interest earned… Read More »
Features of Tax Audit A tax audit is a critical process conducted by a tax professional or authority to ensure that taxpayers’ financial records and returns are accurate and compliant with tax laws. In India, the tax audit is mandated under Section 44AB of the Income Tax Act, for certain taxpayers. Understanding the key features… Read More »
International Taxation International taxation, Taxability of non-resident individual with active business in India If an individual who was a resident of India for 5 years and running a proprietorship business in India becomes a non-resident, the taxability of their business income in India will depend on the source of the income and the residential status… Read More »
HRA Tax Exemption Calculation HRA tax exemption calculation: HRA, short for House Rent Allowance, is a salary component provided by employers to assist employees in covering their rental expenses. The exemption for House Rent Allowance (HRA) is determined by considering The following three factors: Actual HRA received from the employer. Rent paid by the employee… Read More »
Conveyance allowance tax limit Conveyance allowance is a financial benefit provided by employers to their employees to cover expenses related to travel between their home and workplace. This allowance helps employees manage transportation costs effectively. However, like many benefits, the tax implications surrounding conveyance allowance can be complex. In this article, we’ll explore the tax… Read More »
Individual retail sale tax-exempt India Individual retail sale tax-exempt India, Confirm if the goods or services being sold qualify for tax exemption. Certain items like essential medicines, agricultural products, and educational services are exempt from taxes. Obtain a valid tax exemption certificate: If the buyer qualifies for tax exemption, they should provide a valid… Read More »
