Income Types Income types Website site Income Types: A showroom business should report various types of income in its Income Tax Return (ITR) to ensure compliance with tax regulations. The specific income types that need to be reported may vary based on the country’s tax laws, but generally, the following categories of… Read More »
Compliance Website Link Compliance: GST (Goods and Services Tax) registration is important for several reasons: Legal Compliance: GST registration is a legal requirement for businesses that meet the turnover threshold specified by the government. Failing to comply with the GST registration requirements can lead to fines and legal ramifications. Legitimate Business Operations: GST registration… Read More »
TAN vs GST TAN vs GST Website Link: Here are some key differences between TAN vs GST: Purpose: TAN: TAN is a unique 10-digit alphanumeric identifier issued to entities responsible for deducting or collecting tax at source (TDS). It is used for TDS-related purposes, such as deducting tax from payments made to employees, contractors, or… Read More »
TAN registration process Website Link: TAN registration process: To generate a TAN (Tax Deduction and Collection Account Number) on the Income Tax website in India, please follow these steps: Visit the Income Tax e-Filing website: Go to the official website of the Income Tax Department for e-Filing, which is https://www.incometaxindiaefiling.gov.in/. Ensure that you are using… Read More »
GST tax collection authority Website Link: GST tax collection authority: In the realm of Goods and Services Tax (GST) in India, a tax collector denotes an individual or entity entrusted with the task of gathering and remitting GST payments to the government for the purpose of GST tax collection authority. The following entities are typically… Read More »
Eligibility for GST registration Eligibility for GST registration Website link: Eligibility for GST registration: GST (Goods and Services Tax) registration in India is required for various entities involved in the supply of goods or services. The following individuals or entities are typically required to take GST registration: Regular Taxpayers: Businesses with an annual aggregate turnover… Read More »
Tan vs. GST Tan vs. GST Website Link Tan vs. GST:TAN (Tax Deduction and Collection Account Number) and GST (Goods and Services Tax) are two different tax-related identification numbers used in India. Here are the key differences between Tan vs. GST: Purpose: TAN: TAN is a unique identification number assigned to entities responsible for deducting… Read More »
Income tax registration Website Link: In India, TAN (Tax Deduction and Collection Account Number) is primarily used for TDS (Tax Deducted at Source) purposes, whereas income tax registration is done through a separate process. However, the TAN number is associated with income tax-related activities in the following ways: TDS Reporting: Entities or individuals who are… Read More »
Tax registration number Tax registration number: To acquire the PAN (Permanent Account Number) using a GST (Goods and Services Tax) number in India, please adhere to the subsequent instructions: Visit the official GST portal: Go to the Goods and Services Tax (GST) portal website of India at www.gst.gov.in. Click on “Search Taxpayer”: On… Read More »
Finding PAN in GSTIN Website Link: Finding PAN in GSTIN: The PAN (Permanent Account Number) is not directly embedded within the GST (Goods and Services Tax) number. However, the PAN number is used as a basis for generating the GSTIN (GST Identification Number). In the GSTIN, the PAN number is included as part of the… Read More »