Do I have to pay capital gains tax if I have no income Yes, if you have made a capital gain during the financial year, you may have to pay capital gain tax even if you have no income. However, the capital gain tax is calculated on the profit earned from the sale of assets,… Read More »
Is tax on capital gains to be paid separately from income tax Yes, tax on capital gains is calculated and paid separately from income tax. Capital gains tax is a tax levy on the profits earn from the sale of capital assets, such as property, stocks, and other investments. The tax rate and rules for… Read More »
Non-negotiable letter of credit A non-negotiable letter of credit is a financial instrument used in international trade to provide payment security for the seller or exporter. Unlike a negotiable letter of credit, which can be bought and sold on the secondary market, It cannot be transferred to a third party. It is only valid between… Read More »
PF (Provident Fund) number PF number lookup using employer’s name: To get your PF (Provident Fund) number using your employer’s name, you can follow these steps: Visit the EPFO website (Employees’ Provident Fund Organisation). Click on the “For Employees” option and select “Know Your PF Balance” from the drop-down menu. Select your state and click… Read More »
Clarification for the GST new registration After filing an application for Clarification for a new GST registration in India, the time taken to receive a response can vary depending on various factors such as the workload of the registration authority and the complexity of the application. To Visit https://www.gst.gov.in/ However, according to the GST Act,… Read More »
Input Tax Credit However, it’s important to understand that not all goods and services are subject to RCM. GST is only applicable under the Reverse Charge Mechanism (RCM) in specific situations as specified by the government. For instance, RCM applies to services provided by a goods transport agency, legal services, services provided by an… Read More »
Section 112 Vs. 112A Income Tax Section 112 and Section 112A of the Income Tax Act, 1961 address the taxation of long-term capital gains from the sale of listed equity shares or equity-oriented mutual funds. However, there are several distinctions between these two sections Section 112 Vs. 112A Income Tax. Applicability: Section 112 covers all… Read More »
Can a non-GST registered company issue a tax invoice A non-GST registered company is one that has not obtained GST registration, either because its turnover is below the threshold limit or it falls under the exempt category. The question of whether such a company can issue a tax invoice depends on the nature of its… Read More »
Taxable allowances Taxable allowances, Under the Income Tax regulations in India, certain allowances are subject to taxation. Some of the commonly taxable allowances include: Dearness Allowance (DA): DA is an allowance provided to employees to offset the impact of inflation. It is fully taxable. House Rent Allowance (HRA) HRA is an allowance provided by employers… Read More »
Is fee paid to Non-Professional accountant subject to TDS TDS on fee of Non-Professional accountant is mandatory. The payment made to a non-professional accountant is subject to Tax Deducted at Source (TDS) as per Section 194J of the Income Tax Act, 1961. The applicable TDS rate for non-professional services is 10%, with a reduced rate… Read More »
