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 »
User Intent Users searching for this topic likely want to understand whether a business without GST registration can issue a tax invoice. They may be business owners, entrepreneurs, or accountants looking for legal clarity. This article provides a step-by-step explanation, covering definitions, applications, benefits, limitations, and comparisons. Introduction Tax invoices play a crucial role in… Read More »
Introduction Allowances are additional financial benefits given by employers to employees apart from their basic salary. While some allowances are fully taxable, others enjoy partial or complete exemption under the Income Tax Act, 1961. Understanding the taxability of various allowances is crucial for both employers and employees to ensure proper tax planning and compliance.… 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 »
User Intent Users searching for the difference between debtors and creditors are likely looking for clear definitions, practical applications, and a comparative analysis. This article provides a detailed, structured guide to help understand these financial terms with examples, benefits, and limitations. Introduction Financial transactions involve two major parties: debtors and creditors. Understanding… Read More »