Introduction Revenue and tax are two crucial financial concepts, often confused due to their interrelation. Revenue refers to the total income generated by an entity, while tax is a mandatory financial charge imposed by the government. This article will provide a step-by-step guide on their differences, applications, benefits, limitations, and a cooperative table comparison. Definition… Read More »
Benefit of GST number Benefit of GST number: Introduced on July 1, 2017, the Goods and Services Tax (GST) is a comprehensive indirect tax implemented in India. Under the GST regime, businesses are assigned a unique identification number known as the GST number. This 15-digit alphanumeric code plays a vital role in tracking the… Read More »
Introduction What does it mean when we say GST is a destination based tax? Goods and Services Tax (GST) is a revolutionary tax reform that has streamlined indirect taxation in many countries, including India. One of its key features is that it is a “destination-based tax. ” This means that the government levies tax at… Read More »
Filing income tax returns Filing income tax returns is mandatory for several reasons: Legal Requirement The law mandates individuals and entities to file income tax returns within the specified due dates. Failure to comply with this requirement may result in penalties and legal consequences. Income Assessment Filing tax return allows the tax authorities to… Read More »
Introduction Salt is one of the most essential commodities in daily life, used in cooking, food preservation, and even industrial applications. Given its significance, a common question arises: Are we paying tax for salt in India? This article explores the taxation policy on salt, its benefits, limitations, applications, and other related aspects. Definition Salt, chemically… Read More »
Is corporate tax a direct or an indirect tax Direct taxes are taxes that are levied on individuals or entities based on their income, profits, or assets. Corporate tax is a direct tax that is imposed on the profits earned by corporations and other business entities. The tax is calculated based on the net income… Read More »
