TaxPlanning V/s TaxEvasion TaxPlanning V/s TaxEvasion are separate concepts with distinct consequences: Tax Planning: Tax planning refers to the legal and strategic arrangement of financial affairs to minimize tax liabilities within the boundaries of the law. It involves taking advantage of available tax deductions, exemptions, credits, and incentives to optimize your tax position.… Read More »
Tax Planning and Tax Evasion Taxation Planning and Tax Evasion: Distinguishing Between Tax Planning and Tax Evasion: Tax planning involves the legitimate process of strategizing and making financial decisions to minimize tax liabilities within the boundaries of tax laws and regulations. It aims to optimize tax outcomes by taking advantage of available tax incentives, deductions,… Read More »
Risk in taking GST on home address There is no inherent risk in taking GST registration on a home address. Before taking GST registration on a home address, certain factors must be considered. For more information visit this site: https://www.gst.gov.in/ Firstly, it is important to ensure that the residential premises is a suitable place of business,… Read More »
GST Non Compliance GST Non Compliance, refers to the failure of a registered taxpayer to fulfil the requirements and obligations as prescribed by the Goods and Services Tax (GST) laws and regulations. Non-registration: Failing to register for GST when required by law, either due to not meeting the threshold for registration or intentionally avoiding… Read More »
Tax Evasion Tax evasion refers to the illegal practice of intentionally evading or avoiding the payment of taxes owed to the government. It involves dishonest and deliberate actions taken by individuals, businesses, or organizations to conceal, misrepresent, or understate their taxable income or assets in order to reduce their tax liability. To Visit https://www.incometax.gov.in/ Tax… Read More »
Consequences Website Link Consequences: Failure to comply with the e-invoicing requirements under the new Goods and Services Tax (GST) regime in India can have several consequences: Penalty: Failure to comply with the e-invoicing requirements may lead to penalties, which can range up to Rs. 10,000 or 1% of the transaction value, whichever is higher. 10,000… Read More »