15CA/CB Compliance 15CA/CB compliance involves adhering to the legal obligations established by the Indian government regarding the transfer of funds from residents to non-residents. It involves the submission of Form 15CA and obtaining Form 15CB to ensure proper reporting and taxation of cross-border transactions. To achieve 15CA/CB compliance, the following steps need to be… Read More »
How much GST-registration can be issued on one PAN number In India, a business or individual can have multiple GST registrations under a single PAN (Permanent Account Number). However, there are specific scenarios that determine the need for multiple registrations. 1. Different States If a business operates in multiple states, it must obtain separate GST… Read More »
Is money transfer taxable in India Not all payment or transfer of money is taxable within India. The taxability of payment or transfer of money depends on the nature and purpose of the payment. For instance, if an individual receives salary income, then it is taxable under the head ‘salary’ and the employer is required… Read More »
Can I add a new HSN code addition after GST registration When a business registers under the Goods and Services Tax (GST) in India, it’s required to declare its goods and services using HSN (Harmonized System of Nomenclature) codes for goods and SAC (Services Accounting Codes) for services. These codes are critical for tax compliance… Read More »
Is GST Registration Necessary for a Pvt. Ltd. Company with Exempted Services? Navigating the complexities of Goods and Services Tax (GST) can be challenging for businesses, particularly when it comes to understanding registration requirements. For a Private Limited Company (Pvt. Ltd.) providing services that are exempt from GST, a common question arises: Is GST registration… Read More »
Is One GST Registration Possible for Different Businesses? Introduction Goods and Services Tax (GST) has revolutionized the taxation system in India, streamlining multiple indirect taxes into a single framework. Many entrepreneurs and business owners often wonder whether they need separate GST registrations for different businesses or if a single GST registration can cover all their… Read More »
Is the provision for taxation a liquid asset or not The provision for taxation is not considered a liquid asset. In financial terms, a liquid asset refers to an asset that can easily convert into cash without significant loss in value. While the provision for taxation represents an estimated amount set aside by a company… Read More »