No statutory dues certificate Understanding the Significance A ‘No Statutory Dues Certificate’ issued by a Chartered Accountant serves as a declaration that the company has met all its statutory obligations concerning taxes, duties, and other dues within the stipulated timelines. This certificate is not merely a formality but a rigorous assessment of financial records… Read More »
15CA definition Form 15CA is a declaration form required by the Indian government for certain remittances made by residents of India to non-residents. It is used to ensure that appropriate taxes deduct and pay to the government before the funds are transferred abroad. 15CA definition When an Indian resident makes a remittance to a… Read More »
Is GST Registration Required for Small Wholesalers If you’re a small wholesaler in India, one of the most pressing questions you might have is whether you need to register for Goods and Services Tax (GST) if your annual turnover is less than ₹20 lakhs. The answer depends on several factors, including your business activities… Read More »
Filing ITR Filing ITR, In India, not everyone is required to file an income tax return (ITR). The requirement to file an ITR depends on various factors, including the individual’s age, income level, and the type of income earned during the financial year. Here are some general guidelines regarding who needs to file Filing ITR:… Read More »
Can TDS be deducted on the accreditation fee The answer to this question depends on the specific circumstances and nature of the accreditation fee. In general, TDS (Tax Deducted at Source) is applicable to certain types of payments made by businesses, such as salaries, rent, and professional fees. If the validation fee can be classified… Read More »
TDS Compliance for Partnership Firm TDS Compliance for Partnership Firm, For a partnership firms, compliance with TDS (Tax Deducted at Source) provisions is important to fulfil its tax obligations. Here are some key aspects of TDS compliance for a partnership firm: TAN Registration: The partnership firm must obtain a valid Tax Deduction and Collection… Read More »
Is GST mandatory for Amazon seller Yes, GST registration is mandatory for an Amazon seller if they meet certain criteria. According to GST laws, any person or business engaged in the supply of goods or services with an annual turnover exceeding Rs. 20 lakhs (Rs. 10 lakhs for northeastern and hilly states) is required to… Read More »
Indirect and Direct Tax Indirect and Direct tax is a type of tax that is imposed on the income or wealth of an individual or entity. It is called “direct” because the tax is levied directly on the person or entity that is liable to pay it. The tax liability cannot be shifted to… Read More »
Legal barter transaction Legal barter transaction, Yes, GST (Goods and Services Tax) may be levy on a legal barter transactions done between two companies. According to the GST Act, any supply of goods or services made for a consideration in the course of business or commerce is taxable, including barter transactions. The value of… Read More »
Purpose of GST returns The introduction of the Goods and Services Tax (GST) in many countries has streamlined the tax system by replacing multiple indirect taxes with a unified system. GST returns are a critical aspect of this tax framework, designed to ensure compliance, transparency, and effective tax collection. In this article, we will explore… Read More »
