Tag Archives: #TaxationDemystified

What is the meaning of corporate assessee and non-corporate assessee?

What is the Meaning of Corporate Assessee and Non-Corporate Assessee? Introduction Taxation plays a crucial role in a country’s economic system, ensuring revenue generation for developmental activities. In India, tax laws classify taxpayers into various categories based on their legal structure and operations. Among these classifications, corporate and non-corporate assessees stand out as two primary… Read More »

Can a non-GST registered company issue a tax invoice?

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 »

Why TDS is deducted?

        User Intent People often wonder why Tax Deducted at Source (TDS) is deducted from their salary, professional fees, or interest income. This article provides a detailed, step-by-step guide to help you understand the concept, its applications, benefits, limitations, and comparisons with other tax collection methods. Introduction TDS, or Tax Deducted at… Read More »

Which allowances are taxable under the Income Tax rules of India?

   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 »