Tag Archives: #TaxationDetails

Applicable GST: What does “GST extra as applicable” mean?

Applicable GST GST extra as applicable” indicates that the price mentioned for a product or service does not include the Goods and Services Tax imposed by the government. The GST amount will add separately to the quoted price, and the final price will include in it.  So the GST amount will add to the quoted… Read More »

What is the difference between TDS vs TCS?

Difference between TDS vs TCS    Difference between TDS vs TCS, TDS and TCS are both types of tax collection mechanisms in India, but they differ in their nature, purpose, and applicability. TDS TDS (Tax Deducted at Source) is a tax collection mechanism that requires a person to deduct tax at a prescribed rate from the… Read More »

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

Corporate and non-corporate assessee In India, the term “assessee” refers to an individual or entity that is legally liable to pay income tax under the Income Tax Act, 1961. The Income Tax Act categorizes taxpayers into two groups based on their legal structure:  For more information to Visit https://www.mca.gov.in A corporate assessee is an entity… Read More »

What does it mean when we say GST is a destination based tax?

Destination based tax When we refer to GST (Goods and Services Tax) as a destination-based tax.  It implies that the tax is imposed at the final point of consumption for goods or services. The tax proceeds collecte by the state where the goods or services consumed, rather than the state where they produced. For more… Read More »

How do street vendors in India pay tax or register under tax laws?

Street Vendors In India   Street Vendors In India, To register for taxes as a street vendor in India, the following steps should be followed: Obtain the necessary licenses: Street vendors must acquire licenses from the relevant local authorities, such as municipal corporations or local bodies, to conduct their business operations. They might also need… Read More »

What are the taxes that you pay on dividends and how do they work in India?

Drawbacks of a single member LLC   The tax treatment of dividend income in India depends on the type of dividend and the total amount received during the financial year. There are two types of dividends: Regular Dividend: This refers to dividends paid out of the current year’s profits and is now taxable in the… Read More »