Business Licenses for Taxes Business Licenses for Taxes Yes, business licenses generally required in Texas for many types of businesses. However, the specific licenses and permits needed can vary depending on the nature of the business and the location where it operates. Some common examples of licenses and permits required in Texas include: 1.… Read More »
Is ITR filing mandatory Filing an Income Tax Return (ITR) is an important responsibility for every taxpayer, but many people often wonder if it is mandatory in every case. The answer depends on various factors such as your income level, age, and sources of income. What is ITR Filing? Income Tax Return (ITR) is… Read More »
TDS Compliance Meaning TDS compliance meaning entails adhering to the regulations outlined in the Income Tax Act, 1961, pertaining to Tax Deducted at Source (TDS).. It involves the proper deduction, deposit, and reporting of TDS by the deductor (the person responsible for making specified payments) to the tax authorities. TDS compliance encompasses several aspects, including:… Read More »
Long-term capital asset In income tax, Long-term capital asset refers to any asset that is held by an individual or a company for a period of more than 36 months before being sold. The sale of such assets generates long-term capital gains or losses, which need to tax at a different rate than short-term capital… Read More »
Funds Taxability from Indian parents for NRI Funds taxability from Indian parents for NRI, As per the income tax rules in India, individuals residing abroad can receive money from their parents living in India without being liable for taxes, given certain conditions are met. Under the provisions of the Income Tax Act, 1961, gifts received… Read More »
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 »
