New vs Old Tax Regime The new tax regime under the Income Tax Act in India, introduced in the Union Budget 2020-21, offers taxpayers an alternative tax structure with lower tax rates but without various deductions and exemptions available under the old tax regime. New tax regime: 1. Lower Tax Rates: The new tax regime… Read More »
Differences between 15CA and 15CB Differences between 15CA and 15CB, The main differences between 15CA and 15CB lies in their purpose and the entities responsible for their issuance. Here’s a breakdown of the differences between 15CA and 15CB the two forms: Form 15CA: 1.Purpose: Form 15CA is a declaration form that individuals or entities… Read More »
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 »
Is Tax Planning Legal Tax planning is a legitimate and legal practice used by individuals and… Read More »
TDS Codes In the Indian context of Tax Deducted at Source (TDS), TDS code denote distinct identification codes assigned to various payment categories for the purpose of reporting. These codes are use while filing TDS returns to indicate the nature of the payment on which TDS has been deducted. The TDS code are specify… Read More »
Register a Sole Proprietorship Register a Sole Proprietorship, There are numerous advantages to register a sole proprietorship, making it a commonly recommended choice for various legal, financial, and operational purposes. Here are some key reasons why you might want to register your sole proprietorship: Legitimacy and Credibility: Registering your sole proprietorship provides a level of… Read More »
GST Compliance Requirements GST compliance requirements, To ensure GST compliance, businesses need to fulfil certain requirements and obligations. Here are some key requirements for Gst compliance requirements : GST Registration: Businesses whose turnover exceeds the specified threshold (varies by country) are required to register for GST. The registration process involves providing necessary information to… 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 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 »
GST on raw material input If there is no GST on raw material input, then there will be no GST charged on the sale of the. However, if raw material use in the production of a taxable good or service. Then GST will charge on the value of the final product or service at the… Read More »
