TDS compliance in tax audit report TDS compliance in tax audit report, In the context of a tax audit report, ensuring compliance with TDS (Tax Deducted at Source) is a vital factor that requires attention. Here are some key considerations regarding TDS compliance in a tax audit report: Verification of TDS Deductions: The tax auditor will… Read More »
TDS Compliance TDS compliance, In India, the Tax Deducted at Source (TDS) compliance portal is an online platform provided by the Income Tax Department of India for TDS-related activities. The portal is known as the “TRACES” portal, which stands for TDS Reconciliation Analysis and Correction Enabling System. It offers various services and features… 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 »
Non-taxability of agricultural income In India, agricultural income is not taxable because it is considered as a primary source of income for many rural households and farmers. The government encourages agriculture and farming as it contributes significantly to the country’s economy that’s why it comes under non-taxability of agricultural income. To visit: https://www.incometax.gov.in Taxing agricultural… Read More »
Is money transfer taxable in India Not all payment or transfer of money is taxable within India. The taxability of payment or transfer of money depends on the nature and purpose of the payment. For instance, if an individual receives salary income, then it is taxable under the head ‘salary’ and the employer is required… Read More »
Can one HSN code have multiple GST rates No, one cannot have multiple GST rates. Each HSN code is associated with a specific GST rates based on the type of goods or services being supplied. The GST rates are fixed by the GST Council, and each is assigned a specific rate based on the category… Read More »
Can I add a new HSN code addition after GST registration Yes, it is possible to add a new HSN code addition after the GST registration. Businesses can add new goods and services under different HSN codes as and when required. The process for adding a new HSN code involves logging in to the GST… Read More »
GSTRegistration for individuals GSTRegistration for individuals Yes, an individual person can get registered under GST in India to sell online. Businesses with an annual turnover exceeding Rs. 40 lakhs (or Rs. 20 lakhs in special category states) are required to mandatorily register for GST. In certain instances, individuals whose annual turnover falls below the prescribed… Read More »
Long-term capital gains tax India It is a tax on long-term capital gains tax India refers to the tax impose on the earnings generate from the sale of assets that are held for a long period of time. In the Indian context, long-term capital gains tax is applicable on the sale of assets such… Read More »
GST registration for multiple states GST registration can obtain a taxable person under GST in each of the State or Union Territory, from where the taxable supply of goods or services made. For example, if a restaurant operates in the States of Maharashtra and Delhi, then separate GSTIN would have to be obtained for Maharashtra… Read More »