What is referral income and how is it taxed Referral income refers to the commission or incentive received by an individual for referring someone or a business to another individual or company. Referral income form of income is commonly earned by professionals in the sales or marketing field and it is taxed. To visit https://www.gst.gov.in/… Read More »
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 »
Difference land revenue and Land Tax Difference land revenue and Land Tax, It’s distinct terms used in the realm of land ownership and taxation. Land revenues denotes the payment made by the landowner to the government for utilizing and occupying the land. It is a periodic payment remitted by the landowner to the… Read More »
Is a Digital Signature Certificate (DSC) Mandatory for Proprietorship in GST? In the evolving landscape of India’s tax system, the Goods and Services Tax (GST) has become a central component for businesses across the country. One important aspect of GST compliance is the use of a Digital Signature Certificate (DSC) for filing returns and… Read More »
Annual GST Return Annual GST Return, The Government of India has recently introduced some changes to simplify and streamline the process of filing annual GST returns for taxpayers. Here are the key changes: Single return form: Previously, different forms were use for filing annual returns based on the taxpayer category. Now, a single annual return… Read More »
GST Compliance GST Compliance, Under the Goods and Services Tax (GST) regime in India, different categories of taxpayers are required to File returns to fulfill their GST Compliance. Here are the types of taxpayers and their corresponding return filing requirements: Regular taxpayers: Registered individuals or businesses who are liable to pay GST on their… Read More »
Tax Audit Tax audit is a process mandatory by the Indian Income Tax Act, 1961, designed to verify the accuracy of an individual or business’s financial records and tax returns. It is an examination of income and tax deductions to ensure that taxpayers comply with applicable tax laws. The tax audit serves as a… Read More »
Difference Between Income tax and income tax return Difference between income tax and ITR, income tax is a form of taxation impose by the government on the earnings of individuals, businesses, and other entities within a given financial year. It operates under a progressive tax system, where the tax rate rises as the income level… Read More »
Which items are liable for cess in GST In GST, cess is levy on certain goods or services that are consider to be luxury or sin goods, such as cigarettes, tobacco products, pan masala, aerated drinks, and luxury cars. For more information to visit https://www.gst.gov.in/ The proceeds from the cess are mean to be use… 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 »
