Tag Archives: #TaxationLegislation

What is direct tax and indirect tax?

Indirect and Direct Tax    Indirect and Direct tax is a type of tax that is imposed on the income or wealth of an individual or entity. It is called “direct” because the tax is levied directly on the person or entity that is liable to pay it. The tax liability cannot be shifted to… Read More »

What is the advantage of Section 194J tax deduction scheme over Section 192?

 The Advantage of Section 194J Tax Deduction Scheme Over Section 192 The Advantage of section 194J tax deduction scheme over Section 192: Tax deduction at source (TDS) is an important aspect of the Indian tax system, aimed at ensuring timely collection of taxes. While both Section 194J and Section 192 are key sections of the… Read More »

Will GST be levied on a legal barter transaction done between 2 companies?

Legal barter transaction   Legal barter transaction, Yes, GST (Goods and Services Tax) may be levy on a legal barter transactions done between two companies. According to the GST Act, any supply of goods or services made for a consideration in the course of business or commerce is taxable, including barter transactions. The value of… Read More »

What is the meaning of “standard deduction” in income tax rules?

Standard Deduction in income tax The meaning of “standard deduction” in the context of income tax rules, refers to a fixed amount of deduction that is applicable to the gross income of salaried individuals, regardless of the actual expenses incurred. The purpose of the standard deduction is to reduce the tax liability and provide relief… Read More »

What is One Time Tax?

  User Intent Users searching for “One-Time Tax” are likely looking for a clear understanding of what it is, how it works, and its advantages and disadvantages. This article provides a detailed breakdown of One-Time Tax, its applications, benefits, and limitations, along with a comparative table to enhance understanding. Introduction Taxation is an essential part… Read More »

If I am under 18, do I have to pay taxes in india?

  Introduction Taxation is an essential part of a country’s economy, contributing to the government’s revenue to fund various public services. While most adults are aware of their tax obligations, minors or individuals under 18 often wonder whether they must pay taxes in India. Understanding the tax laws applicable to minors can help in better… Read More »