PAN Card for Company Registration PAN Card for Company registration, A PAN (Permanent Account Number) card is a unique 10-digit alphanumeric identification number issu by the Income Tax Department of India. It is use as an important identity proof for various financial and non-financial transactions, such as filing income tax returns, opening a bank account,… Read More »
Is it mandatory to create deferred tax asset or liability No, it is not mandatory to create a deferred tax asset or liability. Deferred tax assets and liabilities are recognized based on the principles of accrual accounting and the matching principle, which requires that expenses and revenues should be recognized in the period in which… 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 »
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 »
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 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 »
Company registration for GST Yes, company registration is mandatory for GST registration in India. Only entities that register under a legal structure recognize by the Indian law can apply for GST registration. This includes companies registered under the Companies Act, 2013, as well as other types of entities such as LLPs (Limited Liability Partnerships), partnerships,… Read More »
Advantage of Section 194J tax deduction Section 194J and Section 192 are two different tax deduction schemes under the Indian Income Tax Act. Section 194J deals with tax deduction at source (TDS) on professional or technical services, while Section 192 deals with TDS on salaries. The advantage of Section 194J over Section 192 is that… Read More »
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 »