PAN card for all PAN card for all,No, possessing a Permanent Account Number card is not obligatory for all Indian citizens. However, it is mandatory for specific financial transactions and activities. The following are some instances when it is mandatory to have a Permanent Account Number Filing Income Tax Returns (ITR): Anyone who has… Read More »
Advantages and disadvantages 1.Fairness: Direct taxes are base on a persson’s income or wealth, so those who earn more pay more, which is seen as fair. 2.Progressive: Direct taxes are design to be progressive, meaning that the tax rate increases as the income or wealth of the taxpayer increases, which helps to reduce income inequality.… Read More »
GST rates GST rates: The Goods and Services Tax (GST) in India is a value-added tax applied to the supply of goods and services. The applicable GST rates for commissions are determined based on the nature of the commission and the type of service rendered. In general, commissions are considered services and are subject… Read More »
Is GST Registration Necessary for a Pvt. Ltd. Company with Exempted Services? Navigating the complexities of Goods and Services Tax (GST) can be challenging for businesses, particularly when it comes to understanding registration requirements. For a Private Limited Company (Pvt. Ltd.) providing services that are exempt from GST, a common question arises: Is GST registration… 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 »
Declaration of Section 206AB Declaration of section 206AB, Section 206AB of the Income Tax Act, 1961, was implemented as part of the Union Budget 2021 and has been in effect since July 1, 2021. This provision mandates designated individuals to withhold tax at an increased rate on particular payments made to individuals who have… Read More »
Under 18 and taxes in India? Under 18 and taxes in India: Yes, even if you are under 18 years old, you may still be required to pay tax in India if you have income that is taxable. The Income Tax Act, 1961, does not provide any exemption from tax liability based on… Read More »
GST in India Co-working spaces have become popular in India, especially among freelancers, startups, and small businesses. They offer flexibility, cost-efficiency, and the opportunity to work in a dynamic, shared environment. However, as with any business arrangement, questions arise about legal liabilities, especially when it comes to taxes, such as the Goods and Services Tax… Read More »
Is the provision for taxation a liquid asset or not The provision for taxation is not considered a liquid asset. In financial terms, a liquid asset refers to an asset that can easily convert into cash without significant loss in value. While the provision for taxation represents an estimated amount set aside by a company… Read More »
