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 »
User Intent Users searching for GST rates on commissions are likely business owners, freelancers, financial professionals, or accountants. They aim to understand how the Goods and Services Tax (GST) applies to commissions, its impact, benefits, and limitations. This guide provides an in-depth analysis of GST rates on commissions in India. Introduction The Goods and… 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 »
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 »
GST in India Introduction Co-working spaces have become increasingly popular in India, providing freelancers, startups, and businesses with flexible office solutions. However, a common concern among members is whether they are legally liable for tax issues like Goods and Services Tax (GST). Understanding tax obligations is essential to ensure compliance and avoid legal complications. Understanding… 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 »