Introduction The Finance Act 2021 introduced Section 194Q of the Income Tax Act to regulate tax deduction at source (TDS) on the purchase of goods. The provision came into effect on July 1, 2021, and aims to enhance tax compliance, prevent tax evasion, and widen the tax base. This article delves into the meaning, applicability,… Read More »
Introduction With the implementation of the Goods and Services Tax (GST), many consumers have been confused about whether they must still pay service charges at restaurants, hotels, and other service-oriented businesses. This article provides a step-by-step understanding of the service charge, its applicability after GST, its benefits, limitations, and frequently asked questions. Definition… Read More »
Introduction Taxation is an integral part of any economy, allowing governments to generate revenue for public welfare and infrastructure development. One such tax that businesses and service providers need to be aware of is Service Tax. This article will provide a step-by-step explanation of service, covering its definition, benefits, applications, limitations, and more. Definition… Read More »
Types of GST In India, the GST is classified into four main types: 1.CGST : This is the GST levied by the Central Government on the supply of goods and services within a state. 2.SGST : This is the GST levied by the state government on the supply of goods and services within a… Read More »
Pink tax Pink tax is a term used to describe the extra amount that women are charged for certain products or services that are marketed specifically to them, compared to similar products marketed to men. This can include items such as clothing, personal care products, and healthcare services. Pink tax is not a separate… Read More »
What is meant by net proceeds in taxation In taxation, the term “net proceeds” refers to the amount of money left after all allowable deductions, expenses, and costs have been subtracted from the total gross income or gross proceeds. The concept of net proceeds is essential for both individuals and businesses because it determines… Read More »
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 »
What is the Meaning of Corporate Assessee and Non-Corporate Assessee? Introduction Taxation plays a crucial role in a country’s economic system, ensuring revenue generation for developmental activities. In India, tax laws classify taxpayers into various categories based on their legal structure and operations. Among these classifications, corporate and non-corporate assessees stand out as two primary… Read More »
GST and Income Tax It follows a consumption-based model, where tax is collect at each stage of the supply chain, from the manufacturer to the end consumer. GST replaces multiple indirect taxes such as excise duty, service tax, and VAT, with the objective of establishing a unified market throughout the country… Read More »
User Intent Users searching for the difference between land revenue, land income, and land tax are likely seeking a clear understanding of these terms. They may be students, property owners, or professionals dealing with land transactions. This article provides a step-by-step comparison of these terms, including definitions, applications, benefits, limitations, and a… Read More »
