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 »
Interstate GST and Intrastate GST GST is applicable to both interstate GST and intrastate GST transactions, each with its own set of tax rates and regulations. GST, which stands for Goods and Services Tax, is a comprehensive indirect tax introduce in India on July 1, 2017. It replaced multiple indirect taxes levied by the… Read More »
What is meant by net proceeds in taxation In the context of taxation, net total proceeds represent the total revenue obtained from a specific transaction or event, taking into account all applicable expenses, taxes, and deductions. To visit https://www.gst.gov.in/ For instance, let’s consider the scenario where an individual sells a property for Rs. 50 lakhs.… Read More »
Net taxable income Net Taxable income represents the portion of income that is liable to taxation after considering all eligible deductions and exemptions. It is the income remaining after deducting allowable expenses like contributions to provident fund, investments in specified tax-saving schemes, medical expenses, and more from the gross income. To visit https://www.gst.gov.in/ To calculate… Read More »