Monthly turnover Website Link monthly turnover: Even if a business has a monthly turnover of less than INR one lakh, it can still benefit from registering for GST (Goods and Services Tax) in India. Some of the benefits are: 1.Legitimacy: GST registration gives a business legal recognition and legitimacy. This can help in gaining… Read More »
Input tax Input tax is a type of credit that a business can claim against the taxes. It has paid on the purchases made for its business operations. It considers as an asset under the GST regime because it is a recoverable tax credit and can use to offset the output tax liability, thereby reducing… Read More »
Capital income Vs Capital Gains Capital gains and capital Income are two different concepts in the field of finance. It’s refers to any income earned from capital assets, such as interest income from bonds, dividends from stocks, or rental income from a property. Capital income is typically earned as a regular income stream and… 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 »
Capital Gains Tax Capital gains tax is a tax imposed on the profit earned by individuals or corporations when they sell an asset at a higher price than its original purchase cost. This tax applies specifically to assets classified as “capital assets,” including stocks, bonds, real estate, and various investments. When an individual sells a… Read More »
Long-term capital asset In income tax, Long-term capital asset refers to any asset that is held by an individual or a company for a period of more than 36 months before being sold. The sale of such assets generates long-term capital gains or losses, which need to tax at a different rate than short-term capital… Read More »
Income Tax Saving Income Tax Saving,To avail tax deduction under Section 80GGC of the Income Tax Act for donations made to registered political parties in India, you can follow these steps: Identify the registered political party: Ensure that the donation is made to a political party that is register with the Election Commission of India.… Read More »