Benefit of GST number Benefit of GST number: Introduced on July 1, 2017, the Goods and Services Tax (GST) is a comprehensive indirect tax implemented in India. Under the GST regime, businesses are assigned a unique identification number known as the GST number. This 15-digit alphanumeric code plays a vital role in tracking the… Read More »
Difference land revenue and Land Tax Difference land revenue and Land Tax, It’s distinct terms used in the realm of land ownership and taxation. Land revenues denotes the payment made by the landowner to the government for utilizing and occupying the land. It is a periodic payment remitted by the landowner to the… Read More »
Section 112 Vs. 112A Income Tax Section 112 and Section 112A of the Income Tax Act, 1961 address the taxation of long-term capital gains from the sale of listed equity shares or equity-oriented mutual funds. However, there are several distinctions between these two sections Section 112 Vs. 112A Income Tax. Applicability: Section 112 covers all… Read More »
Terminal tax It refers to the ultimate tax payment that must make by an individual or entity prior to the conclusion of a tax period. This scenario commonly arises for businesses or self-employed individuals who obligate to pay provisional tax throughout the year, estimated based on their projected income. When the tax year concludes, the… Read More »
Difference Between Income tax and income tax return Difference between income tax and ITR, income tax is a form of taxation impose by the government on the earnings of individuals, businesses, and other entities within a given financial year. It operates under a progressive tax system, where the tax rate rises as the income level… Read More »
The implications of non registration with GST Non-registration with GST can have various implications, such as: If a business is not registered under GST, it cannot collect GST from its customers. This means that the business will have to bear the tax burden on its own, which could impact its profitability. To visit:https://www.gst.gov.in/ Penalty for… Read More »
GST invoices manually GST invoices manually, For businesses with a turnover of up to Rs. 1.5 crores in a financial year, GST invoices can be issued manually. 1.5 crores in a financial year, GST invoice can be issued manually. Here are the steps to issue a manual GST invoices: Create an invoice format that… 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 »
What if I do not pay my income tax If you do not pay your income tax, it will be considered as taxes evasion, which is a serious offense under the Income Tax Act in India. If the Income Tax Department finds out about the non-payment of tax, it can take various legal actions against… Read More »
Tax Deducted at Source Tax Deducted at Source is deduct by the person making the payment to someone else (i.e. deductor) when the payment exceeds a certain threshold limit. The purpose of TDS is to collect tax at the source of income, rather than collecting it at the end of the year. TDS… Read More »
