Written off Assets Written-off assets, When an asset is write off, the tax treatment depends on the type of asset and the reason for the write-off. If it is a business asset, such as machinery or equipment, that is being write off due to obsolescence or wear and tear, the write-off may be eligible… Read More »
RCM in GST The RCM stands for Reverse Charge Mechanism in GST. The Reverse Charge Mechanism is a concept under GST wherein the recipient of goods or services is liable to pay the GST instead of the supplier. To put it differently, the Reverse Charge Mechanism necessitates that the individual receiving goods or services obliged… Read More »
Tax Evasion Tax evasion refers to the illegal practice of intentionally evading or avoiding the payment of taxes owed to the government. It involves dishonest and deliberate actions taken by individuals, businesses, or organizations to conceal, misrepresent, or understate their taxable income or assets in order to reduce their tax liability. To Visit https://www.incometax.gov.in/ Tax… Read More »
TDS Compliances TDS Compliances, is a chart for the financial year 2022-23 in India. Please note that the rates and thresholds mentioned below are based on the information available up to my knowledge cutoff in September 2021. It’s always advisable to refer to the official tax department website or consult with a tax professional… Read More »
Purpose of GST returns The purpose of Goods and Services Tax (GST) returns is to provide a consolidated report of a taxpayer’s business activities, including sales, purchases, tax liability, and input tax credit claims. So, GST returns are filed by registered taxpayers with the GST authorities on a regular basis, as per the rules and… Read More »
What are the consequences of Not Issuing E-Invoices Under India’s New GST Regime With the introduction of the Goods and Services Tax (GST) in India, the government has significantly reformed the tax system, aiming to streamline indirect taxation. A critical aspect of this evolution is the requirement for businesses to generate and issue electronic invoices… 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 »
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 »
What is Tax Avoidance? Tax avoidance involves legally structuring one’s financial affairs to reduce tax liabilities while staying within the law. It involves using various strategies and methods to take advantage of deductions, credits, exemptions, and other provisions in the tax code to reduce the amount of taxes owed. Characteristics of Tax Avoidance: Legal… Read More »
Is corporate tax a direct or an indirect tax Direct taxes are taxes that are levied on individuals or entities based on their income, profits, or assets. Corporate tax is a direct tax that is imposed on the profits earned by corporations and other business entities. The tax is calculated based on the net income… Read More »
