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 »
Taxation Compliance Taxation compliance is for several reasons: Legal Obligation: Paying taxes and complying with tax laws is a legal requirement in most jurisdictions. Failure to meet tax obligations can result in penalties, fines, or even legal consequences. Complying with tax laws ensures individuals and businesses remain in good standing with tax authorities and… 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 »
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 »
Members of parliament income tax Website Link Certainly! Members of Parliament (MPs) in India are subject to income tax on their earnings, just like any other individual. The Income Tax Act, 1961 applies to the income earned by MPs, encompassing their salary, allowances, and additional benefits. MPs fall under the category of public servants as… Read More »