What Are the Benefits Under the Presumptive Taxation Scheme? : Tax compliance can be a complex and time-consuming process, especially for small businesses and professionals. The Presumptive Taxation Scheme (PTS) was introduced under the Income Tax Act, 1961, to simplify the tax filing process for small taxpayers by reducing their compliance burden. This scheme allows… Read More »
User Intent Users searching for this topic want to understand why India introduced a completely new income tax law rather than modifying the old one. They seek clarity on the implications, benefits, and limitations of the new law compared to the previous one. Introduction: Taxation plays a crucial role in any country’s… Read More »
Basics of GST Basics of GST, Goods and Services Tax, is a comprehensive indirect tax that was introduce in India on July 1, 2017, with the aim of simplifying the tax structure and eliminating multiple layers of taxation. Here are some key things one should know about GST: 1.GST is a destination-based tax: GST… Read More »
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 »