Everybody knows that on 1st of July, it is celebrated as Doctor’s day as well as Chartered Accountant’s day. But, since 2017, people in India would also remember it for the introduction of Goods & Service Tax (GST). GST was publicised as ‘one nation, one tax’ by the government, aimed to provide a simplified, single…
To run the nation wisely, the government needs to collect taxes from the people; paying taxes to the local government is an important part of everyone’s life, no matter where we live in the world. Now, taxes can be collected in any form such as state taxes, central government taxes, direct taxes, indirect taxes, and…
Heads of income Income is classified under 5 main heads under section 14 of the act Income from salary Income from house property Income from capital gains Profit and gains from business and profession Other sources of income Agricultural income Agricultural income is any rent or revenue by means of cash or in-kind, derived from a…
Introduction ITR is a form which must be filled for the purpose of filing tax returns. It is very much essential that proprietorship has to file tax return each and every year unless it is exempted. The tax return by filling the ITR forms can be filed physically or through online by filing via an…
Introduction Tax is the mandatory financial charge demand by the government on pay, product, administrations, exercises or exchange. Taxes are the fundamental modes of income for the government, which are used for the welfare of the general population of the nation through government strategies, arrangements, and practices. Need for Income Tax in India Income tax…
Introduction In Income Tax Act,1961, Section 1941A deals with the transfer of an immovable property where tax should be deducted by the transferee being a non resident of the property. It has also introduced TDS where the transfer of property can be done by a resident transferor. This comes under Section 194 LA Finance Act,2013.…
Introduction A private limited company is one which is formed with limited liability and there is legal protection for shareholders. This type of company is held for small businesses. If we talk about the liability of the members of a private limited company, these members are limited to the number of shares. These shares cannot…
Introduction GST GST ( Goods and Services Tax) is the biggest tax reform in India and has improved business very easily. It has increased the taxpayer base in India which includes millions and billions of people in small businesses. This comes under a uniform tax system. As GST came up, the tax complexities have reduced…
Income Tax Act, 1961 is an Act formulated by the parliament of India for the Assessment, management, and return of tax on income in India. It is the standard measure for regulation of taxation in India. Advance Tax is the tax paid before end of each financial year. It also called ‘pay as you earn…
GST is not a relatively new idea, the idea of establishing a central unified tax was proposed in 2006 and a finance committee was set up to make a structure for GST which was to be introduced from April 2010, but the bill lapsed. After 2014, the bill was again brought up and passed in…
