The concept of refund in the parlance of GST is crucial for a taxpayer as it facilitates trade by releasing blocked funds for working capital, expansion, and modernization of existing business. The GST refund can arise on account of excess cash balance in the electronic cash ledger or the accumulated Input Tax Credit unable to …
An Indirect taxes is collected by one entity in the supply chain and paid to the government, but it passed on to the consumer as a part of the purchase price of a good & Service Indirect tax is tax imposed by the government on a taxpayer for good and services bought. Indirect tax is …
The tax system is the backbone of a country’s economy, maintaining a constant income, managing economic growth, and fueling its industrial activity. India’s three-tier federal structure consists of the Union government, the state governments and the local authorities that are empowered to collect various taxes and fees in the country. Local authorities include local councils …
We all know that the whole world including, India, is being adversely impacted by the Coronavirus pandemic and is fighting hard to save lots of humanity. The medical warriors and frontline workers are leaving no stone unturned in treating covid patients and inventing vaccines. To defeat this virus, we’d like an adequate supply of medical goods like santizers, masks, drugs, healthcare facilities, and …
India’s taxation makes salaried people feel as if they spend on an additional loved one . This woe increases if they’re at 20% or above tax slab. This blog is about the varied tax saving options available to a private . A. Tax Saving options under tax Section 80 C ELSS Funds Equity-linked savings scheme …
Tax Collected at Source Under Income Tax – New Provisions Applicable from 01 October 2020 Introduction Finance Act, 2020 introduced 3 new provision under Tax Collected at Source (“TCS”): TCS on foreign remittance through LRS; TCS on selling overseas tour packages; and TCS on sales of any goods TCS unlike TDS is required to be collected additionally along …
Salaried taxpayers form a major chunk of the overall taxpayers in the country and the contribution they make to the tax collection is quite significant. Income tax deductions offer a gamut of opportunities for saving tax for the salaried class. With the help of these deductions and exemptions prescribed under Income Tax Act, 1961, one …