GST for banks The new GST system has increased the tax rate on transaction fees in financial services, including credit card payments, cash transfers, ATM withdrawals, processing costs for loans, etc. to 18%. As a result of the tax rate increase, individuals will now be required to pay an additional Rs 3 for every …
Pre-GST Litigation: What is it? Indirect tax litigation is a subset of pre-GST litigation. Pre-GST litigation refers to all litigation and matters that are still pending from the pre-GST system. This legal system covers cases involving excise, sales tax, VAT, and other taxes. Why is it difficult to handle pre-GST litigation? Managing pre-GST litigation is …
What is LTC ? When an employee and their family travel within the country, their employer may be able to claim a tax exemption for the leave travel concession or LTA, that was provided as a component of their salary. An employee may claim the cost of tickets as an exemption from taxes under Section …
Introduction One of the most important sorts of payments made by a corporate organization is professional fees or fees for technical services. Professional fees include, but are not limited to, payments given to doctors, lawyers, chartered accountants, engineers, etc. Such payments made to residents are governed by Section 194J. When certain payments are made …
Are legal, consultants, and professional fees tax deductible for businesses Read More »
An Introduction to Accounting Outsourcing It can be difficult for many small firms, startups, and business owners to hire an accountant. Especially if they have the knowledge and abilities to create the financial statements for their business, handle bank account activities, analyse financial data and create the incoming invoices. Finding a qualified and eligible person …
Top Reasons Why Small Business Should Outsource Accounting & Bookkeeping Read More »
GST E-Way Bill: What is it? The e-way bill regulations under GST specify the steps and legal requirements for the transfer of goods. Electronic Way Bill is referred to as E-way Bill. Typically, it is a special bill number created for a particular consignment involving the movement of commodities. It should be noted, though, that …
The backbone of the Indian economy is MSMEs. MSMEs are unquestionably the backbone of the Indian economy, making it crucial to supportthem in running smoothly. Its importance and influence on the Indian economy are frequentlyignored. Given the number of people working in small businesses and the potential for employment, thegovernment supports them in their efforts …
Introduction The Indian Taxation Code defines Tax Deducted at Source (TDS) as a sort of advance tax that is taken out of an individual’s or an organization’s profits before the money is actually credited to that entity’s account. By enforcing the TDS laws on both individual and corporate incomes, the government is able to raise …
New way to file TDS and TCS Return, 26Q, 24Q, 27Q, 27EQ Read More »
The Fundamentals of Sections 206 AB and 206 CCA When you make a payment to someone who did not file an income tax return the previous year, Section 206 AB deducts the tax deducted at source at a higher rate than usual. At the same time, the 206 CCA section will collect tax on the …
According to Section 35 (5) of the CGST Act, registered taxpayers in India with an aggregate turnover of more than 2 crores in a fiscal year (FY) must have their accounts book audited by an authorised Cost Accountant or a Chartered Accountant. A copy of the GST audit report, financial statements, and reconciliation statement must …
