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What is Income Tax? A tax imposed on taxable income or profits of persons (whether individual, firm, company, Artificial Juridical Person, Association of Persons, Body of Individuals or Local Authority). Taxation rates may vary by type or characteristics of tax payers. Tax trend followed in India: In India, two types of tax trends are followed:
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In recent months, the tax department has stepped up efforts to ensure tax compliance. New rules have been introduced to plug tax leaks and officials are cracking down on evasion. Tax records are being put under the scanner and notices are being sent to individuals if the computer-aided selection system notices a discrepancy. Thousands of
Learn MoreThere has been a change in the way Income Tax Department (ITD) is processing the income tax returns (ITR) for financial year 2016-17. This has led to Intimation u/s 143(1)(a) being issued to a lot of taxpayers with even the slightest discrepancy in their return. How returns were processed till 2016: Only tax details declared
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Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit of Rs. 20 lakh/ 10 Lakh as applicable will be required to register as a normal taxable person. This process is of registration is referred as GST registration. GST is the beggest tax reform
Learn MoreGoods and service tax (GST) The GST is a new concept that simplifies the giant tax structure by supporting and enhancing the economic growth of a country. It is a comprehensive term levy on manufacturing, sale and consumption of goods and service at a national level. Goods and service tax bill or GST also referred
Learn MoreAssessment of impact on digital advertising companies Present Scenario For services rendered by a digital advertising company, it charges a service tax @15% For input services availed by a company, it claims an input tax credit (“ITC”) However, a digital advertising company is not eligible to claim ITC on any products used in producing digital
Learn MoreOrganised retailers do not expect the Goods and Services Tax (GST) to impact their sales despite general fears that it could disrupt businesses, and hope to be fully ready for the uniform tax regime in the next few weeks. “As GST will be rolled out from July 1, we have to be prepared. It will
Learn MoreGST Laws in India mandate that all registered persons under GST maintain records and accounts in a specified manner. Every law of Direct and Indirect Tax in our country also mandates that information in a prescribed manner has to be captured and preserved for a certain period of time. In this article, we look at
Learn MoreWhat is a income tax return ? It is a prescribed form through which the particulars of income earned by a person through various sources(like salary, business, professional fees, interest, capital gains, etc.) in a financial year and taxes paid on such income is communicated to the Income tax department after the end of the
Learn MoreWith the passage of the GST bill in both the houses of Parliament, its implementation from 1 July 2017 is nearly certain. India currently has a dual system of taxation of goods and services, which is quite different from dual GST. Taxes on goods are described as “VAT” at both Central and State level. It
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