Learn about global taxation of Indian resident individuals and how the Income Tax Act of 1961 affects them. Understand the applicable slab rate structure based on taxable income and deductions & exemptions that may apply.
Understand the basics of insurance and the different types of coverage available. Learn more with this guide on how to be financially secure. Keyphrase: Basics of Insurance one should know.
Discover the advantages of Faceless Tax Assessment for taxpayers and agencies. Make income tax assessment easier and less time-consuming, plus reduce corruption & travel costs.
Any party who feels aggrieved by a decision made in compliance with the CGST, SGST, or UTGST acts may appeal it under the terms of the GST Act to the relevant authority or High court.
Learn the difference between the 2020 & 2021 faceless appeals scheme. This analysis examines the process, advantages & possible improvement for taxpayers & the Income-tax Department.
Digitalization seems to have redefined and shaped global economies, especially in the post-covid era. As the world is becoming more and more hyperconnected, banks around the world are experimenting with the concept of digital currency. And India too seems to be smitten by the Central Bank Digital Currency (CBDC) trend.
Tax authorities have been carrying out audit of GST assessee for mainly 2017-18 and 2018-19 for some time now. As a result, over 50,000 notices have been issued to taxpayers who were audited across the country. These show cause notices seek explanation on various short comings noticed during the audit.
Table 14 includes differential tax on account of 10 and 11 above. However, there could be a scenario wherein there is a need to reverse the wrongly availed credit in table 12. Since, the annual return provides for payment of taxes, in table 14, liability from table 12 can also be considered in view of the authors.
Section 17(5) blocks ITC in respect of certain goods and services. One such service is works contract service as per section 17(5)(c).
Non-resident Indians (NRIs) are taxed in India on their income that is earned or accrued in India. NRIs are also taxed on certain capital gains, such as the sale of property in India. NRIs are not taxed on income earned outside of India, unless it is deemed to be accrued or deemed to have arisen in India.
