An e-invoicing system is where B2B companies get their invoices authenticated digitally by GSTN for various uses on the common GST portal. The virtual invoicing system will generate a unique identification number, which can … READ FULL STORY
Section 194C of the Income Tax Act talks about the deduction of tax at source from an individual contractor or subcontractor payments. As per this provision of this section, TDS on the contractor’s payment … READ FULL STORY
The Goods and Services Tax or GST is a form of taxation levied by the government on a national scale. To compute the GST expense, several GST calculators are accessible on the internet. This … READ FULL STORY
Property tax is among the main revenue sources for the Coimbatore City Municipal Corporation (CCMC), the civic authority that governs the city of Coimbatore in Tamil Nadu. The CCMC, through its official website, provides … READ FULL STORY
Taxpayers often turn to tax evasion strategies in order to reduce the amount of money they must pay to the government in taxes. In order to stop this behaviour, the government must have provisions … READ FULL STORY
What is a TDS refund? TDS is the money deducted from a taxpayer’s salary, interest from bank accounts, rent, sale of property, and the like. A taxpayer can claim a TDS refund when the … READ FULL STORY
What is indirect tax? An indirect tax is an extra amount levied on the retail price. It is paid by the consumer as part of goods’ and services’ maximum retail pricing. The price on … READ FULL STORY
What is GSTR 1? GSTR 1 is the prescribed form for all registered taxpayers who make outward supplies of goods or services, or both. A monthly or quarterly return form, GSTR 1 has details … READ FULL STORY
TDS on commission Just like any other income, TDS deduction applies to money earned as commission or brokerage. Section 194H of the Income-Tax Act deals with TDS on commission and TDS on brokerage. See … READ FULL STORY
The government introduced a new section via the Finance Act, 2020, Section 206C(1H), extending TCS (Tax Collected at Source) provision on the sale of goods. Any seller with a turnover of more than Rs … READ FULL STORY
Balance of payment (BOP) records all financial transactions between the world and the residents of a country. It helps to understand the flow of funds into the country and see how well the funds … READ FULL STORY
With the evolving technology and Digital India Movement, the income tax department has shifted its analog tax payment system to digital. Through the e payment system, individuals can pay their taxes online using savings … READ FULL STORY
What is professional tax? All individuals who earn a living have to pay professional tax. Who levies professional tax? A tax on income is included in the Union List, which is subject to laws … READ FULL STORY
