Cess on income tax is a type of additional tax or levy that the Government of India (GoI) collects to raise funds for a particular purpose. These specific purposes are government welfare schemes, programs or projects. However, not all such...

You might be familiar with the Angel Tax meaning if you run your own business. Or, you might have come across the term ‘Angel Investors’. These investors invest in ‘growth-stage’ start-ups in exchange for equity. Angel investments are essential for...

Section 194Q of the Income Tax Act pertains to transactions with a high volume falling under the ambit of Tax Deduction at Source (TDS). For this 194Q TDS, there is a threshold limit on the purchase value. If any payment...

If you have been a payroll employee in a company, you might know Form 16 or Form 16A. Form 16A will be issued to the taxpayer if they have a Tax deduction at the Source (TDS) component for their remuneration,...

Form 10BB is used by educational institutions, hospitals, medical institutions, and charitable trusts, formed as per the not-for-profit framework or philanthropic/ charitable intentions. Form 10BB of the Income Tax Act can help such institutions stay legal and avail of Section...

One of the many benefits of the GST regime is the assessment and self-assessment of GST. These processes are introduced to facilitate ease of calculation, tax-paying simplicity and global competitiveness promotion.  Let us understand the meaning of self-assessment and assessment...

Before understanding the concept of appeal under GST, let us first understand what an appeal is.  Technically, the concept of appeal is linked with the concept of disputes. So, the difference of opinion over an incident of tax-based non-compliance is...

When an entity deducts Tax Deduction at source or TDS under GST, they need to file monthly returns with GSTR-7. TDS on GST must be filed by the TDS deductor (who deducts the prescribed tax from the payments credited to...