Tax Articles

What is GST or Goods and Services Tax? Once you have dealt with this beginning question, you might face initial doubts about GST registration, types of GST, benefits of GST, formula for GST calculation and more. Let us have a...

The process to cancel GST registration is as convenient as filing a new GST registration. You can follow a few easy measures and cancel GST registration for reasons like these:  Shutting down your business  GST rules are no longer applicable...

The GST system was introduced to infuse convenience and simplicity into the then-existing tax system. The Input Tax Credit in GST is one of the key features introduced to reduce the cascading effect of taxes and adjust business costs with...

Knowing about GST late fees is as crucial as learning about GST registration, types and compliance rules. Just like any tax, the Goods and Services Tax (GST) returns also have to be filed on or before a prescribed date. However,...

If you have made a payment of more than ₹10,000, to a person in a single day, you need to understand the Section 40A(3) of Income Tax Act. This act would apply for a single payment or multiple payments made,...

A seller of goods and services might be aware of Tax Collection at Source (TCS). If so, they might also be aware of 206C.  Section 206C of the Income Tax Act can help an individual understand everything about TCS. As...

Have you sold goods worth more than ₹50 lacs during the current financial year? Then, you need to consider Tax Collection at Source (TCS) as you receive payment from the buyer under Section 206CL of the Income Tax Act.  Sec...

Section 80JJAA of the Income Tax Act provides formal sector employers tax deductions on their business income. This deduction is also known as the 80JJAA deduction. 80JJAA of the Income Tax Act is a special provision formed to encourage employers...