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# taxation

12 posts in `taxation` tag

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Income tax

NRI Taxation: Indexation Benefits and Its Implications

This blog post explores the nuances of indexation benefits for Non-Resident Indians (NRIs) in India, highlighting the differences between residents and NRIs, and providing guidance on how to plan investments to minimize tax liability.
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GST

GST Composition Scheme: A Simplified Tax Payment Option for Small Businesses

Instead of paying tax on each transaction, small firms can opt for the GST Composition Scheme, which is a tax payment scheme that allows them to pay a predetermined proportion of their sales as tax. The purpose of this program is to facilitate small business operations and lessen the burden of compliance for them.
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Income tax

Agreements to Avoid Double Taxation: A Complete Guide

The advantages, varieties, and ramifications of double taxation avoidance agreements (DTAAs) for global investment and commerce are all covered in this thorough study. Find out how DTAAs may encourage economic cooperation, reduce double taxation, and increase foreign investment.
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Finance

Change in Taxation of Buy Back Of Shares: Understanding the New Regime Effective from October 1, 2024

With effect from October 1, 2024, the government has made major changes to the taxation of share buybacks. The new system, its effects on businesses and shareholders, and the rationale for these modifications are all explained in this blog post.
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Finance

Examining the Effects of the Worldwide Tax Reform on Enterprises, People, and Economies

This blog explores the substantial shifts in international tax laws and how they affect businesses, people, and the economy as a whole. Reduced corporate tax rates, changes to personal income tax brackets, and international tax reforms such as BEPS and digital taxes are some of the main areas of focus. The article delves deeper into the wider economic ramifications, encompassing the difficulties in upholding fiscal equilibrium and tackling income disparity.
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GST

Understanding GSTR 11: An All-Inclusive Manual for Compliance and Filing

This blog offers a thorough explanation of GSTR 11 and covers its regulations, qualifying requirements, return filing procedure, and non-compliance penalties. For embassies, UN agencies, and other notified parties who must file GSTR 11 and adhere to Indian GST legislation, it is an extensive resource.
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Income tax

Interpreting Section 139(9): A Comprehensive Guide to Managing Inaccurate Return Notifications

This blog post provides a comprehensive guide to the notice for defective return under Section 139(9) of the Income-tax Act, 1961. It covers the reasons for issuing a notice, the process of notice, consequences of receiving a notice, and tips on how to avoid receiving a notice.
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Income tax

GST Relief: Unlocking the Benefits of Section 128A for Taxpayers

The Union Budget 2024 has introduced a new Section 128A, offering relief to taxpayers with conditional waiver of interest and penalties for certain non-fraudulent GST claims. This blog provides a detailed guide to the amnesty provisions, benefits, limitations, and exclusions under Section 128A, helping taxpayers to understand and take advantage of the scheme.
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Income tax

TDS on GST Invoices

This blog provides a comprehensive guide to understanding the Tax Deducted at Source (TDS) mechanism on GST bills. It covers who is liable to deduct TDS, how to calculate TDS, and the benefits and challenges of implementing TDS on GST bills. The blog also provides best practices for implementing TDS on GST bills and answers frequently asked questions.
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GST

Understanding Section 122(1) of the GST Act: A Complete Guide

This blog provides a detailed analysis of Section 122(1) of the GST Act, outlining the various offenses and penalties related to GST in India. It covers supply-related offenses, tax evasion, and non-compliance, as well as registration and documentation-related offenses.
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Budget

New TDS Section 194T: What You Need to Know About Tax Deduction on Partner Payments

The Union Budget of 2024 introduced a new section in the Income Tax Act, 1961 - Section 194T. This provision mandates tax deduction at source (TDS) on certain payments made to partners of a firm, including salary, bonus, commission, interest, or remuneration. This blog provides a comprehensive guide to understanding the new TDS Section 194T, its implications, and compliance requirements. It covers the benefits and challenges of this provision, helping firms and partners navigate the new tax landscape.
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Budget

Top Ten Amendments in India's Direct Tax System - Budget Proposal 2024–2025

The Budget Proposal 2024-25 has introduced several amendments to the direct tax regime in India. This blog provides a comprehensive guide to the top 10 amendments, including changes to standard deduction, angel tax, buyback tax, and more. Understand how these changes will impact you and plan your taxes accordingly.