The Goods and Services Tax (GST) in India requires businesses to register under its framework to collect and pay GST. Here’s a simple guide to help you understand the basic rules around GST registration. 1. What is GST Registration? GST registration is the process by which a business is recognized under the GST system. It […]
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Offshore services refer to services provided by a non-resident entity or individual to clients in India. Understanding how these services are taxed in India is important for both businesses and individuals who engage in cross-border transactions. 1. Key Provisions Governing Offshore Service Taxation Offshore services are subject to taxation based on certain provisions of Indian
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Creating a Hindu Undivided Family (HUF) is an excellent way for families to reduce their tax burden. An HUF is recognized as a separate legal entity under Indian law, offering significant tax-saving benefits for the entire family. What is an HUF? An HUF is a family-based entity that allows its members to save on taxes
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Introduction A Hindu Undivided Family (HUF) is a unique tax entity recognized in India that offers excellent opportunities for tax savings. In this article, we will explore the key aspects of HUF, including its formation, members, and tax benefits. What is HUF? HUF, or Hindu Undivided Family, is a family unit that allows its members
Basic Provisions of HUF and Tax Planning through HUF Read More »
With every new tax law and amendment, taxpayers face fresh challenges and complexities. One significant recent change involves the taxation of capital gains, a shift that will impact many taxpayers. If you’re looking to claim an exemption from Long Term Capital Gains (LTCG) tax, it’s essential to understand the provisions updated by the Finance Act,
Decoding Capital Gains Tax: Exemption Strategies under the 12.50% and 20% Rates Read More »
Investing in property is a popular choice in India, whether for owning a home or making a profit by selling it later. However, it’s crucial to know that any profit from selling a property, or other assets like stocks and bonds, is subject to taxation under the “Capital Gains” category. Let’s break down what capital
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When you sell assets, capital gains tax can take a chunk out of your profits. Fortunately, the Income-tax Act offers exemptions that can help you reduce this tax burden. Understanding these exemptions can help you manage your taxes better. This guide will walk you through key sections of the Income-tax Act, such as Sections 54,
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When managing your taxes, understanding the rules around setting off and carrying forward losses is crucial. Here’s a simplified guide to help you navigate these rules: Intra-Head vs. Inter-Head Adjustments: Before adjusting losses against income from different heads, taxpayers must first adjust losses within the same head of income. Speculative vs. Non-Speculative Business Losses: Losses
Overview of Rules for Set Off and Carry Forward of Losses Read More »
Court: HIGH COURT OF CALCUTTA Citation: W.P.A. NO. 15304 OF 2024 Parties: Cart Infralog Ltd. v. Assistant Commissioner of CGST & CX Facts: The assessee, Cart Infralog Ltd., filed GSTR-3B returns late for the period December 2018 to March 2019, missing the deadline of 20th October 2019 and filing on 31st October 2019. An adjudication
In the world of business, receiving gifts and benefits is quite common. However, it’s important to know how these gifts are taxed under Indian law. This guide will help you understand the tax implications of business gifts and perquisites. What Does the Income Tax Act Say? According to Section 28(iv) of the Income Tax Act,
Tax on Business Gifts and Perquisites Read More »