Business
Donating Money As a Part of Your Revenue
A lot of people often donate to charities considering the moral value and deeds. However, it is important to note that donating money can also
October 7, 2024
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Income Tax
Section 80U – Tax Deductions for Disabled Individuals FY 24-25
Introduction Planning taxes can be intricate because of the huge number of deductions and exemptions available for use. Although a great many people know all
October 2, 2024
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Financial Planning
Section 80DD- Claim Deduction and Eligibility
Introduction Section 80DD is designed especially for those people who are facing personal challenges in their life. For providing with the required support in order
October 2, 2024
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Income Tax
Section 80E- Your Path to Tax Relief on Education Loan Interest Payments
Introduction For those burdened with education loans, Section 80E of the Income Tax Act offers a valuable deduction on the interest paid, easing financial pressure.
September 28, 2024
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Income Tax
Section 80EEA – Deduction for Interest Paid on Home Loan
Introduction Section 80EEA is an attachment or a corresponding insertion in the Income Tax Act 1961. This section allows home loan borrowers to get additional
September 28, 2024
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Income Tax
Income Tax Deductions Under Section 80C, 80CCC & 80CCD
Introduction Every taxpayer in India, while filling out ITR, looks for different ways to deduct as much as possible by showing investment and other ways.
September 28, 2024
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Income Tax
Section 80G deduction – Overview of Donations Eligible under Section 80G, 80G Exemption List
Introduction If you have been a regular donor for any charity purpose and are looking for a deduction, then the Income Tax Act 1951 offers
September 22, 2024
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కొత్త పన్ను విధానంలో బ్యాంక్ వడ్డీకి మినహాయింపు ఉందా?
పరిచయం పొదుపు ఖాతా అనేది మనలో చాలామంది వినే సాధారణ పదం. ఇది మీ పొదుపు ఖాతా. పొదుపు ఖాతా అంటే వారి డబ్బు సురక్షితంగా ఉండేలా, వారు దానిపై ఒక చిన్న వడ్డీ
September 7, 2024
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GST
புதிய வரி விதிப்பில் வங்கி வட்டிக்கு விலக்கு அளிக்கப்பட்டுள்ளதா?
அறிமுகம் சேமிப்பு கணக்கு என்பது நம்மில் பலரும் கேள்விப்பட்டிருப்போம். இது உங்கள் சேமிப்பு வங்கி கணக்கு. சேமிப்பு கணக்கு என்பது பணம் பாதுகாப்பாக இருப்பதை உறுதி செய்ய விரும்பும் தனிநபர்களுக்கு, அதன் மீது குறைந்த
September 7, 2024
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Business
Common Tax Deductions Every Business Owner Should Know About
Running a business has its share of rewards, however, there are various challenges involved, especially in the subject of taxation. Even when your bottom line
August 10, 2024
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Business
Tax-Saving Strategies for Small Businesses
There is an entrepreneur within each of us, and most of us want to build something of our own someday. When you start your entrepreneurial
August 9, 2024
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Budget
Comparative Analysis of Old Tax Regime vs New Tax Regime under Income Tax Act, 1961
Union Minister Nirmala Sitharaman has presented the Budget 2024-25 in Parliament, announcing certain new benefits for the taxpayers opting out of the new tax regime.
July 29, 2024
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Tax
What is Form 16 and Form 16A? Difference Between Form 16 and Form 16A
Both Form 16 and Form 16A are required for filing your Income Tax Return. Both are TDS (Tax Deducted at Source) documents, which prove the
July 27, 2024
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Budget 2024
Interim Budget 2024: Key Expectations and Industry Focus
Introduction In her sixth union budget, Finance Minister of India, Nirmala Sitharaman, will give an interim budget. It is crucial to note that the interim
July 23, 2024
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Tax
Will Tax Slab Change in 2024 in India?
Introduction The new financial year has started, and everyone is busy planning their investments. Amidst the hectic routine, we often forget we need to plan
July 22, 2024
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Business
FM Sitharaman announces pan-India roll out of biometric authentication to curb fake invoicing
Introduction – The 53rd GST council meeting and the very first after the election held on 22nd June (Saturday) introduced many things for easing compliance
June 24, 2024
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Pakistan vs. India: A Detailed Comparison of Tax Slabs
Tax is a vital component of every nation’s economic framework which affects both the government’s ability to raise funds and the financial security of its
June 21, 2024
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Accounting
Fundamental Changes in the Income Tax Return Forms AY 2024-25
The modifications made to the Income-tax Act, 1961, as detailed in the Finance Act, 2023, are the main source of the new revisions included in
June 18, 2024
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Accounting
How GST Reduces Price?
The Goods and Services Tax (GST) was introduced in India to consolidate several state and national taxes, significantly changing the nation’s tax system. GST can potentially reduce
June 13, 2024
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ITC
Navigating the Process: Swift Responses to ITR Non-filing Tax Notices
Introduction Where there is income, there is tax. This is an often-repeated phrase. It is the duty of all resident Indian citizens with taxable income
May 21, 2024
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Tax
Which is Better: Old vs. New Tax Regime?
Introduction Every year, taxpayers await the budget announcement with excitement, expecting changes in the income tax slabs. This year, 2024, the finance minister announced that
May 21, 2024
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GST
Unlock the Mystery: What Deductions Are Not Allowed in the New Tax Regime?
Introԁuсtion Unԁerstаnԁing tаxes саn sometimes feel like trying to solve а triсky рuzzle, esрeсiаlly with new rules сoming into рlаy. Knowing whаt ԁeԁuсtions you саn
May 16, 2024
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Tax
Can We Switch Between Old and New Tax Regimes Every Year?
Introduction The Budget 2023 seems to have caused anxiety among the taxpayers. They are a confused lot between choosing from the old and new tax
May 15, 2024
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GST
Is Saving Bank Interest Exempted in the New Tax Regime?
Introduction Savings account is a common term that many of us would have heard of. It is a bank account that has your savings. The
May 14, 2024
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GST
Is GST Applicable on Purchase Orders?
Introduction The GST, a destination-based, multi-stage tax, replaced earlier indirect taxes in India, aligning with the ‘One Nation One Tax’ initiative. It applies to goods
May 14, 2024
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Billing Software
How CaptainBiz Simplifies Every Aspect of GST Compliance
In India, compliance to Goods and Services Tax (GST) is a vital part of contemporary business activities as it represents a major change in the
May 13, 2024
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GST
Top GST News for the Month
Introduction to Goods and Services Tax (GST) GST, or Goods and Services Tax, is a system for taxes. It’s a way the government collects money
May 10, 2024
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GST
Unveiling the Power of GST Practitioners: Maximizing Benefits for Businesses
Recently, the implementation of the Goods and Services Tax (GST) has drastically revolutionized the taxation field for global firms. The introduction of the GST regime
May 9, 2024
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Tax
Is the New Tax Regime Better for Higher Income?
Introԁuсtion The introԁuсtion of the new tаx regime in Inԁiа hаs sраrkeԁ а signifiсаnt ԁebаte on its imрасt on high-inсome eаrners. This tаx reform, unveileԁ
May 8, 2024
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Tax
Casual Taxable Person under GST | Registration Benefits
I. Introduction In the GST regime, a Casual Taxable Person (CTP) holds a distinct status designed for those who periodically conduct business transactions without a
May 6, 2024
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What are the Different Elements That are Required to Be Included on a Tax Invoice?
Introduction The tax invoice is a crucial link that connects companies, tax authorities, and customers in the complex web of contemporary trade. It is essential
May 3, 2024
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Tax
Latest Official Tax (Income Tax + TDS) Updates by CBDT India
Introduction The Indian taxation system is dynamic, constantly adapting to the economic climate and policy shifts. The Central Board of Direct Taxes (CBDT), as the
May 2, 2024
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Tax
15th June 2024 1st Installment for Advance Tax Submission
Introduction As the financial year progresses, one of the most crucial dates for taxpayers in India looms on the horizon – the 15th of June
April 23, 2024
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Tax
Demystifying Stock Transfer: Intra and Inter-State Operations Under GST
Introduction A business carries out a comprehensive range of activities, most of which involve a transaction. Stock transfer is one such activity. It involves transferring
April 23, 2024
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B2B Transactions
Enhance Your Tax Strategy: E-Way Bills in B2B and B2E Deals
Digital helps to fine-tune the taxation compliance processes and in the course of business. One such requirement is the integration of e-invoicing for Business-to-Business (B2B)
April 12, 2024
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MSME
Stay Ahead: MSMEs, Secure Your Future with the New Payment Rule
In the business world, where time moves pretty fast, being well-updated on issues that affect business has become as important for Micro, Small, and Medium
April 2, 2024
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Financial Planning
Preparing for the End of Financial Year: A Recap of Must-Do Financial and Tax Tasks
With the end of a fiscal year at hand, it’s time that you take control of your finances. Be it an entrepreneur or a layman,
April 2, 2024
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Tax
April’s Tax Changes: How They Affect You and Your Business
April nears and all valuable tax adjustments that affect both individuals and businesses come alongside. They rather misshape the tax atmosphere which in turn has
April 2, 2024
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Financial Planning
Financial Deadlines in April: What You Need to Know
However, as we approach April month we hardly remember to have a week to get prepared for our deadlines for payment. More than that, their
April 1, 2024
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ITC
Impact of Tax Collected at Source (TCS) on E-commerce and Marketplace Sellers
TCS ensures sellers collect tax from buyers at the point of sale, remitting it to government authorities, thereby preventing tax evasion and ensuring a steady
March 31, 2024
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GST
Essential Steps to Become a Registered Regular Taxpayer
Becoming a registered regular taxpayer is crucial for businesses to operate legally and comply with tax regulations. In this guide, we’ll explore the essential steps
March 29, 2024
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Tax
Bombay HC: Order Council to Return Tax Amount Deposit via HSBC Under Protest
The Bombay High Court recently made a decision ordering the council to return a significant sum of tax money that was deposited via HSBC (Hongkong
March 28, 2024
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GST
Understanding GST Accounting for Regular Taxpayers
The Goods and Services Tax (GST) has become an integral part of the taxation system in many countries. For businesses that qualify as GST regular
March 25, 2024
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Financial Planning
Understanding Financial Planning and Tax Saving Investment Plans – Financial Year
As the new financial year gets near, it is essential to make well-informed decisions regarding investments to save money on taxes in the financial year
March 21, 2024
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GST
Upcoming GST Impact on Airbnb Business in India from April 1st, 2024
In recent years, the rise of short-term rental services such as Airbnb has transformed how people travel and discover new locations. These sites provide a
March 20, 2024
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GST
Casual Taxpayers under GST – Know the Requirements
A casual taxpayer under the Goods and Services Tax (GST) system refers to individuals or businesses that are not registered as regular taxpayers but are
March 19, 2024
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GST tax Rates
Obligations of a Casual Taxpayer under GST: A Comprehensive Guide
In recent years, many countries across the globe have implemented the Goods and Services Tax (GST) as a comprehensive indirect tax system. GST has been
March 18, 2024
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Tax
Understanding the Benefits of Composite Taxpayers and Casual Taxpayers under GST
The Goods and Services Tax (GST) has revolutionized the taxation system in many countries, including India. Under GST, taxpayers have the option to choose between
March 18, 2024
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GST
Being a Regular Taxpayer under GST: Benefits, Tax Filing Process
GST, or Goods and Services Tax, is a comprehensive indirect tax levied on the supply of goods and services in many countries around the world.
March 18, 2024
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GST
Navigating GST: Drawbacks of Being Regular Taxpayers
Let’s start with the basics – GST, or Goods and Services Tax, is a comprehensive indirect tax levied on the supply of goods and services
March 18, 2024
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GST
The Benefits of Being a Casual Taxpayer Under GST
Casual taxpayers play a crucial role in the Goods and Services Tax (GST) system, providing flexibility and convenience for individuals and businesses engaging in sporadic
March 17, 2024
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GST
Advantages of GST Regular Taxpayer Status for Exporters
The Goods and Services Tax (GST) has revolutionized the taxation system in many countries, including India, and has had a significant impact on businesses, especially
March 17, 2024
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GST
GST Regular Taxpayer Benefits for Small Businesses
Under the Goods and Services Tax (GST) system, small businesses have the option to register as regular taxpayers, which comes with several benefits and advantages.
March 17, 2024
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GST
Understanding GST Regular Taxpayer Accounting
The Goods and Services Tax (GST) has become an integral part of the taxation system in many countries. For businesses that qualify as GST regular
March 16, 2024
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GST
GST Composite Taxpayer Tax Payment Requirements
GST Composite Taxpayer tax payment requirements can be complex, and understanding the obligations and procedures involved is crucial for businesses operating under the composition scheme.
March 14, 2024
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GST
GST Composite Taxpayer Return Filing Requirements
The Goods and Services Tax (GST) Composite Taxpayer Scheme is designed to simplify the tax compliance process for small and medium-sized businesses. Under this scheme,
March 12, 2024
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GST
GST Composite Taxpayer Benefits for Startups
The GST composite taxpayer scheme has emerged as a beneficial option for startups in navigating the complexities of Goods and Services Tax (GST) compliance. As
March 12, 2024
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GST
GST Casual Taxpayer Tax Liability: Calculation Method, Influencing Factors, & Updates
The Goods and Services Tax (GST) has introduced a specific category of taxpayers known as GST casual taxpayers. These taxpayers are individuals or businesses who
March 12, 2024
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GST
GST Casual Taxpayer Return Filing Requirements and Benefits of Being GST Casual Taxpayer
The Goods and Services Tax (GST) has revolutionized the taxation system for businesses in many countries, streamlining processes and simplifying compliance. Among the various categories
March 12, 2024
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GST
GST Casual Taxpayer Benefits for Small Businesses, Startups and Exporters
The Goods and Services Tax (GST) casual taxpayer status is designed to provide flexibility and ease of compliance for small businesses, startups, and exporters. This
March 11, 2024
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GST
Understanding GST Casual Taxpayer Audits: Process, Case Studies & Best Practices
When it comes to Goods and Services Tax (GST), businesses classified as casual taxpayers have unique considerations to address. Casual taxpayers, by their nature, are
March 11, 2024
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GST
GST Regular Taxpayer Compliance
Goods and Services Tax (GST) regular taxpayers play a crucial role in the transparent and efficient functioning of a country’s taxation system. As businesses and
March 11, 2024
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Tax
Demystifying Taxable Payments Annual Report (TPAR): A Comprehensive Guide
Introduction to Taxable Payments Annual Report (TPAR) Whatever payments are made to various working contractors, third-party providers, and accounting consultants, their payment is recorded and
March 4, 2024
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ITC
New Changes in TCS on Overseas Travel Packages
Introduction to TCS (Tax Collected at Source) Tax Collected at Source (TCS) is a provision under the Income Tax Act where the seller of specified
March 3, 2024
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GST
Understanding GST Notification State Tax Rate
Introduction Initially, India’s tax system involved various direct and indirect taxes to cover multiple financial transactions. However, these taxes turned out to have an overlapping
February 26, 2024
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Tax
Demystifying the Upload Process for a Summary of Tax Orders
In an important directive outlined by the Central Board of Indirect Taxes and Customs (CBIC) through Instruction No. 04/2023, dated November 23, 2023, an emphasis
February 22, 2024
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GST
GST and the Ease of Doing Business in India
The Goods and Services Tax (GST) in India has improved the business climate considerably. The largest indirect tax reform, the Goods and Services Tax (GST),
February 20, 2024
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GST
Integrating GST Compliance into Your Business Strategy
Compliance with the legislation governing the Goods and Services Tax (GST) is not only a legal need in the current corporate scenario, but it is
February 20, 2024
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GST
Understanding State Codes: Significance in Taxation and Regulatory Frameworks
Introduction: State codes, just as the term itself suggests, are unique identifiers, generally alphanumeric, given to each state and union territory of a country. These
February 17, 2024
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Income Tax
Maximizing Tax Deductions: A Guide for Small Business Owners
Small enterprises are the foundation of the Indian economy, driving growth and employment. Small business owners must understand the numerous tax deductions available to them
February 17, 2024
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Tax
wp-advanced-demo
Reasons for Selecting GST Billing Software Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy
February 14, 2024
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GST
Place of Supply and Documentation in Intra-State Transactions: Invoices and Supporting Documents
Whether you are a registered individual or a business owner, you must issue a valid tax invoice at the time of or before delivering the
February 12, 2024
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GST
Tax to GST – Sales, Purchases, Accounting
Introduction to taxation systems Tax is any category of collecting money in the name of revenue which a government collects. This amount is collected to
February 12, 2024
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GST
Record Taxable Sales with GST
Introduction to GST and Taxable Sales Before we move towards the depth of taxable sales, it’s important to be aware of all the details of
February 12, 2024
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GST
Exploring the Intricacies of Indirect Taxation
Introduction to Indirect Taxation Most people understand what direct taxes are, but many of us are unaware of the effects of indirect taxation. As opposed
February 10, 2024
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Financial Planning
Updates in Indirect Tax – Interim Budget 2024
Executive Summary Input Service Distributor The office receiving invoices for or on behalf of distinct persons shall be REQUIRED to get registered as Input Service
February 9, 2024
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Accounting
How To Pass Accounting Entries Under GST
Introduction to GST and Accounting Entries While we are all familiar with the concepts and calculations of GST, the key elements of GST remain on
February 2, 2024
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Place of Supply
Challenges And Best Practices In Managing Place Of Supply For Imports: Accuracy And Compliance
Introduction Businesses, both old and new, need to have a thorough understanding of the place of supply, as it holds significant importance in national and
February 2, 2024
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GST
What is the GST/HST?
Taxation is a necessary source of money for a government to run a state. It helps in the development and upliftment of the citizens. There
January 30, 2024
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Tax
Relief from Double Taxation
India opened itself to foreign companies in 1991 by passing the LPG bill. This undoubtedly resulted in a massive boost to the country’s economic situation.
January 28, 2024
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ITC
Import Duties, Taxes and Input Tax Credit (ITC): Impact of Place of Supply
Suppose you wish to expand your trading to excel in navigating the compliance complexities and maximize the efficiency of the overall process, in that case,
January 28, 2024
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GST
Understanding GST State Tax Rate
The Indian Goods and Services Tax had major burdens to replace numerous taxation policies in usage across the country. Therefore, it was designed to be
January 27, 2024
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Tax
Direct and Indirect Tax Litigation in India
Taxation is the most important component in any economy. It serves as a vital revenue stream for governments to finance public services and developmental projects.
January 25, 2024
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E-Invoicing
Export Tax Invoice vs GST Invoice: Aligning with Global Trade Regulations
If you’re engaged in international trade, understanding the difference between an export tax invoice and a GST invoice is crucial to ensure compliance with global
January 23, 2024
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E-Invoicing
Tax Invoice Format for Exported Goods: Meeting International Standards
Are you looking for a tax invoice format that meets international export standards? Look no further! This blog will focus on the importance of meeting
January 23, 2024
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E-Invoicing
Tax Invoice for Exports: Compliance Requirements and Documentation
Exports serve as a cornerstone in driving economic prosperity for India, offering dual benefits by bolstering revenue for domestic manufacturers and injecting essential foreign exchange
January 23, 2024
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Tax
Taxability of a Salary Paid to an Ex-Pat
Introduction To Salary Payments To Expatriates: When an individual works overseas for a period, their tax residency status and the tax implications on their salary
January 22, 2024
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Tax
What are The Consequences of Incorrectly Claiming an Exemption?
Tax payment and return submission on time and consistently ensures that the government has monies available for public welfare at all times. Several penalties are
January 22, 2024
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GST
What is the GST Rate Structure for Sales and Purchases? A Comprehensive Summary
The introduction of GST eliminated multiple state-level and central-level taxes regulating the indirect tax system in India. It not only helped in removing state-level barriers,
January 19, 2024
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Tax
Important Checklist for Taxpayers
Introduction to Tax Preparation In the world of financial management, tax preparation plays a very crucial part. Tax preparation involves the chronological organization of an
January 19, 2024
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E-Invoicing
Serial Numbering and Invoice Sequence for Tax Invoices on Services
Introduction A tax invoice is a comprehensive record detailing the goods or services exchanged between a seller and a buyer. This legally binding document is
January 19, 2024
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E-Invoicing
E-invoice and Tax Invoice for Services: Integration and Benefits for Digital Invoicing
E-invoicing is the electronic generation and authentication of invoices using a standardised format compatible with any software. Its implementation under GST applies to businesses surpassing
January 19, 2024
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GST
What is the GST Return Filing Summary?
GST is a comprehensive indirect tax system that has brought uniformity and efficiency to the tax system in India. The GST process fundamentally comprises uploading
January 19, 2024
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GST
What are the GST Rates that Apply to Intra-State Supplies?
Introduction Paying tax is the duty of a responsible citizen and a business setup of a country. The amount helps in the development of various
January 18, 2024
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GST
Understanding the Composite Taxpayer Scheme under GST
The Goods and Services Tax (GST) system has introduced various provisions and schemes to simplify tax compliance for businesses. One such scheme is the composite
January 18, 2024
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GST
GST Regular Taxpayer Accounting
GST (Goods and Services Tax) is an indirect tax levied on the supply of goods and services in India. Understanding and complying with GST regulations
January 18, 2024
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GST
Understanding and Overcoming Drawbacks for Regular Taxpayers under GST
Goods and Services Tax (GST) has emerged as a significant tax reform in many countries, aimed at streamlining the taxation system and fostering economic growth.
January 18, 2024
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GST
Duplicate and Revised Tax Invoices for Services: Procedures and Documentation
Introduction The Goods and Services Tax (GST) framework requires businesses to comprehensively understand procedures and documentation to navigate the intricacies of tax invoicing. One aspect
January 18, 2024
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E-Invoicing
Tax Invoice for Inter-state and Intra-state Supply of Services: Compliance Considerations
In the intricate landscape of India’s Goods and Services Tax (GST) regime, the supply of services demands a nuanced understanding of compliance considerations, particularly in
January 17, 2024
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GST
GST Number Benefits for Exporters
The Goods and Services Tax (GST) has revolutionized the tax landscape in many countries, and its impact on exporters has been significant. A GST number,
January 16, 2024
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