Depreciation is a fundamental accounting method that allocates the cost of assets over their life, reflecting the decrease in their value over time. In taxation, depreciation plays a crucial role as it allows businesses to allocate the cost of assets with their useful life. The Income Tax Act in many countries, including India, provides specific …
Depreciation is a fundamental accounting method that allocates the cost of assets over their life, reflecting the decrease in their value over time. In taxation, depreciation plays a crucial role as it allows businesses to allocate the cost of assets with their useful life. The Income Tax Act in many countries, including India, provides specific …
In India, bonuses are a common incentive employers offer employees, often during festivals or as a reward for exceptional performance. While bonuses are a great way to boost morale, employers and employees must understand the tax implications of these additional earnings. So, let’s dive deep into the details of bonus tax rate. What is a …
Tax On Bonus In India – How Much Tax Is Deducted On Bonus? Read More »
The Indian taxation system has seen a significant transformation in recent years, with the introduction of the New Tax Regime. However, this change main aim is to simplify the tax structure and allows taxpayers to select between the two. Keeping this in mind, let’s learn about old vs new tax regime or income tax new …
Difference Between Old Tax Regime vs. New Tax Regime Read More »
Income tax has become an integral component of the Indian financial landscape. In India, Business or Profession Codes serve the purpose of categorising the nature of one’s business or profession. It is an essential component when filing an Income Tax Return (ITR). The Income Tax Department designates these codes and plays a crucial role in …
Income Tax Business Code: A Comprehensive Guide for Taxpayers Read More »
Professional Tax, often overlooked amidst income tax and other financial obligations, is a crucial component of the Indian tax system. The government imposes a state-level tax on individuals and entities earning an income using a profession, employment, or any other source. So, let’s find out all about professional Tax in detail. What is Professional Tax …
What is Professional Tax, Rates, Due Date, and Compliance? Read More »
Income tax is a primary source of money for the government that helps them to offer important services to citizens. In India, income tax is governed by a comprehensive legal framework that outlines various components and regulations. This article delivers a detailed overview of the key components of income tax law in India, shedding light …
What Are the Components of Income Tax Law in India? Read More »
In a bid to stimulate economic growth and boost a business-friendly environment, the Indian government introduced many reforms or acts, one of which was the implementation of Section 115BAA of Income Tax Act 1961. This significant amendment assist a new era for domestic companies, delivering them a significant reduction in tax rates. Keeping this in mind, …
Section 115BAA of Income Tax Act: Features, Eligibility & Economic Impact Read More »
Operating a business entails a multitude of tax obligations and regulatory requirements that must be diligently addressed. Managing a business is a challenging endeavour, demanding substantial effort from the entrepreneur. Beyond the tasks of customer acquisition, competition management, and customer support, equal attention must be given to handling the tax and compliance aspects. We have …
Tax Compliance: Managing Taxes and Compliances for your Business Read More »
As per the 1961 Income Tax Act, foreign and domestic companies are liable to pay corporate taxes. The act makes it mandatory for the foreign business to pay tax on revenue earned or received within India. Contrarily, domestic companies must pay their tax based on their universal income. This blog will provide you with a …
Corporate Tax – Definition, Types, Calculation and Tax Rate in India Read More »
