GST & Income Tax
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Step-By-Step Guide to the GST Registration Process
The Goods and Services Tax (GST) is an indirect tax that has streamlined India's taxation system, replacing multiple levies with a unified structure. For businesses, registering for GST is a...
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House Rent Allowance and Its Tax Implications- Everything You Need to Know
An allowance refers to a fixed sum of money provided by an employer to an employee to cover specific expenses. Typically, this amount is given to the employee to manage...
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Clarification on Corporate Guarantee Services: Recent GST Circular Insights
Introduction On July 11, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 225/19/2024-GST, addressing various issues concerning the taxability and valuation of corporate guarantees under...
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Things Clients Generally Forget to Disclose in ITR in India
Filing Income Tax Returns (ITR) is a crucial annual task for every responsible taxpayer in India. Despite the detailed processes and stringent deadlines, many individuals often overlook or forget to...
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Understanding Advance Tax: A Comprehensive Guide
Paying taxes is a fundamental duty for individuals and businesses alike, ensuring the smooth functioning of a country's economy. One crucial aspect of the tax system that often goes under the...
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Understanding Section 44AB of the Income Tax Act: A Guide for Traders
In today's fast-paced financial environment, a growing number of salaried individuals, freelancers, self- employed persons, professionals in India are turning to trading, including derivatives trading, as a means to supplement...
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Simplifying Taxes for Small Professionals: Understanding Section 44ADA
Maintaining the complexities of income tax can be difficult for small business owners and professionals. To ease this burden, the Indian Income Tax Act offers a simplified presumptive taxation scheme...
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Tips and Tricks for Filing Your Income Tax Return (ITR) in India
As the income tax filing season approaches in India, taxpayers are gearing up to meet the deadline. Filing your Income Tax Return (ITR) can be a daunting task, but with...
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Understanding the Different Types of Income Tax Returns (ITR) in India
Filing Income Tax Returns (ITR) is a crucial responsibility for every taxpayer in India. The Income Tax Department provides various forms to cater to different types of taxpayers, based on...