Concept of Supply under GST The basis of charge of GST is the supply. So the concept of supply needs to be clear in order to determine the applicability of GST. In general, supply for GST purposes covers all forms of supply where goods and/or services are supplied in return for a consideration. Any transaction involving supply [...]
The present government has put the much-awaited GST law in effect to ensure the nationwide uniformity of taxation laws under one regime. This helps in making the taxation process simplified by avoiding multiple taxation filing at both central and state level. Therefore, business owners, working professionals generating income by providing goods or services to the end [...]
GST aka Goods and Service Tax is like a new kid on the block. Everyone wants to know it, but no one is getting it. So let’s try to get to know it bit better. It all begins. In 2000 Mr Atal Bihari Vajpayee’s government sets up a committee to kick-start the process of adopting GST. [...]
How changes in Income Tax Rates affect you Change in Income Tax rates may either encourage or discourage individuals to invest and work more/less. It is also related with economic growth of the country. If taxes are high, it will definitely hamper the national income. On the other hand, Income Tax Rates cuts can encourage people [...]
Important Lessons from Panama Papers case About 11.5 million papers shining a light on how some of the worlds richest hid billions of dollars to avoid tax were leaked containing information about the black dealings last year. The Panamanian law firm and service provider whose papers got leaked, Mossack Fonseca was creating illegal shell companies which [...]
Income Tax Deduction in India Introduction: Income Tax Deduction is a way of reducing the total amount of taxable income of an individual or a company i.e. the taxpayers, though this is dependent upon the type of tax benefit claimed by the taxpayer. Benefits of Tax Deductions: There are a number of benefits associated with tax [...]
Income Declaration Scheme 2016 With the Income Tax Department discovering Rs. 43,000 crore of undisclosed income in the last two fiscal years and the problem of black money still prevalent in India, the Ministry of Finance on 11th of May introduced the Income Declaration Scheme 2016 in a bid to tackle the problem. So, what is [...]
How to save taxes legally? At the end of each financial year, an assess finds himself with huge taxes on taxable income and make tax investments in a hurry. However, if an individual from the very beginning goes ahead with proper planning and knowledge he can feel relaxed at the end. The Income Tax Act, 1961 provides [...]
Shadow economy/Black economy India has second highest rate of shadow economy in the world. It is that part of economy involving goods and services which are paid in cash but have not been declared for the payment of tax. Illegal economy indicates underground trading of goods and services. Black market flourishes because of illicit transactions inside [...]
