TDS on property, also known as TDS on sale of property, refers to the tax that is deducted at source on the sale of immovable property in India. The term “TDS” stands for Tax Deducted at Source, which is a system introduced by the Indian government to collect taxes at the source of income. According …
The issue at hand involves the imposition of Integrated Goods and Services Tax (IGST) on ocean freight services under the Reverse Charge Mechanism (RCM) in India. The Indian importer was required to discharge IGST on the freight services according to NN 8/2017 Integrated Tax (Rate) and NN 10/2017-Integrated Tax (Rate). This was a change from …
The Hon’ble Madras High Court in the case of M/s. Lenovo India Private Limited vs Assistant Commissioner of GST & Central Excise in [W.P.No.1863 of 2023 and W.M.P.No.1965 of 2023 dated February 01, 2023] has dealt with the issue of violation of principles of natural justice in the rejection of the GST refund application. In …
Incorporation of a private limited company is a crucial step in starting a new business in India. It provides legal recognition to the company and protects the personal assets of shareholders by limiting their liability to the capital invested. The company is considered a separate legal entity and can enter into contracts, own assets and …
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A Long-Term Incentive Plan (LTIP) is a type of employee benefit program that is designed to motivate and retain key employees by offering them a stake in the long-term success of the company. The purpose of an LTIP is to align the interests of employees with those of the company’s shareholders, and to encourage employees …
Income tax compliance for private limited companies in India involves the following steps: In conclusion, private limited companies in India are required to comply with various income tax regulations and filing requirements. It is important for companies to stay updated on the latest rules and regulations and to comply with them in a timely and …
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What is Corporate Tax Planning Corporate tax planning refers to the process of arranging a company’s financial affairs in a way that minimizes its tax liability while staying within the bounds of tax laws and regulations. This can involve a range of strategies, such as choosing the most favorable tax jurisdiction, deferring income, maximizing deductions, …
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Bookkeeping and accounting services are critical tasks that help businesses to maintain accurate financial records, track their performance, and make informed decisions. Bookkeeping and accounting records should be maintained on a regular basis, typically at least once a month, to ensure accuracy and completeness. It is important to maintain records in a timely manner to …
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DTAA stands for Double Taxation Avoidance Agreement. It is a treaty signed between two countries to avoid double taxation of income earned by residents of one country in the other country. The purpose of DTAA is to prevent double taxation of income and promote economic and cultural relations between two countries. DTAA provides relief in …
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1. What is an NRI? An NRI, or Non-Residential Indian, is an Indian citizen who resides outside of India for a substantial period of time for the purpose of employment, education, or business. 2. Who is required to file an income tax return in India? All individuals, including NRIs, are required to file an income …
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