Filing income tax returns (ITR) is a crucial aspect of financial planning for individuals and businesses alike. It is a legal obligation for those who earn a certain level of income in India to file their ITR with the Income Tax Department. The deadline for filing ITR for the financial year (FY) 2022-23 is 31st …
A salary structure is a combination of various components that make up an employee’s total compensation package. Understanding the various components of a salary structure is crucial for both employees and employers to ensure fair and competitive compensation. In this article, we will discuss ten key components of a salary structure. In conclusion, a comprehensive …
As a business owner in Gurgaon or Faridabad, understanding the Goods and Services Tax (GST) and complying with its return filing requirements is crucial for the smooth operation of your business. The GST regime, introduced in India in 2017, has streamlined the indirect tax structure by replacing various state and central level taxes with a …
If you are a business owner in India, you might have heard of the Goods and Services Tax (GST) – a unified tax system that replaced multiple indirect taxes in the country. Under the GST regime, businesses are required to obtain GST registration to legally carry out their operations. If you are a business owner …
Under this Act, any GST registration granted can be cancelled by the proper officer under certain circumstances, as outlined in this section. The cancellation may occur either on the officer’s own accord or upon application by the registered person. Some of the reasons for cancellation include discontinuation or full transfer of the business, amalgamation with …
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The Delhi High Court has overturned an order that rejected an application made by an individual Assessee seeking immunity from penalty proceedings under Section 270AA. The Court found that the Assessee was not given an opportunity to be heard, as mandated by Section 270AA(4), before their application was dismissed. The Assessee had filed a return …
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Introduction: A one-person company (OPC) is a type of business entity where a single individual can operate a company as a separate legal entity. It is a hybrid between a sole proprietorship and a private limited company that provides the benefits of limited liability while allowing the entrepreneur to retain complete control of the business. …
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Non-Resident Indians (NRIs) are individuals who live and work outside of India but maintain strong ties to their home country. As an NRI, it can be challenging to navigate the complex Indian tax laws and financial regulations. This is where a Chartered Accountant (CA) in Gurgaon can be of great assistance. In this article, we …
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Working abroad can be an exciting opportunity, but before leaving your home country, there are important things to consider. If you are an Indian citizen working overseas for more than 181 days, you will be classified as a Non-Resident Indian (NRI). This classification has implications for your financial accounts and investments back in India. In …
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Debit note and credit note are documents used in Goods and Services Tax (GST) to record changes in transactions. A debit note is issued by a supplier when there is an increase in the amount payable by the recipient, while a credit note is issued when there is a decrease in the amount payable. They …
