Goods and Services Tax (GST) has emerged as significant tax reform in many countries, aiming to simplify the taxation system and promote economic growth. GST is a consumption-based tax that replaces multiple indirect taxes, such as sales and value-added tax...
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Claiming an income tax refund is a necessary process that allows individuals to receive back any excess taxes paid to the government. With advancements in technology, the process has become more convenient, enabling taxpayers to check the status of their...
What is an Income Tax Notice? An income tax notice is a formal communication issued by the tax authorities to an individual or business entity to provide information, seek clarification, or initiate an audit or assessment process related to their...
The Goods and Services Tax (GST) is a comprehensive indirect tax implemented in India on July 1, 2017, replacing multiple indirect taxes at the central and state levels. The FMCG (Fast-Moving Consumer Goods) sector, one of the largest industries in...
Tax planning is an essential aspect of managing personal and business finances. Individuals and companies often employ a strategy to minimize their tax liability using tax shelters. A tax shelter is a legal method or structure that allows taxpayers to...
In India, the Income Tax Act classifies various sources of income for tax purposes. Apart from salaries, business profits, and capital gains, there is a category known as "Income from Other Sources." This category encompasses a wide range of earnings...
Filing income tax returns (ITR) is a crucial obligation for every taxpayer. It not only ensures compliance with the tax laws but also provides individuals with various benefits. However, failing to file the ITR within the specified deadline can lead...
Local governments such as cities, counties, or municipalities assess property tax on real estate. It is typically based on the property's value, as determined by the local government, and is usually paid annually by the owner. Local governments use the...
Freelancer works for themselves and provides services to different clients on a project-by-project basis instead of being employed by a single company. This gives them the flexibility to manage their workload and choose the types of projects they want to...
Income tax is crucial to a country’s taxation system. It is a direct tax levied by the government on the income earned by individuals, businesses, or any other entity in a financial year. The Income Tax Act of 1961 lays...