Direct Tax Is Collected By The Central Government. Whereas Indirect Taxes Were Collected By The Central And State Government And Local Agencies. For Example, Entry Tax And Vat Were Collected By The State Government But With The Central Government. Local Agencies Collected Other Taxes Like Property Tax, Water Tax, Toll Tax Etc. For Better Application, …
Benefits Of GST And How GST Replaces All Taxes In India Read More »
GST Advantages in India GST Responsibility To Unorganized Sectors Like Textile Industry With GST Replacing Multiple State And Central Taxes, Collected Attar GST Reduced Tax On Some Items To 2% And Others To 7.5% GST Brings Uniformity In The Taxation Process And Allows Centralized Registration. Gives Small Businesses The Opportunity To File Their Tax Returns …
What are GST Advantages & Disadvantages in India Read More »
GST is known as Goods and Services Tax. It is a skewed tax which has replaced many skewed taxes in India including excise duty, VAT, Prasad tax etc. The Goods and Services Tax Act was passed within the Parliament on 20th March 2017 and came into effect on 1st July. 2017. In different words, Goods …
The finance ministry has clarified that an employer must deduct TDS for FY 2020-21, from a worker’s salary on the premise of the brand new decrease tax regime if the employee opts for it and informs the employer of the identical. It’s additionally clarified that after the regime is opted by a person at the beginning of the financial year, then such a choice can’t be modified in the course of the financial year as far as TDS by the employer is concerned. Nevertheless, the choice will be modified at the time of income tax submitting.
Impact of COVID-19 on Tax Treaties-The Organisation For Economic Co-operation and Development (‘OECD‘) has issued rules and regulations on the considerations or issues arising out of the application of tax treaties because of the impact of the COVID-19 disaster.
The insurance coverage sector may even endure because it must put extra effort and cash on commercials to draw individuals to invest.
Owing to the lockdown, money flows of numerous corporations throughout sectors have been affected. Many have resorted to salary cuts. In the meantime, workers will quickly want to tell their employers whether they’ll stick with the old tax regime or undertake the brand new one. If their salary has changed, they have to re-evaluate the tax regime whether the old or the brand new tax regime is more useful for them.
The act of filing the income tax return is an official notification to the IT department of all of the sources of income and the tax that has been paid on that revenue.
