The digitalization of tax administrations, including more expectations for real-time filing of digital records, has also put pressure on tax functions’ efforts to comply. In Mexico, for instance, the government pre-fills the entirety of individual tax returns, and authorities directly access about ...
Filing and remitting GST Indirect taxescome in many different forms. In the US, there issales tax. Across Europe and many other countries, there isvalue-added tax (VAT). For businesses making sales in Canada, there isgoods and services tax (GST)to collect and remit. ...
If you find yourself in this situation, don’t panic. While penalties and fees are associated with filing your ITR after the due date, it’s still better to file late than not at all. In this blog post, we’ll go through the step-by-step process of filing income tax returns after t...
GST payment refers to the tax businesses and individuals are required to pay to the government under the Goods and Services Tax regime. This payment is calculated based on the applicable rates for the goods or services provided, after subtracting Input Tax Credit (ITC). Businesses collect GST fr...
Implementation in India:In India, HSN codes are used under the Goods and Services Tax (GST) regime. Businesses must use HSN codes when filing GST returns, ensuring proper classification and taxation of goods. The number of digits required (4, 6, or 8) depends on the business’s turnover....
I think this is going to change the incentives landscape in a very big way, especially in ASEAN, I'm going to I'm expecting authorities, you know, needing to be more agile, to ensure that they understand the dynamics of the investor, what is the sweet spot in terms of the ...
That’s why it is necessary to consider all such deductions while computing salaries. Income tax is one such deduction. At the beginning of the year, employees are asked to declare their taxes and choose one tax regime from below. Based on the above tax slabs, you calculate the monthly tax...
If the buyer is going to deduct TDS while making the payment, then the transaction will be exempted from TCS. Further, when the buyer pays this TDS amount to the government, a challan no. will be issued. While filing TCS returns, you have to provide this challan no. and date against ...
This option allows you to update your vehicle number if you didn’t set it while initially generating an e-Way Bill, or if there is a change in the vehicle. Click theUpdate Vehicle Numberoption. You can choose your e-Way Bill either through bill number or date generated. Once you pick...
Section 115BAC of the Finance Act 2020 introduced a choice between the old and new tax regimes for the ITR forms. Assessee who chooses to pay tax in accordance with the new tax regime needs to submit Form 10IE to the ITR department before filing their ITRs. Also, if the assessee choose...