Corporate Income Tax: It is the tax is charged on the taxable profit of companies and other unincorporated bodies. Do you know? In the year1860,Sir, James Wilsonintroduced this tax in India for the very first time. He was thefirst Finance Minister of India. The reason for its imposition ...
What is excise duty in SAP? The state imposes excise duties as taxes on the use or consumption of specific goods. The liability to pay taxes is levied when taxable goods are moved under customs seal from one location to a taxable location. Is excise tax under GST? Yes, excise duty has ...
The full form of GST isGoods and Services Tax. It is an indirect tax levied on the supply of goods and services across India. This comprehensive tax system is designed as a multi-stage, destination-oriented tax applied at each point of value addition in the supply chain. By replacing multi...
Local definitions of taxable income Currency exchange rates Country-specific employee benefitsor allowances International tax treaties Determining accurate gross income calculations is vital for: Complying with local labor laws Correctly withholding taxes ...
Anybody who earns a taxable income in India, including foreign nationals who pay taxes in India. Anybody who runs a business (be it retail, services or consultancy) that had total sales, turnover or gross receipt exceeding Rs 5 lakh in the previous financial year.From 5 Dec 2018, the Inc...
*“Sales” refer to income received by taxpayer excluding VAT incurred [Sales Including VAT / (1 + VAT Rate)] 3. Consumption tax Consumption tax is imposed on manufacturers and importers of taxable products, including harmful items like tobacco and alcohol, luxury items like jewellery and cosmeti...
which means that it will be taxable according to your income tax slab rate. If you earn an equity fund dividend of more than Rs. 5000, then the amount will be subject to 10% TDS at source if your PAN has been linked with Aadhar. If your PAN is not linked with Aadhar,...
What is Gratuity in India?is an important component of income but is ignored by most people, especially in the private sector. The reason is people don’t stick with one company for the long term – another reason is the uncertainty of job. Even “Yours Truly” changed 4 companies before...
SAC and HSN codes are two systems of classification used for goods and services under the GST regime in India or the GST State Code List. They both identify the nature and value of the taxable items and ensure uniformity across the country. Feature HSN Code SAC Code Full Form Harmonized...
A publicly traded, liquid REIT invests in commercial real estate properties. They are required by law to pass at least 90% of their taxable income to shareholders in the form of dividends. On the other hand, direct investment in a real asset – whether that's precious metals, real estate,...