Legal Suvidha

Since its implementation in 2020, India’s new income tax system has generated a lot of debate. Many people have thought about the potential effects on taxpayers as a result of the government’s desire for a more straightforward tax system. This article will go into greater detail on the new tax regime system, its effects, and […]

Ocean freight is the transportation of goods by sea from one country to another. The GST on ocean freight is levied on the transportation charges incurred by the shipping line or the freight forwarder. The GST rate on ocean freight is 5% of the total ocean freight charges. GST on Import of Goods by Sea

Section 194DA of the Income Tax Act pertains to the deduction of TDS on payments made towards the maturity proceeds of a life insurance policy. As per this provision, the insurer is required to deduct TDS at the applicable rate on the amount paid to the policyholder upon maturity of the policy. The TDS rate

Understanding the basics of tax planning is crucial for salaried employees in India to maximize their take-home pay and minimize their tax liabilities. Here are some key points to keep in mind: Know your taxable income: Your taxable income is the income on which you have to pay tax. It includes your salary, allowances, and

In today’s business world, it’s essential to stay up-to-date with the latest regulatory changes. One such change is the filing of announcements in XBRL format on the National Stock Exchange (NSE) NEAPS and BSE Listing Centre. This article will provide you with all the necessary information on the topic, including why it’s important, how to

Clubbing of income refers to the inclusion of income of one person in the income of another person for the purpose of taxation. This is done to prevent taxpayers from avoiding tax liability by transferring income to family members or other related parties. In other words, if income is transferred to a person who is

Section 194IA of the Income Tax Act is a provision that requires a buyer of immovable property to deduct TDS (tax deducted at source) at the rate of 1% of the sale consideration amount, if the property value exceeds Rs. 50 lakh. The buyer is responsible for deducting the TDS at the time of making

Blockchain technology is a digital ledger system that records transactions securely, transparently, and in a decentralized manner. It is essentially a database that is shared among a network of computers or nodes, where each node has a copy of the database. When a transaction occurs, it is verified and validated by the network of nodes,

 GST on Export Freight GST on Export Freight is the tax levied by the Indian government on the transportation of goods from India to a place outside India. This tax is applicable on the services provided by the transporter, such as freight charges, handling charges, and other related expenses. Why is GST on Export Freight

ITR stands for “Income Tax Return”. It refers to a document or form that individuals or businesses are required to file with the tax authorities to report their income earned and taxes paid during a given financial year. The purpose of filing an ITR is to calculate the amount of tax liability owed to the

An annual return is a mandatory filing that every company incorporated in India is required to submit to the Ministry of Corporate Affairs. It is a summary of a company’s activities during the financial year and must be filed by all companies, regardless of their size or turnover. Failure to file an yearly return can

The Companies Act of 2013 outlines the regulations for removing the names of companies from the Register of Companies. This process, governed by Sections 248 to 252 of the Act, provides underperforming businesses with an opportunity to eliminate their names from the list of registered companies maintained by the Registrar of Companies. A company that