Complete Guide to Non-Resident Taxable Persons (NRTP) Under GST: Registration, Compliance, and Reverse Charge Mechanism
What is a Non-Resident Taxable Person (NRTP)? A Non-Resident Taxable Person (NRTP) is an individual or business entity that occasionally undertakes transactions involving the supply of goods or services in India but does not have a fixed place of business within the country. NRTPs are required to comply with GST regulations even if they do […]
GST Simplified: Step-by-Step Guide to Vertical Registrations, UINs, and Deemed Registration
Deemed Registration Procedure: Detailed Steps, Forms, and Timeframe Deemed registration occurs when a person is required to be registered under GST but fails to apply for registration themselves. In such cases, the authorities may initiate registration on their own. Here’s a comprehensive guide to the deemed registration procedure, including forms and expected timeframes: Triggering of […]
UNDERSTANDING GST: A COMPREHENSIVE GUIDE
The Goods and Services Tax (GST) is a transformative fiscal reform that India adopted on July 1, 2017. It replaced a multitude of cascading taxes levied by the central and state governments with a single, comprehensive tax, aiming to create a more seamless national market and stimulate economic growth. What is GST? GST is a […]
A Step-by-Step Guide for Casual Taxable Persons (CTP) under GST
The GST registration procedure for Casual Taxable Persons (CTP) and Non-Resident Taxable Persons (NRTP) involves several specific steps, forms, and requirements. Here’s a detailed guide on the procedure, including forms, advance tax payment, and expected timeframes: What is a Casual Taxable Person (CTP)? A Casual Taxable Person is someone who occasionally undertakes business transactions involving […]
Understanding Section 192: TDS on Salary
Section 192 of the Income Tax Act, 1961, is a crucial provision for both employers and employees as it governs the deduction of tax at source (TDS) on salary. It mandates that every employer who pays a salary exceeding the basic exemption limit must deduct TDS before making the payment to the employee. This section […]
Claiming Relief under Section 89(1) on Salary Arrears with example
Section 89 of the Income Tax Act, 1961, is a provision designed to offer relief to taxpayers who receive a portion of their income in arrears or in advance. This section is particularly relevant for individuals who receive salary, pension, or family pension in arrears or in advance. It aims to provide a fair taxation […]
Indexation in Capital Gains: Budget 2024 Amendments and Their Impact
WHAT IS INDEXATION: Indexation is a valuable tool for minimizing the impact of taxes on your investment returns. It applies to long-term investments, such as debt funds and other asset classes, by adjusting the purchase price of the investments. This adjustment helps reduce your tax liability. To fully grasp indexation, it’s important to first understand […]