Complete Guide to TDS (Tax Deducted at Source) in India: Rates, Deductions, and Compliance
WHAT IS TDS? TDS is a method used by the Indian government to collect taxes at the source of income. This means that when you receive certain types of payments, a portion of the tax is deducted before you get the money. This helps ensure that taxes are collected in advance and reduces the chances […]
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 […]
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 […]