Recently the government announced several changes in TDS rates applicable from May 14, 2020. TDS rates for non-salaried payments have now been reduced by 25%. Changes have been announced in TDS rates for other income and payment items as well. Taxes deducted at source (TDS) and taxes collected at source (TCS) are meaningful terms

The GST, or the Goods and Services Tax is an indirect tax in India that mostly took the place of the services tax, VAT, and excise duty. The Goods and Service Tax Act was approved by the Parliament on March 29, 2017, and it became effective on July 1 of that same year. In

Goods and Services Tax (GST) is a comprehensive tax system applied across India. It simplified the complex mechanism of indirect taxes and replaced multiple taxes with a single, unified tax structure. There are different types of GST based on the type of transaction, interstate or intrastate. Understanding GST types in India is important to

Goods and Services Tax(GST) came into effect on 1st July 2017, by amending the Constitution of India. It is the One Hundred and First Amendments introduced by the Government of India. GST was hailed as a significant tax reform of Independent India, that will help streamline the taxation process and reshape India’s $2.4 trillion

What is the Income Tax? A tax on income is a type of charge the Government is authorized to impose on the annual income of businesses and individuals. Taxpayers are bound by the law to file annual tax returns to ascertain their tax obligations. Tax obligation is usually proportionate to the income of an

The Previous Taxation System Before the introduction of the GST tax system and GST registration, the Union and the states calculated and levied taxes based on numerous stages of taxation on a product or commodity, under their laid-out systems and laws. For every junction of the economic environment, different goods and services were put