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TDS on Purchase of Property from a Non-Resident
TDS on Purchase of Property from a Non-Resident Introduction When purchasing an immovable property (land or building) from a non-resident, the buyer is required to deduct Tax Deducted at Source (TDS) under Section 195 of the Income Tax Act, 1961. The applicable TDS rate depends on whether the capital gain is short-term or long-term and
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Registration for ECO and suppliers on ECO
There are 2 types of ECO specified under CGST Act: Where the ECO supplies the notified services, such ECO shall be liable for mandatory registration under section 24(iv) of the CGST Act. In such a case, ECO shall be responsible to pay the taxes. Four (4) services are notified u/s 9(5) on which tax shall
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Top 20 GST Updates in Budget 2024
1. Section 9(1) GST shall not be applicable on alcohol for human consumption and un-denatured extra neutral alcohol or rectified spirit used for manufacture of alcoholic liquor, for human consumption 2. Section 11A: Power not to recover Goods and Services Tax not levied or short-levied as a result of general practice. “Notwithstanding anything contained in
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Payment to MSME: Decoding Section 43B(h)
In February 2024, the Finance Act’ 2023 introduced Section 43B(h) to the Income Tax Act, 1961. The law states that any payment due to micro or small enterprise shall be allowed as deduction under Income Tax only if the payment is made to such enterprise within the time limit specified under MSMED Act, 2006. So
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The Ultimate Guide to E-commerce Tax Consulting Services
Navigating tax forms as an online business owner in India can be daunting. Knowing which forms to file is crucial for compliance and peace of mind, you might need tax consulting services. This guide will help you understand the essential tax forms you need to keep your e-commerce business running smoothly GST Registration and Returns
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Tax Consulting Services: A Lifeline for MSMEs
Running a micro, small, or medium enterprise (MSME) can be a thrilling adventure. However, it also comes with a maze of tax obligations that can be confusing and overwhelming. Understanding these obligations is crucial to keep your business compliant and thriving. This section aims to simplify the complex world of taxes for MSMEs, giving you
