The Goods and Services Tax (GST) Composition Scheme is a boon for small businesses, offering them a simplified tax structure and reduced compliance burdens. By opting for the scheme, businesses can avail themselves of lower tax rates and streamlined processes. However, despite its advantages, there are certain pitfalls that businesses must avoid to ensure smooth…
As digital transactions continue to reshape the way we handle our finances. The emergence of mobile wallet applications has transformed the payment landscape. Developing a wallet application like Paytm needs careful planning, technical expertise and a deep understanding of user expectations. By following a strategic roadmap and leveraging the right techniques, you can embark on…
Goods and Services Tax (GST) is a comprehensive tax system that has been implemented in India since July 1, 2017. It has replaced the various indirect taxes like VAT, Excise duty, Service tax, etc. Royalty is a payment made by a company to another for using intellectual property such as patents, copyrights, trademarks, etc. In…
Taxation is an essential aspect of any modern economy, and the United States is no exception. The U.S. tax system is complex, with a wide range of tax laws, regulations, and procedures. For individuals living and working in the United States, understanding U.S. taxation is crucial. In this article, we’ll provide an overview of U.S….
The Annual Information Statement (AIS) is an important document that provides transparency and accountability for tax-exempt organizations. It is a requirement for certain types of nonprofit organizations that are recognized as tax-exempt by the Internal Revenue Service (IRS). While many organizations diligently file their AIS each year, some may be surprised to find unexpected information…
Set off and withholding of income tax refunds are two mechanisms used by the Income Tax Department to recover outstanding tax liabilities from taxpayers. In certain cases, the department may withhold the refund due to a taxpayer and use it to offset any outstanding tax liabilities. This article will explore the concept of setting off…
The Income Tax Act, 1961 provides various tax-saving options to taxpayers. Among these options, deductions under Section 80C, 80CCC, and 80CCD are some of the most popular ones. These deductions are available to individuals and Hindu Undivided Families (HUFs) who invest in certain specified instruments. In this article, we will discuss Deduction under Section 80C,…
The provisions on penalties and offenses are quite similar to the Excise Act. The customs law envisages two types of penalties, viz., first, civil liability: penalty for violation of statutory provisions involving fines and confiscation of goods. Second, criminal liability: the criminal penalty is imprisonment and a fine; which can only be granted in a…
Like any other tax law, the customs law contains detailed provisions for judicial review, dispute resolution, appeal, and review. The appellate authorities for cases under Customs Law include the Commissioner (Appeals), Customs Excise, Review Authority and Service Tax Appellate Tribunal (CESTAT), High Court, and Supreme Court. In this article, we will discuss in detail the…
Real estate sector in India had many disputes existing between home buyers and developers. To resolve such disputes, the Indian government introduced the RERA Act, on 1st May, 2016. The Real Estate Regulation and Development Act, 2016 (RERA) came into full force on 1 May 2017 across India and 52 sections were notified in 2016. The…