The residential status of the company is determined as per section 6(3) of the income tax act 1961. Residential status is important because the determination of income and income tax liability all depend on the residential status. It is a first step that every taxpayer must follow either a resident or non-resident. Indian company An …
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Export of goods and services is the focus area of the government. India is a member of the World trade organization (WTO) since January 1995. India being a member of WTO has promised to provide a concessional rate or tax-free goods and services for exporters of goods and services. The concessions are in two forms …
The service sector is the fastest and largest growing sector in India. India is among the top 10 service exporter countries having a 4.1% share in world commercial service exports in 2020. In the first half of the 2021-22 fiscal year service sector contributed more than 50% of the GDP of India and it is …
This article is not industry specific. The article has been written considering the present situation of GST and overall industries requirement. It will cover general clauses and provisions for export of goods but the specific untouched points will also be included for the reader’s knowledge. As we know that export of goods and services is …
Freelancing is a particular assignment done by an individual of a company. You may call it a self-employed person who works either individually or hires a few more people to work with him on a particular assignment. Freelancing is a commercial term, but under the income tax act, there is no term like freelancer and …
In the current scenario, no borders or boundaries limit a person to do business with India and other countries. In the digital era, making a sale of goods and rendering services in any part of the world is easy and a person can sell his goods and services without any visit to that country where …
GST registration is first and most important step for a person starting business. There are common questions that every supplier of goods and services ask before commencing his/her business such as why should we register under GST? What is the exemption limit of GST registration? What are the benefits of GST registration? How much time …
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Income tax provisions for the non-resident are not straightforward. There are many provisions which in itself are difficult to understand. To understand the provision applicable to non-residents it is important to first determine the residential status. The residential status is divided into 3 categories- Non-Resident (NR) Resident and Ordinarily Resident (ROR) Resident but not Ordinarily …
Tax deduction at source (TDS) is an income tax liability that is deducted from salary of the employee. It is similar to advance tax liability which is deducted from the salary of the employee by the employer and deposited it to the central government. Liability to deduct TDS is cast on the employer (person who …
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