Self-employed people face many loan challenges in India when trying to get bank loans. Business owners, together with freelancers and independent workers, experience varying income patterns because they are not employed under a salary system. This nature of their income creates difficulties in bank assessments. Loans for self-employed people are equally important to grow and …
Read MoreIndia’s unified tax system, known as the Goods and Services Tax, streamlines the taxation of goods and services while guaranteeing company compliance and transparency. Businesses that surpass the specified turnover limit or conduct interstate commerce must get a GST registration certificate, which serves as official documentation of registration. To assist businesses in maintaining compliance and …
Read MoreCorporate tax in India is levied on the income earned by both domestic and foreign companies. It is a key element of the country’s tax infrastructure that affects every small or large business. There are also different types of taxes levied on corporations in India, direct taxes and indirect taxes. Direct taxes are imposed on …
Read MoreFiling GST returns is one of the most important responsibilities for businesses in India. Missing deadlines, submitting incorrect data, or ignoring reconciliation can lead to penalties, interest charges, and other compliance-related issues. Avoiding these errors ensures smoother tax compliance and better financial management. This comprehensive guide highlights ten common mistakes businesses make while filing GST …
Read MoreEach year, the Indian government unveils its budget, which outlines various economic policies and taxpayer relief measures. Among the budget’s critical components are the income tax slabs, which dictate the amount of tax individuals owe on their income. As of January 17, 2025, the Indian tax landscape has undergone significant changes in the fiscal year …
Read MoreIntroduction of GST, the Goods, and Services Tax has been the most dramatic and revolutionary tax reform in India. The debut of this comprehensive taxation system brought a huge impact on businesses across the nation. The Goods and Services Tax achieved the standardization of various indirect taxes levied by the State/UT and Central Governments. However, …
Read MoreThe introduction of the Goods and Services Tax (GST) in 2017 revolutionised the invoicing system for businesses in India. A GST tax invoice is a legal document issued by registered suppliers. It details the sale of goods or services and includes vital information, such as the description of goods / services, GST rate and amount …
Read MoreUnderstanding professional tax (PT) is crucial for SMEs for several reasons. It ensures compliance with local tax laws, impacts payroll management, and supports proper financial planning and tax filing. This article will explore professional tax, how it differs from TDS, and the consequences of non-compliance. What is Professional Tax? Professional tax is a state-level tax …
Read MoreThe introduction of the Goods and Services Tax (GST) in India has revolutionised the country’s indirect tax system. As a business owner or consumer, it is crucial to understand the various GST rates and GST percentages in India. This comprehensive guide will walk you through the different GST rates in India, the importance of GST …
Read MoreIf you’re running a business in India, navigating the country’s tax system can initially seem daunting. Three important tax identification numbers you’ll come across are TAN (Tax Deduction and Collection Account Number), PAN (Permanent Account Number) and TIN (Taxpayer Identification Number). While they all serve tax purposes, each has its distinct role. Understanding the differences …
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