An Employee Stock Ownership Plan (ESOP) is a benefit plan that gives employees ownership interest in the company. In simple terms, it’s a way for a company to give its employees a piece of the business—like a reward for being part of the team. It works by allocating company shares to employees, typically based on
With the rollout of the Goods and Services Tax (GST), the way services are exported from India has seen some important changes. If you’re a freelancer, consultant, or company dealing with international clients, understanding GST implications on the export of services is crucial for compliance and financial planning What is an Export of Services under
As the new financial year begins and some new tax regime come into play, a lot of people are wondering how they can save more money on taxes. The Indian government came up with a new tax system, called the “new tax regime,” to make things simpler. It offers lower tax rates, which sounds great
Filing your Income Tax Return (ITR) can feel like navigating a maze—especially when you’re faced with multiple ITR forms and no clue which one applies to your situation. Whether you’re a salaried employee, freelancer, business owner, or investor, choosing the correct ITR form is crucial for accurate filing and avoiding penalties. In this blog, we’ll
If you live in one country but earn money from another, you might have to pay tax in both places — which means paying tax twice on the same income. To help with this, the Indian government lets you get credit for the tax you already paid in the other country. But to get this
Capital Gains Tax on sale of Property :Capital Gains Tax is the tax you pay on the profit earned from selling a property. This profit is called a “capital gain”, and it arises when the selling price of the property is higher than its purchase price. The sale of a property can results in capital
How Do You Respond to Intimation us 143 ? Income tax return processing involves several steps, from filing the return to receiving the refund or paying additional tax. Once the ITR is filed and verified by taxpayer, the processing of ITR starts. The Income Tax Department processes the return, which involves checking for errors, discrepancies,
The applicability of GST registration is dependent upon the limit of annual turnover of the business. Businesses and individuals are required to register for GST if their annual turnover exceeds certain thresholds. Here are the specifics: (Note-The special category states under GST Rules -Arunachal Pradesh, Assam, Jammu and Kashmir, Ladakh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim,
Filing GST returns is a crucial responsibility for businesses and individuals registered under the Goods and Services Tax (GST) regime. Understanding the various types of GST returns and the frequency of filing is essential for businesses to stay compliant with tax laws. The filing frequency depends on the nature of the business and its annual
AIS AND TIS Explained Filing taxes can often feel overwhelming, especially with multiple income sources and tax deductions. To make this process easier, the Income Tax Department introduced two important tools: Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). These statements provide a clear, detailed, and organized view of a taxpayer’s financial transactions, helping
If you are a salaried employee, you have likely come across Form 16—an important document that plays a key role in your income tax filing. But what exactly is Form 16, and how do you interpret the details it contains? In this guide, we’ll break down everything you need to know about Form 16, its
Recent developments in the tax area can be overwhelming and lead to confusion. Governments often introduces new tax reforms, which can lead to changes in tax rates, deductions, and exemptions. As the tax filing season approaches, taxpayers often find themselves confused about the various types of income tax returns they can file. In this blog,
The Indian tax system has undergone significant changes in recent years, especially with the introduction of the new tax regime. With the recent Union Budget 2025 takeaways and as we approach the financial year 2025-26, taxpayers must evaluate whether the old or new tax regime is more beneficial for them. The decision hinges on various
While filing the income tax return one must ensure that correct information is duly reported. The ITR filing must be done within the due date considering income from all the sources. One must comply with all the income tax provisions while availing tax deductions and computing tax liability. Why defective notice? No matter how much
What is income tax refund? While filing an income tax return, total income from all sources is computed. This total income is termed as Gross Total Income and such income is further reduced by tax saving investments/deductions, if any, and thereafter Net taxable income is derived. Calculation of final tax is done on the Net
