Budget 2020: Which Tax Regime Should You Opt For?
Taxes

Budget 2020: Which Tax Regime Should You Opt For?

The budget simply welcomed a series of thumbs up and relatively higher criticisms. It's high time you understand the new tax regime and what it has in store for you. Now just picture the Avengers in a different scenario. In the climax, the powerful infinity stones are held by Thanos.

Continue Reading about 9 months ago
Why should we move towards a Simpler Tax System?
Taxes

Why should we move towards a Simpler Tax System?

Albert Einstein once said, “The hardest thing to understand in the world is the Income Tax”. Why is that, even the smartest brains are unable to comprehend the taxes?

Continue Reading about 1 years ago
A Comment on Recent GST Slab Rationalization
Taxes

A Comment on Recent GST Slab Rationalization

GST which means Goods and Services Tax which is a kind of indirect tax and is the one which is included in the sale price of goods and services. GST came into effect in India on 1st July 2017. A good goes through various stages which starts from a manufacturer and then finally reaches a seller and in all such stages GST is added.

Continue Reading about 2 years ago
Wealth Tax
Taxes

Wealth Tax

Wealth tax is a form of direct tax, evolved after the commencement of the Wealth Tax Act, 1957 enacted for imposing the tax on the net wealth of an assessee. It is a tax on an individual’s wealth rather than on his income.

Continue Reading about 2 years ago
Tax Incentives to Startups in India
Taxes

Tax Incentives to Startups in India

The introduction of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code, 2016 and the General Anti Avoidance Rule are instrumental in bringing more business under the vigilance of government and preclude tax evasion and corruption. The OECD data of 2017 cuts India’s growth forecast to 7%, according the secretary general Angel Gurria reports that India tops in tax reforms amongst the G- 20 countries, further calling the reforms to be historic and effective.

Continue Reading about 2 years ago
Minimum Alternative Tax
Taxes

Minimum Alternative Tax

Companies often have tendency to escape the taxes, to get more and more profit, and in order to escape it, they often become “zero tax companies” i.e. those companies which incur high profit but gets exempted from paying taxes by using undue advantages of various deductions, incentives tools provided to them for their benefits.

Continue Reading about 2 years ago
Shortcomings of Goods and Service Tax
Taxes

Shortcomings of Goods and Service Tax

GST (Goods and Services Tax) is a kind of indirect tax and which is included in the sale price of goods and services. GST came into effect in India on 1st July 2017. A good go through various stages which starts from a manufacturer and then finally reaches a seller and in all such stages, GST is added.

Continue Reading about 2 years ago
What are the advantages of GST?
Taxes

What are the advantages of GST?

The Goods and Services Tax abbreviated as GST is a major tax reform which has consolidated the various manners in which the indirect tax was levied by Central and State tax departments and brought it under one umbrella. For instance, it has replaced the Service tax law, VAT, Entry tax, Luxury tax, Purchase tax, etc. It is a comprehensive tax on manufacture, sale and consumption of goods and services.

Continue Reading about 2 years ago
Critical Analysis of GST Slabs in India
Taxes

Critical Analysis of GST Slabs in India

Throughout the world, over 160 countries have adopted the Goods and Services Tax while France remains the parent country. India adopted this new tax system on 1st July 2017 with the One Hundred and First Amendment of the Constitution of India, replacing the various cascading taxes imposed by the central and state governments. Inspired by Canadian model, India adopted a dual-GST structure which is seen as the biggest tax reforms in the history of India.

Continue Reading about 2 years ago