Professional tax is a state-level levy imposed on individuals and entities engaged in employment, professions, or business activities. This tax, administered by state governments, varies in its application and rates across different regions. This guide offers a detailed overview of professional tax, its purpose, and the responsibilities of both employees […]
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Comprehensive Guide to the GST Filing Process in India
Hi, This is Ravi Kumar, and today, I will let you know about the GST, Navigating the complexities of the Goods and Services Tax (GST) system in India can be challenging for businesses of all sizes. Since its introduction in July 2017, GST has streamlined the country’s indirect tax structure, […]
Continue reading53rd GST Council Meeting | Latest GST Updates 2024.
The Goods and Services Tax (GST) Council in India continues to evolve its framework to better meet the needs of taxpayers and streamline tax processes. The latest updates from the 53rd GST Council Meeting, held on June 22, 2024, introduce significant changes and clarifications across various sectors. Here’s a detailed […]
Continue readingWhat is IRS Form W-9?
Hii EveryOne! This is Ravi Kumar, and today I will let you know about the IRS FORM W-9. Introduction:Form W-9 is an essential document in the United States tax system, used to collect taxpayer identification information for income reporting purposes. Whether you’re an individual or a business entity, understanding how […]
Continue readingWhat is the AIS? and How to check the AIS Statement?
We are aware that companies deduct TDS/TCS, and if we exceed the exemption limit in any criteria, TDS/TCS will be applicable to us. Why? Because the Indian government has announced that if a person surpasses the exemption limit of earnings, they are liable to pay tax on that amount. Consequently, […]
Continue readingFee for professional services and technical services under section 194J
Hello Friends, In my today’s blog, I will let you know about section 194J of the Income Tax Act. What is it? Section 194J of the Income Tax Act, 1961, mandates the Tax Deduction at Source (TDS) on payments made for professional or technical services rendered by resident individuals or […]
Continue readingTDS section 194R of the Income Tax Act
Hi everyone! In my today’s blog, I will let you know the TDS section of 194R. What is TDS section 194R? Section 194R of the Income Tax Act, 1961, introduced in the 2022 Union Budget, mandates the deduction of tax at source (TDS) on benefits or perquisites (perks) provided to […]
Continue readingHow to pay Professional Tax through the NIC portal
Hi everyone, In my today’s blog session, I will let you know how to pay the professional Tax through the NIC portal. Introduction of NIC Portal The NIC Portal is a website created by the Government of India to make it easy for people to get information and use online […]
Continue readingHow to pay the GST payment through UPI
Hi everyone, In my today’s blog, I will let you know how to pay the GST amount through the UPI. The UPI Payment for GST is a new way for businesses to pay their Goods and Services Tax (GST) using their UPI-linked bank account. It’s like an electronic method introduced […]
Continue readingNew 2-factor Authentication enabled on the GST Portal for login
Hi Dear, I am Ravi Kumar working in Cotocus Pvt Ltd as an accountant and I am providing you with all the new info related to GST on my stocksmantra.in. What is 2 Factor Authentication? In the Goods and Services Tax, a new protection layer is enabled by the government […]
Continue readingHow to Check Your Income Tax Refund Status Online
An income tax refund refers to the reimbursement of surplus tax payments made by a taxpayer during a specific financial year. This refund is initiated by the tax authorities when the taxpayer’s actual tax liability is lower than the amount of taxes paid. The process for claiming this refund usually […]
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