Knowledge Hub
In the world of business, it is common for companies to receive advance payments from customers for goods or services that will be provided at a later date. However, when it comes to tax implications, particularly under the Goods and Services Tax (GST) regime, the treatment of such advance payments can be a bit complex. […]
India has been moving towards a cashless economy in recent years with the introduction of various digital payment platforms and the government’s push towards digital transactions. The Indian government has taken several steps to encourage the transition to a cashless economy, such as launching the Unified Payment Interface (UPI), promoting the use of RuPay cards, […]
TDS or Tax Deducted at Source is the income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. TDS is a form of taxation at source (i.e. a payer’s obligation) instead of taxing the same in […]
The Companies Act, 2013 brought in several new revolutionary concepts which did not exist previously and one such concept is One Person Company (OPC). The induction of this is OPC in India was given in the Dr J.J Irani Committee Report dated May 31, 2005. It is the recognition of single person economic entity lightens […]
The GOI implemented the Goods and Services Tax (GST)on July 01, 2017, as an initiative towards “One Nation – One Tax”. Yes, the main rationale behind this Act was to replace the myriad of indirect taxes that were in play like the Value Added Tax, Service Tax, Central Sales Tax, Central Excise, Octroi, Entertainment Tax, […]
With the tax filing season around the corner, there are many myths and assumptions amongst common men. In this article let’s debunk a few common myths and bust them.Myth 1 – All investments are tax saving Fact: ALL SIPs and Mutual Fund Investments available on popular applications like ET Money, Zerodha, grow, etc. are NOT […]
“Trust is an obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by him for the benefit of another” – Indian Trusts Act A public trust or charitable institution should have a defined object (For eg. Relief for poor, education, medical relief, etc.) which benefits a sufficiently […]
https://theappsolutes.sgp1.cdn.digitaloceanspaces.com/dshandassociates/budget-2021-highlights.mp4 Key highlights on Direct Tax Relief for Senior Citizens:No Income Tax Returns for Senior Citizens who are 75 years and above, who have only pension & interest income on the occasion of 75th year of India’s IndependenceSection 194P inserted to direct banks to deduct taxes only after taking into account the Chapter VI-A deductions […]
Mutual Funds and Stocks are the most popular investment vehicles in India for the following reasons:LiquidityQuick & easy investment processTransparencyDiversification of fundsCost-effectiveOption to invest in smaller amounts and regular instalmentsCan be tailored to suit your financial goals.However, one should also understand the taxability of the same to get a holistic picture and make an informed […]
What is a HUF? A family under Hindu law consisting of all persons lineally descended from a common ancestor. It cannot be created under a contract. It is created automatically in a Hindu Family & comes into force as separate legal entity upon completion of certain formalities. Recognised all over India except in Kerala. It […]