What is Input Tax Credit and Why It’s a Game-Changer for Businesses? Input Tax Credit, or ITC, is like a cashback for businesses under GST. […]
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38. Indirect Tax
Indirect tax refers to a type of tax that is not directly paid by an individual to the government but is instead levied on goods […]
18. Belated Returns
A belated return is a return of income filed after the due date prescribed under the Income Tax Act, 1961. Taxpayers are expected to file […]
37. Vat dealer
A VAT dealer refers to a person or business entity that is registered under the Value Added Tax (VAT) system and is authorized to collect […]
36. Entertainment Allowance
Entertainment Allowance is a specific benefit granted to employees, generally to cover expenses incurred while entertaining clients or customers on behalf of the organization. Under […]
17. De Novo Assessment on remand
De Novo Assessment on remand refers to a situation where a higher tax authority, tribunal, or court sets aside an earlier assessment and directs the […]
35. Characteristics of salary
Salary is a form of periodic compensation paid by an employer to an employee for services rendered under a contract of employment. In India, salary […]
34. Assessce
Assessment under Indian Tax Laws refers to the process by which the Income Tax Department determines the correct amount of tax payable by an individual […]
16. Foreign National Under Income Tax Act
A foreign national under the Indian Income Tax Act refers to an individual who is not a citizen of India but may still be liable […]
33. Income Tax.
Income tax in India is a direct tax levied by the central government on the income earned by individuals, Hindu Undivided Families (HUFs), companies, firms, […]