They are usually an involuntary fee which is levied corporations or individuals which are enforced via the government entity, whether regional, local or national in order to the finance government activities. In the economy taxes does falls on whomsoever pays the burden of the tax, it could be either entity which is being taxed, or the end consumers of the business goods. They are levied by the states upon their corporations and citizens to fund services of public and works.  Payment of the taxes are compulsory and tax evasions, if the taxes are not paid on time, they are punishable by the law. The payment of taxes could also be done online with easy steps. Some of the common kind of taxes are- GST, Property Tax, Income Tax, tariff, excise duty, Stamp duty etc. However, the taxes do vary according to the nations. Besides conventional taxes, there are other taxes which have been introduced recently as- Swatch Bharat Cess Tax, Infrastructural cess tax and Kalyan Cess Tax etc. Read here tax planning related articles & news and plan your tax savings investment.

Recent Changes in GST- Update on GST Amendment Acts

Income Tax Department will share data with GSTN The income tax department will now share the data with GSTN. This will enable GSTN to look for the taxpayers who file

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How GST Works in Financial Market and How to Calculate it

How is GST Applied ? The Goods and Service Tax (GST) refers to an indirect tax introduced by the Government of India under the Goods and Service Tax Act passed

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Things to Keep in Mind While Filing ITR for FY-2019-20

Filing Income Tax Return Online With the closure of the financial year 2018-19, it is time to file your income tax return. Filing ITR is mandated by law and acts

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Documents Required for Sole Proprietorship Registration for GST?

GST Registration Documents Sole proprietorship firms accounted for 62.5% of the total number of companies operating in India in 2014. A business entity registering for sole proprietorship will have only

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What is the Penalty for Late Filing GST Return?

GST Penalty for Late Filing The laws concerning GST clearly define the offences and the penalties as well as punishments for all of those offences depending upon the scenario. It

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Budget 2019: Essential Changes in Income Tax Rules

Union Budget 2019 Income tax is directly imposed on personal gains accumulated by individuals and entities belonging to varied income and profit groups.  The interim budget for 2019 presented by

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Making Tax Digital: 5 Useful Tips

We perceive the most significant change in the UK’s tax system is underway. The transformation will start with Making Tax Digital for VAT from April 2019. Along with this MTD

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All You Need To Know About Section 68 & Section 143 (1) of the Income Tax Act

Section 68 – Cash Credit When there is any amount credited in the books of accounts of the assessee and the assessee has no clarification whatsoever about the source of

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HSN and State Code List under Goods and Services Tax

What is an HSN Code? Harmonised System of Nomenclature Code commonly known as HSN Code is a six-digit uniform code classifying 5000 plus products globally. HSN was an idea which

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How to File Income Tax Return for the Deceased by Legal Heir

Income Tax return After Death Filling of Income Tax return for an individual is mandatory on gross income. During financial year if the person died, according to the income tax

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