Know your Income Tax Slab for Year 2022-23
Income tax in India is payable on slab basis and is applicable in case of Individual, Hindu Undivided Family (HUF), Association of Person (AOP), Body of Individual (BOI) and Artificial Juridical Person (AJP).
Method of Accounting in certain cases: Section 145A
Method of Accounting in certain cases: Section 145A: There are certain cases where accounting treatment will be done basis ICDS
The Concept of Supply- GST
The concept of “Supply” is very important from a GST standpoint as it is a taxable event in GST i.e. if any transaction falls under the definition of Supply, then only GST would be applicable.
The provisions relating to the meaning and scope of supply are contained in Chapter III of the CGST Act read with various schedules given under said Act. To understand the concept of Supply, one is required to read Section 7 and Section 8 of the CGST Act along with Schedule I, II, and III (In this article, we have covered the provisions of Section 7)
Various measures taken by Government contribute to increase in tax collection
Recently, Ministry of Finance published various measures taken by the Government which contributes to the increase in Tax collections.
These figures reflects recovery of economy post COVID-19 and Government highlights better compliances due to various measures have resulted in increase in tax collections
Government releases two instalments of tax devolution to State Governments amounting to Rs 1,16,665.75 crore as against normal monthly devolution of Rs. 58,332.86 crore
Government releases two instalments of tax devolution to State Governments amounting to Rs 1,16,665.75 crore as against normal monthly devolution of Rs. 58,332.86 crore