MRP (Maximum Retail Price) registration is a regulatory process in India that ensures manufacturers and sellers declare the maximum price at which a product can be sold to consumers. The Legal Metrology Act, 2009, mandates that businesses display MRP on…
What is ICEGATE Registration? ICEGATE (Indian Customs Electronic Gateway) is an online platform operated by the Central Board of Indirect Taxes and Customs (CBIC). It facilitates electronic filing of import/export declarations, duty payments, and various other customs-related services for businesses…
GEM (Government e-Marketplace) Registration is an essential process for businesses and service providers who wish to sell their products and services to government departments, ministries, and public sector undertakings in India. The platform, introduced by the Government of India, aims…
This article will give you a glimpse on the GST annual return. Let us first have a short brief on GST. GST is an indirect tax imposed on goods and services. It had been introduced with the regime “one nation,…
LEI (Legal Entity Identifier) is a 20-character unique identification code assigned to entities engaged in financial transactions. It is a globally recognized system introduced by the Financial Stability Board (FSB) and regulated by the Reserve Bank of India (RBI) in…
DLT (Distributed Ledger Technology) registration is a regulatory requirement in India for businesses and entities that send commercial SMS and voice communications. The Telecom Regulatory Authority of India (TRAI) introduced this system to curb spam and fraudulent communications by ensuring…
DUNS (Data Universal Numbering System) registration is the process of obtaining a unique nine-digit DUNS number issued by Dun & Bradstreet (D&B). This number serves as a universal identifier for businesses and is widely used by government agencies, financial institutions,…
The Equalisation Levy was introduced by the Finance Act, 2016 to tax non-resident service providers offering online advertisement services, digital advertising space, or any other service related to online advertisements. The purpose of this levy was to ensure that online…
Section 206C mandates that sellers of specific goods or services collect tax at the time of sale. The rates and conditions for TCS are clearly defined, with amendments made periodically to ensure better compliance and expand its scope. Sellers of…
In a bid to strengthen tax compliance and ensure the timely collection of income tax, Section 194Q of the Income Tax Act has been introduced, focusing on the deduction of tax at source (TDS) on payments made for the purchase…
Understanding Section 194H: TDS on Commission and Brokerage Section 194H of the Income Tax Act deals with Tax Deducted at Source (TDS) on commission and brokerage payments. If you earn commission or brokerage, like in sales, real estate, or insurance,…
When it comes to the taxation of long-term capital assets in India, such as equity shares, units of equity-oriented funds, or business trusts, there are some important rules to be aware of. Specifically, Section 112A outlines how the taxation works…