With the rise of the resale and refurbishment market, understanding how Goods and Services Tax (GST) applies to second-hand goods has become crucial for businesses operating in this space. Be it second hand cars, bikes, furniture, mobiles, laptops, other electronic goods & various household items etc, most of the people
Section 40b determines the maximum amount of remuneration and interest on capital payable to a partner under Income Tax Act. The amount over the specified limit is not allowed as a deduction to a partnership firm. Remuneration to Partners Section 40b Remuneration includes salary, bonus, commission .Remuneration in partnership firm
Section 44AD This section is for presumptive taxation for eligible small businesses to declare a fixed percentage of their turnover as taxable income, eliminating the need for detailed books or audits. This Scheme gives you an option to compute your income on a presumptive basis (deemed profit), which is as
Section 44ADA Section 44ADA was introduced for presumptive income for Freelancers & professionals. This section is similar to section 44AD for traders. Under this section Freelancers or professionals such as legal, medical, engineering, architect, accountancy, technical consultancy, interior decoration or any of the profession as given in section 44AA are allowed
What is GSTIN ? GSTIN stands for Goods and Services Tax Identification Number. It is a unique 15-digit alphanumeric number assigned to every registered taxpayer (business or individual) under the Goods and Services Tax (GST) regime in India. It has different formats (structure) based on various types of Registrations under
A complete comprehensive article regarding GST applicability on Indian freelancers providing services in India/outside India.
Freelancers working with international clients on platforms like Upwork, Freelancer.com, or through direct contracts.
Businesses selling on platforms like Amazon, Flipkart etc and having multiple GSTINs along with stock transfers.
Dropshipping businesses selling within India or internationally through Shopify, personal websites, or social media.
Businesses exporting goods from India via eBay, Etsy etc.
Standard businesses dealing in goods or services.
Individuals working on ships in foreign & Indian waters.
Non-resident individuals having income in India
Standard IT return for individuals, HUFs, LLP and Pvt Ltd
Services like TDS return, Form 26QB, GST Refund etc
TaxAdda, as the name suggests, is a adda for all tax-related needs of small and medium businesses. I launched TaxAdda as a blog in 2011, and over time, with increasing user engagement, it evolved into a platform offering tax and accounting services to customers across India.
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We have successfully served over 1,000 customers and currently maintain an active client base of approximately 100 regular customers across India. Our services encompass GST, Income Tax, Accounting, Income Tax Return filing, and related financial compliance.