FINBOAT

  TAX RATES APPLICABLE TO TRUSTS IN INDIA The tax rates applicable to a trust depend on the type of trust and the income earned by the trust. Usually, trusts are subject to different tax rates than individuals, and the rates can vary depending on the type of trust like private, public religious or charitable and the source of income of the trust. Charitable or religious trusts are subject to charge at special tax rates and may qualify for tax-exempt status too. In India, charitable trusts are subject to charge different tax according to rules and regulation to the trusts. Here are some general guidelines regarding the tax rates applicable to charitable trusts: GST : GST applicability depend the nature and types of trusts and also depends on the turnover limit which is liable to get registered under GST Act in India. Income Tax : Charitable trusts registered under section 12AA of the Income Tax Act, 1961 are exempt from income tax on the income earned by the trust. However, the ...

  There is a lot of confusion for a common person among these terms that are IGST,CGST and SGST and about the applicability of it. Therefore in this article we will discuss the meaning and applicability of these terms.   IGST The full form of IGST is Integrated Goods and Services Tax. It applies when goods are supplied from one state to another state. For example if you are registered in Delhi and you supply goods in Mumbai then IGST will be levy in this case. It goes to centre. CGST   The full form of CGST is Central Goods and Services Tax. It applies when goods are supplied within the same state. For example if your registration is in Delhi and you supply goods in Delhi then CGST will be levy in this case. It goes to centre. SGST  The full form of SGST is State Goods and Services Tax. It applies when goods are supplied within the same state. For example if your registration is in Delhi and you supply goods in Delhi then SGST will be levy in this cas...

  WHAT IS REGISTRATION CUM –MEMBERSHIP CERTIFICATE (RCMC) The full form of RCMC is Registration-Cum-Membership Certificate. It is a issued by the Federation of Indian Export Organisations on behalf of the Government of India to Indian exporters. In the case of export from India, RCMC is a mandatory registration that exporters must obtain before the export goods from India. It serves as proof that the exporter is a registered member of a recognized export promotion council or federation. In the case of imports into India, RCMC is not directly related. It is a requirement for exporters from India and does not impact the process of importing goods into India. However, importers may need to obtain other licenses or permits, depending on the nature of the goods being imported. WHAT ARE THE USES OF RCMC AVAILMENT OF EXPORT BENEFITS: Exporters with a valid RCMC can avail various export benefits offered by the Government of India, such as duty drawback, export promotion capital g...

  EXPORT AND IMPORT REQUIREMENT IN INDIA Export and import (EXIM) activities in India are regulate by various laws and procedures. Here are some of the basic compliances for exporting and importing in India EXPORT FROM INDIA 1. Need to Obtain an Import Export Code (IEC) from the Directorate General of Foreign Trade. It is available online and it is a PAN CARD based code. There are requirement of basic documents for application of IEC that is PAN, AADHAR, Business address proof like rent agreement and electricity bill, bank account etc.   2. Register with relevant export promotion councils (RCMC), if applicable.   3. Need to obtain necessary licenses and permits, registration, if required like GST ,Authorised Dealer (AD) code etc.   4. Also required export documentation including obtaining shipping bills, bill of lading, and export invoices. 5. Need to Follow customs clearance procedures and comply with relevant regulations and guidelines.   6. Ne...

  Starting a business in India can be a challenging process, but with planning and preparation, it can be done easily. You need to follow the following procedure to start a business in India: Selection of Legal Structure: Decide on the legal structure of your business, such as a sole proprietorship, partnership, private limited company, limited liability Partnership (LLP), or corporation, and register your business with the appropriate government agency. Market Research and analysis: Before starting a business, conduct thorough market research to identify potential customers, competition, and demand for your products or services. Registration for Taxes: Register for taxes, such as the Goods and Services Tax (GST) and the Income Tax. Apply for Necessary Permits and Licenses: Obtain the necessary permits and licenses from the local and state government authorities. Open a Current Bank Account: Open a current bank account to keep your personal and business finances separate....

Income tax is a tax imposed by the government on the income of individuals, businesses, and other entities. In India, the tax system is progressive, meaning the rate of tax increases as income increases. The amount of income tax an individual pays depends on their income level, the applicable tax slab, and any exemptions or deductions they are eligible for. How to calculate income tax in India: Determine your Gross Income : This includes your total income from all sources, such as salary, business income, rental income, interest, and dividends. Apply deductions and exemptions : Deductions are subtracted from your gross income to reduce your taxable income. Common deductions include: Section 80C : Investments in life insurance, PPF, NSC, tax-saving FD, etc. (up to Rs. 1.5 lakh) Section 80D : Premiums for health insurance policies Section 80E : Interest on education loans Section 10(14) : House Rent Allowance (HRA), if applicable Determine the Taxable Income : Subtract all eligible deduc...

  KEY HIGHLIGHTS OF BUDGET: PERSONAL INCOME TAX UNDER NEW TAX REGIME First 300000 Tax will be Nil Above 300000 up to 600000 = Tax Amount (300000* 5%=15000) Above 600000 up to 900000 = Tax Amount (300000*10%=30000) Above 900000 up to 1200000 = Tax amount (300000*15%=45000) Above 1200000 up to 1500000 = Tax amount (300000*20%=60000) Above 1500000 Tax Rate will be 30% Now relief under 87A will be applicable total income up to Rs 700000 BUDGET 2023-24 : FM