Did you know India’s e-commerce market is expected to reach US$99 billion by 2024? This makes India the second-largest e-commerce market, just behind the US. As the digital market grows, so does the need for tax compliance. The GST registration process for e-commerce operators is now essential for legal and smooth business operations. The Central Board of Excise & Customs (CBEC) has set up special rules for e-commerce GST registration. This is because the sector is growing fast and has complex tax issues. If you sell online or plan to start an e-commerce business, knowing these rules is crucial for your success. Now, e-commerce business tax compliance is a must. Section 24 of the Central Goods and Services Tax Act, 2017 requires all e-commerce operators to register for GST. This includes collecting a 1% tax on each transaction, except for exempted goods and services. As an e-commerce operator, you must collect Tax Collected at Source (TCS) at a maximum rate of 1% on the ne...
Introduction Form 10BB of the Income Tax Act is a critical document for charitable trusts, educational institutions, hospitals, and other medical establishments whose primary objective is charity, not profit. This form serves as the key to claiming deductions under section 10(23C) of the IT Act, 1961. Understanding Form 10BB of the Income Tax Act: As per section 10(23C) of the Income Tax Act, specific government and non-government universities and educational institutions can claim full tax exemption, provided they are solely dedicated to educational purposes, not profit. Government educational institutions enjoy full exemption, while non-government institutions with an annual income of up to INR 5 crores are also exempt. Those with an income exceeding INR 5 crores can still claim exemption subject to specific approvals. Form 10BB of the Income Tax Act comprehensively outlines the trust or educational institution’s finances, including income, expenses, assets, and liabilities....