Through this series, our friends at eLagaan have been explaining various legal and compliance issues for entrepreneurs in India. In this edition of whiteboard Friday, we bring you a curated list of five most important tax laws startups in India must be aware of.
1. Understanding VAT (Value Added Tax) & CST (Central Sales Tax) in India
This video covers what Value Added Tax & Central Sales Tax is. Why, when and how one must pay these taxes. It also covers tax exemptions and returns.
2. Understanding TDS – Tax Deducted At Source & TAN for Indian Businesses
TDS or best known Tax Deducted at Source is one of the modes of collecting Income-tax from the assessees in India. This is governed under Indian Income Tax Act, 1961, by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by Indian Revenue Service (IRS), Ministry of Finance, Govt. of India.
In this episode of “eLagaan Whiteboard Friday”, the eLagaan team explains various factors you should know to understand TDS. The video will talk about what is TDS, why TDS was created. What is TAN number. Defines major categories of TDS, how to calculate it. When to make the TDS payments, file TDS returns as well as when you can get TDS refunds. Also it talks about consequences of not deducting proper TDS and what NRI’s should know about it.
3. Service Tax in India
In this video understand : What is Service Tax, why do you have to pay it , when should you pay it , exemptions and other things related to it.
4. Professional Tax for Businesses in India
Professional Tax is a tax levied by State Government for profession, trade or employment. In this video the eLagaan team explains, how every company which transacts business and every person, who is engaged actively or otherwise in any profession, trade, calling or employment is liable to register and then pay professional tax.
5. Understanding Advance Tax [Whiteboard Friday]
Any individual or company who is doing business (not having salary income) need to pay income tax in advance couple of time during the year else they need to pay interest for delay in paying taxes. In this episode of Whiteboard Friday,we talk about who all are eligible for making advance tax payments, what is the schedule of these payments and related concepts.