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Tag: Indian Tax System
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ITR Filing AY 2025-26: Step-by-Step Guide with Tax Regime Comparison
Let’s understand Income Tax Return (ITR) Filing for Assessment Year (AY) 2025-26 (FY 2024-25) in detail with examples for salaried individuals at different income levels: ₹5L, ₹10L, ₹12L, ₹16L, and ₹20L. ✅ Basic Concepts: 🔸 AY 2025-26 = Financial Year 2024-25 Income earned from 1st April 2024 to 31st March 2025 is filed as ITR…
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Understanding VAT on Fixed Assets
Value Added Tax (VAT) on fixed assets refers to the imposition of VAT on the purchase of capital assets that a business intends to use for its operations over an extended period. Fixed assets include tangible assets like land, buildings, machinery, equipment, vehicles, and intangible assets like patents and trademarks, which are essential for the…
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Value Added Tax (VAT): Principles, Implementation, and Compliance
VAT, which stands for Value Added Tax, is a consumption tax levied on the value added to goods and services at each stage of production or distribution. It is an indirect tax, meaning that the tax is passed on to the end consumer as part of the purchase price. VAT is one of the most…