Author: Jesna John K

Fringe benefits provided by an employer to its employees in addition to their regular salary. These benefits can include various items such as housing, vehicles, club memberships, medical reimbursements, travel expenses, and more. The taxability of fringe benefits in India is governed by the Income Tax Act, 1961. Here’s an overview of how fringe benefits… Continue reading Fringe Benefits And Its Taxability in India

A Nostro account is a bank account held by a domestic bank in a foreign country, usually in the currency of that country. The term “Nostro” is derived from Latin and means “ours.” These accounts are maintained by banks to facilitate international transactions and settlements.   Here are some key features of a Nostro account:… Continue reading Nostro Account

Withholding tax, also known as retention tax, is a tax withheld by a payer (usually an employer or a business making payments) from payments made to another party (typically an individual or another business). The withheld tax is then remitted directly to the government. Withholding taxes are applied in various jurisdictions and for different types… Continue reading Withholding Tax

Digital Services Tax (DST) is a tax specifically designed to address the challenges posed by the digital economy. Traditional tax systems were developed in an era when business operations were predominantly localized, making it difficult to tax businesses that operate across borders and generate significant revenue from digital activities. DST aims to ensure that digital… Continue reading Digital Services Tax (DST)

Tax treaties, also known as double tax treaties or tax conventions, are bilateral agreements between two countries that are designed to prevent double taxation of income and provide guidelines on how cross-border taxation will be handled. The primary goal of these treaties is to promote international trade and investment by eliminating or reducing tax obstacles. … Continue reading Tax Treaties

Authorized dealers play a crucial role in the Softex procedure, which is a mechanism used in India for reporting and monitoring the export of software and software-related services. Here’s an overview of the authorized dealers’ role in the Softex process: 1. Verification and Authentication: Softex Form Submission: Authorized dealers are responsible for receiving and verifying… Continue reading Authorized Dealers’ Role in Softex

Under STPI (Software Technology Parks of India), the Monthly Progress Report (MPR) is a crucial compliance document that registered IT companies are required to submit regularly. The MPR serves as a means for these companies to report their operational and financial performance to STPI authorities. Here’s a more detailed overview: Frequency of Submission: Companies registered… Continue reading MPR under STPI

“Softex certification” is commonly associated with software exports in India. The Softex form is a declaration made by the exporter of software that the export of software has been done in accordance with the Software Technology Parks of India (STPI) regulations. Here are some reasons why Softex certification may be required: Compliance: Softex certification ensures… Continue reading Why Softex certification required?

Price theory, also known as microeconomic theory or price theory of value, is a branch of economics that focuses on the determination of prices in markets. It is a fundamental part of microeconomics, which studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources. Price theory plays a crucial… Continue reading Price Theory

Interim financial statements are financial reports covering periods shorter than a full fiscal year. They provide stakeholders, such as investors and creditors, with an interim view of a company’s financial performance and position. Here are some key features of interim financial statements: 1.Frequency: Interim financial statements are typically prepared for periods such as quarterly or… Continue reading Interim Financial Statements