Audit rates have been decreasing over the past few years due to a lack of resources, and that may cause some people to get too comfortable during tax season. Even one small mistake can lead to an IRS audit.  If you’re not familiar with the tax laws, you could get yourself in trouble. That’s why

A rate hike was expected, but the expectation was for a maximum of 35 bps. The hike by 50 bps is definitely on the higher side, and home loan lending rates will now edge further into the red zone. This is the third consecutive rate hike in the last two months and finally marks the

The GST council plans to increase the tax slab to 8% from 5%. Furthermore, the increase in tax slab may yield ₹1.50 lakh crore annual revenues.  The council aims to create a GST 3-tier structure instead of a 4-tier structure with revision rates at 8%, 18%, and 28%, respectively.  A panel of state finance ministers

In February, the centre and state govt collected ₹1.33 trillion in GST revenue. According to the ministry, this represents the recovery of automobile sales.  Revenue stayed above ₹1.3 trillion in the second consecutive month of February.  Furthermore, before the pandemic disrupted economic activities, GST receipts crossed ₹1.39 trillion in April 2021. Centre and state govt

The Delhi State GST Department exposed a ₹347 crore fake GST scam across 11 firms. The proprietor of Super Steel India, Mayank Jain, believed to be one of the kingpins, was arrested on January 1, 2022.  What is the ₹347 crore fake GST scam? The ₹347 crore fake GST scam exposed across 11 firms used

The shortage of court reporters in the United States is steadily becoming a nationwide concern. And with an ever-increasing dropout rate happening in training centers, the American justice system faces a bottleneck in its legal proceedings. Many court reporting agencies say that one way to bridge this widening gap is to better leverage technology and

Do you also want to avoid paying taxes legally? The famous saying claims that a penny saved is a penny earned. There are numerous ways you can reduce your tax bill and boost your income through tax planning. Taxpayers can deduct various investments, savings, and expenses in a particular year under the income tax act.

The Indian freelance market is the second fastest-growing in the world. Since India has many favorable tax rules for freelancers and offers many savings opportunities, freelancing is more lucrative now. In accordance with the IT Act, freelancers have to file income tax returns and pay taxes, just like anyone else who earns income. Unlike salaried

What are the Weird Laws from Around the World? There are a lot of bizarre laws from around the world that we must follow. Some laws are hard to believe to be real or even necessary, but others are so strange they seem to be unreachable. Laws are essential for every country, state, city, and

In the whole debate about how the COVID-19 pandemic impacted Indian economy – and what was expected from Union Budget 2021-22 to revive it – the very important market community of non-resident Indians (NRIs) cannot be side-lined. As per the World Bank, India is said to have received inward remittances of approx. USD 75.9 Bn