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  Introduction Reverse Charge Mechanism (RCM) and Forward Charge Mechanism (FCM) are two different methods of levying tax on goods and services. RCM is a system in which the recipient of goods or services is liable to pay tax to the government instead of the supplier. On the other hand, FCM is a system in which the supplier of goods or services is responsible for collecting and paying taxes to the government. What is reverse-charge mechanism? The reverse-charge mechanism is a tax collection method where the responsibility for paying and reporting tax is transferred from the supplier of goods or services to the recipient (buyer or receiver of services), which is mostly used in B2B transactions and in certain services to prevent tax evasion. What are the advantages of reverse-charge mechanism? RCM has both advantages and disadvantages. One of the advantages of the reverse-charge mechanism is that it helps prevent tax evasion. When the recipient is responsible for paying the tax, the supp

  Introduction The Income Tax Act of India governs the taxation of income earned by individuals, companies and other entities. Section 194F is one of the sections of the Act, which deals with tax deduction (TDS) on payments made for lottery, crossword puzzle, card game or other game-related profits. This article aims to provide a comprehensive understanding of Section 194F and its implications for taxpayers. What is Section 194F of the Income Tax Act, 1961? Section 194F was inserted in the Income Tax Act of 1961 to ensure taxation of profits from games of chance. It mandates deduction of TDS on any payment made for winnings from lotteries, crossword puzzles, card games and other games of chance. The rate of TDS under section 194F is 30% of the total winnings. If the profit is Rs. 10,000, the payer is bound to deduct TDS and remit it to the Income Tax Department. This section applies to anyone paying for winnings from games of chance. This includes companies, individuals and any other e

  Introduction Franchising is a good option for individuals who want to set up their business idea in the food service sector. If such an individual is operating under the umbrella of a popular brand, you can speed up your journey. After their doors are open and they begin to earn money, the owners of a restaurant will consider franchising with you as a means of growing their food business. In this blog, we will learn about the benefits of franchising in India, the different kinds of food franchises available in India, and “How to start a food franchise business in India?”. What is Franchise Business? Franchises are companies that permit franchisees to use the names and models of the franchisor. In a franchise business, you generally own the company, but you must follow the rules and regulations set by the franchisor. A franchisee runs the company under the brand of a national or international corporation. Establishing a franchise can be beneficial if the brand already has a many loyal

  Introduction A provident fund, which is registered with the Securities and Exchange Commission (SEC), is a separate legal entity completely separate from both the employer and the investment management company. Employees (future fund members) can be assured that the assets of the fund will not be affected by any liabilities of the employer or the investment management company in case of financial insolvency. We will discuss all about filing annual PF return. What is PF? A provident fund is a scheme run by the government, for employees who can contribute a portion of their pension fund every month. When you retire or quit your job, you can easily access these monthly savings as a lump sum. Organizations with less than 20 employees can also obtain PF registration voluntarily. PF contributions can only be withdrawn by the employee at the time of his/her retirement, barring a few exceptions. All employers with PF registration are responsible for filing monthly returns. Due date for filin