Long Shot Blogs

The Goods and Services Tax (GST) is a comprehensive indirect tax that is levied on the supply of goods and services in India. It was introduced in 2017 as a replacement for a number of indirect taxes that were previously levied by the central and state governments.   GST is a destination-based tax, which means that it is imposed on the consumption of goods and services rather than on their production or sale. It is structured as a multi-stage tax, with tax being collected at each stage of the supply chain, from the manufacturer to the retailer. The final consumer bears the GST, but is also able to claim input tax credits for the GST paid on inputs and input services.   GST is administered by the GST Council, which is composed of representatives from the central and state governments. The GST Council is responsible for making decisions about the GST rate, the rules and procedures for GST compliance, and other matters related to the GST.   There are four main GS...

As a finance professional in India, there are a variety of ways that you can earn income. Here are some options to consider:   Work for a company or organization (Salaried Employee):  One of the most common ways for finance professionals to earn income is by working for a company or organization in a full-time or part-time capacity. This can include roles in industries such as banking, accounting, financial planning, or investment management.   Start your own business:  Another option is to start your own business, either as a sole proprietor or by forming a partnership or corporation. This can be a challenging but rewarding way to earn income, as you will have the freedom to set your own schedule and choose the clients or customers that you work with.   Provide freelance or contract services in Long Shot:  If you prefer a more flexible work arrangement, you may want to consider providing freelance or contract services. This can include offering financial p...

Blockchain is a decentralized, digital ledger that is used to record transactions across a network of computers. It is a secure and transparent way to store and transfer data, and it has the potential to revolutionize a wide range of industries.   One of the key features of blockchain is that it is distributed, which means that it is not stored in a single location. Instead, it is stored across a network of computers, and each computer in the network has a copy of the ledger. This decentralized structure makes it virtually impossible for the data to be altered or tampered with, as any changes to the ledger must be verified by the network before they can be accepted.   Another important aspect of blockchain is that it is transparent. All transactions are recorded on the ledger and can be viewed by anyone with access to the network. This transparency helps to increase trust and accountability, as it allows parties to verify that transactions are being conducted fairly and as agr...

The Income Tax Act 1961 is the primary law that governs the taxation of income in India. Under this act, income from house property is a separate head of income, which means that it is taxed separately from other types of income such as salary, business income, and capital gains.   There are several types of house property that can generate income, including residential properties, commercial properties, and agricultural properties. In order to be eligible to receive income from house property, the property must be owned by the taxpayer, either individually or jointly with others.   Income from house property is calculated based on the gross annual value (GAV) of the property. The GAV is the amount that a property could be expected to rent for on the open market, regardless of whether it is actually rented out or not. In cases where the property is occupied by the owner, the GAV is calculated based on the hypothetical rent that the property could fetch if it were rented out. ...