Financial year 2021-22 is reaching its end in a few weeks. 31st March is an important deadline with reference to Financial Planning and Tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2022, as we are required to file Income tax return for […]
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Applicability of 194Q A new section 194Q was inserted by Finance Act 2021 for deducting tax at source. This section is applicable w.e.f 1st July 2021. It applies to any buyer (Buyer is defined to be person whose total sales or gross receipts or turnover from the business carried on by him exceed ten crore […]
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Financial year 2020-21 is reaching to its ends in few days. 31st March is an important deadline with reference to tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2021, as we are required to file Income tax return for FY 2020-21 during […]
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The Finance Minister, Nirmala Sitharaman presented her third Union budget 2021 in Parliament today i.e. 01-02-2021. Following are important proposals made therein:- Direct tax proposals:- 1. Major Direct Tax Proposals made in budget 2021-22 is given below:- NO change is proposed in direct tax rates / slab rates of income tax, following 32 changes are […]
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Investment is a good habit to make our future more independent. Keeping some part of our money to get more money in the future is called investment. In today’s economy, there are various investment options available to us like:- Saving bank account Fixed Deposit in Bank Recurring Deposit in bank Fixed Deposit of Corporate Government […]
Continue ReadingNormal TCS rate for financial year 2020-21 were changed w.e.f 14th may 2020 by reducing normal rates by 25%. But this reduction of tcs rates was not applicable to all type of transactions and some transactions like sale of liquor shall continue to attract normal rate of TCS. Further some new transactions were also brought […]
Continue ReadingNormal TDS rate for financial year 2020-21 were changed w.e.f 14th may 2020 by reducing normal TDS rates by 25%. But this reduction of TDS rates was not applicable to all type of transactions and some transactions like salary, PF payments shall continue to attract normal rate of TDS. Further w.e.f 1-4-2020, some new transactions […]
Continue Reading(A) Income tax Rates for Individual & HUF, AOP, BOI & AJP New Income tax slab rate for individual & HUF are introduced w.e.f FY 2020-21 but this new slab is optional for taxpayer, taxpayer may choose to pay tax at old slab rate. If tax payer want to opt for this new slab rate […]
Continue ReadingDue Dates of Income tax as applicable for FY 2020-21 (AY 2021-22) (A) Due date for filing Income tax Return Category Sub-Category Original Due date Extended due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 31-10-2021 (Audit report is to be filed upto 30-09-2021) 15-02-2022 (Audit report is to […]
Continue ReadingGST important Due dates for Financial year 2020-21 (A) Default Due date for filing of GST return and Default due date for payment of GST (From 01-04-2020 to 31-03-2021) Please refer the table given below, wherein default due date for filing of GST returns is specified along with default due date for payment of GST […]
Continue ReadingLast date for filing ITR for FY 2019-20 extended to 10th January 2021 As per official notification dated 30th December 2020, Last date for filing ITR for FY 2019-20 (AY 2020-21) has been extended to 10th January, 2021 from 31st December 2020 and for audit cases last date is extended to 15th February 2021 from […]
Continue Reading31st March 2020 was last date to file your Income tax return for FY 2018-19 which is now extended to 30th November 2020 If you have not filed your income tax return for financial year 2018-19 or you want to revise your income tax return for 2018-19(only if assessment is not yet completed) then it […]
Continue Reading39th Meeting of GST council held in New Delhi today. Some of highlights are given below:-. It was decided to raise the GST rate on mobile phones and specific parts to 18% form 12%. A completely enhanced capacity with better system of GSTN will be made available by July 2020, instead of Jan 2021. It […]
Continue ReadingGST important Due dates for Financial year 2019-20 (A) Default Due date for filing of GST return and Default due date for payment of GST (From 01-04-2019 to 31-03-2020) Please refer the table given below, wherein default due date for filing of GST returns is specified along with default due date for payment of GST […]
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Important Highlights & Tax Proposals of Finance Budget 2020-21 The Finance Minister, Nirmala Sitharaman presented his second Union budget 2020 in Parliament today i.e. 01-02-2020. Following are important proposals made therein:- Direct Taxes Proposals Income tax slab rate for individual & HUF are proposed to be changed for FY 2020-21 but this new slab is […]
Continue ReadingHave you done financial planning for 2019-20 before the deadline 31st March 2020/30th July 2020/30th September 2020 – Check out what you missed and what are relief measures provided by FM in view of Covid19 (Coronavirus) Outbreak? Financial year 2019-20 is reaching to its ends in few weeks. 31st March is an important deadline with […]
Continue ReadingRates of Income tax for Financial year 2019-20 i.e. Assessment year 2020-21 (A) Income tax Rates for Individual, HUF, AOP & BOIs Income tax rates for resident senior citizen who is 60 years or more at any time during the previous year but less than 80 year on the last day of the previous year […]
Continue ReadingDue Dates of Income tax as applicable for FY 2019-20 (AY 2020-21) (A) Due date for filing Income tax Return Category Sub-Category Due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 30th September 2020 (extended to 31st Jan. 2021) A working partner where the firm in which he […]
Continue ReadingTDS is introduced in GST w.e.f. 01.10.2018: All about TDS in GST Law GST Law mandates Tax Deduction at Source (TDS) vide Section 51 of the CGST/SGST Act 2017, Section 20 of the IGST Act, 2017 and Section 21 of the UTGST Act, 2017. GST Council in its 28th meeting held on 21.07.2018 recommended the […]
Continue ReadingCBDT further extends due dt for filing of IT Returns & audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s234A of IT Act will remain same. Click here for notification.
Continue ReadingIn view of disruption caused due to severe flood in Kerala, CBDT extended due date for ITR from 31st August 2018 to 15th September 2018 in case of Income tax assessees in state of Kerala who were liable to file their Income tax return by 31st August 2018. Click here to download order
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All about Reverse charge Mechanism In GST. What is Reverse Charge Normally Supplier of goods or services is liable to pay tax to Government. Supplier collect tax amount from receiver along with value of goods or services and deposit it to the government. But in case of reverse charge, changeability gets reversed and Receiver of […]
Continue ReadingCBDT has released parameters for manual selection of Income Tax Returns for Complete Income Tax Scrutiny during financial year 2018-19 vide Instruction No. 04/2018 Dated: 20th August 2018. Niti Aayog has suggested the government to bring down import duty on gold from the existing level of 10 per cent and also slash the GST rate […]
Continue ReadingAs per GST Portal, Last date of filing GSTR-3B for the month of July, 2018 has been extended to 24th Aug, 2018. Official Order is expected in sometime. For visiting the GST portal please click the following link https://www.gst.gov.in/
Continue ReadingOn 17th August 2018, CBDT issued order under section 119 of Income Tax Act 1961 that reporting under clause 30C & 44 (i.e. GST and GAAR Reporting under Amended Tax audit report) of the tax audit report shall be kept in abeyance till 31st March 2019. Therefore Tax audit reports to be furnished on or […]
Continue ReadingIn a new record, Income Tax worth Rs 10.03 lakh crore was collected during 2017-18, the Central Board of Direct Taxes (CBDT) said on Friday (17 August), reports Press Trust of India. A record has also been set when it comes to the number of Income Tax filings. During a two-day conference of Income Tax […]
Continue ReadingDue dates for filing GSTR 1 for all months from July 2018 till March 2019 has been extended to 11th of the next month. Download notification
Continue ReadingStatutory and Tax Compliance Calendar for August 2018 S.No Particulars of Compliance Forms/returns Due Date Compliances Calendar for GST 1. Return of outward supplies of taxable goods and/or services for the Month of July 2018 (for Assessees having turnover exceeding 1.5 Cr.) GSTR -1 10-08-2018 2. Return by Non-Resident Foreign Taxpayers for the month of July […]
Continue ReadingSummary of GST meeting 4th August 2018: 1. GOM for MSME Issues: a. GST Council constitutes a Group of Ministers (GoM) to look into issues of MSME’s. b. Finance Minister’s of Assam, Delhi, Punjab & Kerala will be part of this GoM. c. Finance Minister of State – Shri Shiv Pratap Shukla ji will be […]
Continue ReadingThe GST Council in its 28th GST Council Meeting held on July 21, 2018 under the Chairmanship of Shri Piyush Goyal, Union Minister for Railways, Coal, Finance & Corporate Affairs has approved the new return formats. The Council had earlier approved the basic principles of GST return design and directed the law committee to finalize the […]
Continue ReadingTax Audit under section 44AB was introduced by Finance Act 1984, w.e.f. 1st April 1985 (A. Y. 1985-86). The main objective of the tax audit was to ensure that Books of accounts and other relevant records are properly maintained by the assessee and to compute the taxable income according to the law and to maintain […]
Continue ReadingMost of Salaried Employees are involved in derivative trading (trading in future and options or F&O on stocks, currencies, and commodities) But due to little knowledge about how these trades are taxed, those who have losses from futures & options skip reporting it in their income tax return, which is not right. If you are […]
Continue ReadingRates of Income tax for Financial year 2018-19 i.e. Assessment year 2019-20 (A) Income tax Rates for Individual, HUF, AOP & BOIs Income tax rates for resident senior citizen who is 60 years or more at any time during the previous year but less than 80 year on the last day of the previous year […]
Continue ReadingThe finance ministry in a tweet has announced the extension of income tax return filing deadline by a month to August 31. The tweet says “Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 […]
Continue Reading28st GST Council meeting held on 21st July 2018 and we are presenting here the key decisions taken in this meeting . Some of the decisions will be given effect by way of issuing Notifications and few are to be placed in Parliament to amend the GST Laws. Key Decisions:- Return Simplification. Quarterly returns for […]
Continue Reading28th GST Council meet on Saturday i.e. 21st July 2018: Return simplification, law tweaks, setting up of tribunal on table The proposed amendments to the goods and services tax (GST)-related laws, simplification of GST returns, the creation of GST appellate tribunal and the revenue position of states will be among the key items slated for […]
Continue ReadingDue Dates of Income tax as applicable for FY 2018-19 (AY 2019-20) (A) Due date for filing Income tax Return Category Sub-Category Due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 30th September 2019 A working partner where the firm in which he is a working partner has to […]
Continue ReadingRates of Income tax for Financial year 2016-17 i.e. Assessment year 2017-18 (A) Income tax Rates for Individual, HUF, AOP & BOIs Income tax rates for resident senior citizen who is 60 years or more at any time during the previous year but less than 80 year on the last day of the previous year […]
Continue ReadingRates for Tax Collection at Source (TCS) (FY 2017-18 & AY 2018-19) Following given are the rates at which tax is to be collected at source during financial year 2017-18 (AY 2018-19). Section Receipts Type Basic Rate of TCS (excluding Surcharge, EC & SHEC) 206C Sale of Alcoholic liquor for human consumption 1% 206C Sale […]
Continue ReadingRates for Tax Deducted at Source (TDS) (FY 2017-18 & AY 2018-19) Following given are the rates at which tax is to be deducted at source during financial year 2017-18 (AY 2018-19). Section Payment Type Basic Rate of TDS (excluding Surcharge, EC & SHEC) Condition(if any) 192 Salary At normal slab rate applicable If estimated […]
Continue ReadingRates of Income tax for Financial year 2017-18 i.e. Assessment year 2018-19 (A) Income tax Rates for Individual, HUF, AOP & BOIs Income tax rates for resident senior citizen who is 60 years or more at any time during the previous year but less than 80 year on the last day of the previous year […]
Continue ReadingGST important Due dates for Financial year 2018-19 (A) Due date for payment of GST (From 01-04-2018 to 31-03-2019) Taxpayer Periodicity of GST Payment Due Date for payment of GST Taxpayers with Annual Turnover upto Rs. 1.5 Crore (filing GSTR-1 on quarterly basis) Monthly 20th of Next month after the month in which Time of […]
Continue ReadingDue dates for the month of July 2018. GSTR-3B (Jun 2018)-Jul 20th, 2018 GSTR-5 (Jun 2018)-Jul 20th, 2018 GSTR-6 (Jul’17 – Jun’18)- Jul 31st, 2018 GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018 GSTR-5A (Jun 2018)-Jul 20th, 2018 Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (Apr-Jun, 2018)-Jul 31st, 2018 Turnover exceeding […]
Continue Reading(A) Due dates for Compliances under GST for the Month of June 2018 10-06-2018– Due date for filing GSTR -1 for the Month of May 2018 – Applicable for taxpayers with Annual Aggregate turnover More than 1.50/- Crore (Rs. One Crore Fifty Lacs only) 20-06-2018– GSTR-3B for the Month of May 2018 Pay due Tax till this […]
Continue ReadingSection 9 (4) of the Central Goods and Services Tax, 2017 (CGST Act in short) and Section 5(4) of Integrated Goods and Services Tax, 2017 (IGST Act in short) provides that tax in respect of the supply of taxable goods or services or both by a person, who is not registered, to a registered person […]
Continue ReadingFinancial year 2017-18 is reaching to its ends in few weeks. 31st March is an important deadline with reference to tax Planning, missing it may result in higher tax liability. We are required to complete our tax planning before 31st march 2018, as we are required to file Income tax return for FY 2017-18 during […]
Continue ReadingWhat is Job Work? Any treatment or process undertaken by a person on goods belonging to another registered person is called as Job Work. The registered person on whose goods job work is performed is called Principal and the person who treats or processes the goods sent by the principal is called Job Worker. For […]
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What is E-Way Bill? E-way bill is an electronic document generated online from E-way bill portal (https://ewaybillgst.gov.in/) which is required to be carried by the person-in-charge of conveyance for movement of goods from one place to another. E-way bill document contains 12 digit EWB number. Section 68 of the Central Goods and Services Tax Act, […]
Continue ReadingImportant GST updates vide recent GST notifications dt. 28th March 2018: Due date for filing GSTR-6 for the period of July 2017 to April 2018 has been extended to 31st May 2018. Due date for filing trans-2 form has been extended to 30th June 2018. Due date for filing GSTR-1 for the quarter ending on […]
Continue ReadingGST important Due dates for Financial year 2017-18 (A) Due date for payment of GST (From 01-07-2017 to 31-03-2018) Taxpayer Periodicity of GST Payment Due Date for payment of GST Taxpayers with Annual Turnover upto Rs. 1.5 Crore (filing GSTR-1 on quarterly basis) Monthly 20th of Next month after the month in which Time of […]
Continue Reading26th Meeting of GST council held today i.e 10th March 2018 in New Delhi under chairmanship of Sh. Arun jaitley. GST return filing process was expected to be simplified but GST council could not reach a decision and current system of GST return filing is continued and GSTR-3B is decided to be continued for three […]
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Under GST regime, an e-waybill needs to be generated and carried for movement of goods above rupees 50000. Previously on the Recommendation of GST Council,1st February 2018 was fixed as the date from which provisions related to e-way bill shall come into force w.r.t. interstate movement of goods. But due to technical glitches the same […]
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Belated or revised income tax return for the financial year 15-16 or 16 17 can be filed up to 31st March 2018. As per IT officials, some assessees do not show any income under the head income from house property in their original return but claimed losses under the head house property in there revised […]
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Under GST regime, an e-waybill needs to be generated and carried for movement of goods above rupees 50000. Previously on the Recommendation of GST Council,1st February 2018 was fixed as the date from which provisions related to e-way bill shall come into force w.r.t. interstate movement of goods. But due to technical glitches the same […]
Continue Reading31st march 2018 is the last date for filing belated income tax return for FY 2015-16 if you have not filed earlier. But if you have filed ITR for 2015-16 on time but want to revise the same then 31st march-2018 is the last date for the same. Further 31st March 2018, is also the […]
Continue ReadingOn 24-02-2018, in the meeting of GoM (Group of Ministers), it is decided to start the inter-state movement of goods worth more than Rs. 50000/- through E-way Bill mechanism from 1st April 2018. The GoM meet, however, remained inconclusive on how to simplify the GST return filing process. However final decision will be taken in […]
Continue ReadingTo facilitate easy inter-state movement of goods throughout the country, National E-way bill was made compulsory w.e.f. 01-02-2018 for consignment value more than Rs. 50000/- replacing separate way-bill for each state with the line “One Nation, One E-way Bill’ But the same is postponed till further order due to technical glitches. E-Way bill portal
Continue ReadingImportant Highlights & Tax Proposals of Finance Budget 2018-19 The Finance Minister, Sh. Arun Jaitley presented his fifth Union budget 2018 in Parliament today i.e. 01-02-2018. Following are important proposals made therein:- Direct Taxes Proposals No changes in Personal Income tax slab. No Changes in Limit of deduction u/s 80C. Benefit of exemption for withdrawal […]
Continue ReadingAs proposed in budget 2018, w.e.f. 01-04-2018 Long term capital gains (from equity or units of MF) exceeding Rs. 1 lakh shall be taxed at the rate of 10% without allowing the benefit of any indexation. However, all gains up to 31st January, 2018 will be grandfathered. Read Highlights of Budget 2018
Continue ReadingComposition Scheme in GST: Updated with 23rd meeting of GST Council Composition Scheme is introduced to give relief to small taxpayer i.e. taxpayer having limited value of aggregate turnover. It is very difficult for small taxpayer to comply with complete procedure established by the law. They may have to incur higher percentage of their earnings for […]
Continue Reading23rd GST Council meet held on 10th November 2017 in Guwahati. This 23rd meeting came up with new decisions to ease tax rates and compliance issues. GST Council lowered tax rates on 177 items from 28% to 18%. The panel also decided to move 13 items from the 18% tax slab to 12%, another six from […]
Continue ReadingDue Date for Filing GST Return and making payment of GST We have received many queries regarding GST Return and Payment , here in this article we will try to show a clear picture of GST Return and payment for a taxpayer (except composition supplier) registered under GST law. There are various GST Returns, which […]
Continue ReadingWorks Contract in GST Regime As we all know, GST is going to be implemented w.e.f 01-07-2017, We have already explained “calculation of Service tax on Works Contract“. But w.e.f 01-07-2017, Service Tax along with other indirect taxes like Excise duty, CST, Sales Tax, CVD, SAD, Extry tax etc. are going to be replaced by […]
Continue ReadingGST Concepts/Basic Features of GST GST Law as going to be implemented in India w.e.f 01.07.2017, have following features:- State-wise single registration for Taxpayer: One PAN-One State-One Registration, it means for one PAN only one single GST Registration number for one state will be there. If a person does business in 5 states then he […]
Continue ReadingCritical Analysis of Benefits of GST Government is advertising benefits of GST since few months. Here in this blog we have analyzed some of the benefits of GST which are advertised by government. Let’s Discuss benefits of GST, one by one:- Simpler Tax Regime: In place of many forms of indirect taxes only one […]
Continue ReadingMaking of GST Law in india As we all are aware that Government has decided to implement GST w.e.f 1st July 2017. I received many email asking questions about GST. I request the reader to ask their questions under “Ask free Questions” tab. What is GST? GST stands for Goods and Service Tax. As we […]
Continue ReadingProposed Changes in Income Tax in Union Budget 2017 In the Budget Speech, Finance Minister, Mr. Arun Jaitley proposed following changes in Income tax in Union Budget 2017: Tax Rate for first Slab of 2.5 lakh to 5 lakh reduced to 5% from 10%. And introduction of Surcharge @ 10% on individual having income above […]
Continue ReadingKey Highlights of Union Budget 2017-18 Today on Date 1st February 2017, Finance Minister, Mr. Arun Jaitley presented Union Budget 2017 in parliament. Opening remarks of budget speech were: Massive war against black money has been launched. Government now seen as a trusted custodian of public money. We will focus on energizing youth to reap […]
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Secret Informer of Tax Department and Annual Information Return (AIR): To curb black money, government need secret informer and to motivate people to provide information of black money, a reward of 10% of tax collected was paid to informer. Apart from this, some Specified entities are bound to file Annual Information Return (AIR) in respect […]
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Income tax Return AY 2016-17 Q 1. What are the modes of filing return of income? Return of income can be filed in paper mode or in e-filing mode. If return of income is filed through electronic mode, then the assessee has following three options: (1) E-filing using a Digital Signature (2) E-filing without a […]
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Accounting code for payment of KKC notified by CBEC The CBEC vide Circular No. 194/04/2016-ST dt. 26 May 2016 has notified “Accounting code for payment of KKC” by the assessees, as under: Chapter VI of the Finance Act, 2015 is effective from 1st June, 2016, i.e. KKC is leviable on all taxable services, other than services […]
Continue ReadingThings to know about Goods and Service Tax(GST) On June 14, 2016 the Finance Ministry has released the ‘Model GST Law’. It outlines the structure of the Goods and Service Tax regime. Further, the draft of ‘Integrated GST Bill, 2016’ is also released along with such Model GST laws. It also provides the framework for […]
Continue ReadingHistory of Service Tax Rates History of Service Tax Rates since 01-07-1994 till date… From TO Rate EC on ST SHEC on ST SBC on Service Value KKC on Service Value Effective Rate 01-07-1994 13-05-2003 5% 0 0 0 0 5% 14-05-2003 09-09-2004 8% 0 0 0 […]
Continue ReadingProvident Fund in India, Its Taxability and TDS on Provident Fund What is the Provident Fund(PF)? Provident Fund is a retirement saving scheme in India that is similar to the United State’s Social Security program. Its purpose is to provide financial support to members. To understand the scheme of the provident fund, we can discuss […]
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Krishi Kalyan Cess (KKC) @ 0.5% introduced (from 1st June 2016) It is the time to face new cess named as Krishi Kalyan Cess (KKC) @0.5% on the value of all taxable services as introduced by Budget 2016 w.e.f 1st June 2016. Many of us have some questions about introduction of this new cess. In […]
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We have received many queries regarding Calculation of Service tax on Works Contract Service. Here in this blog, a short summary for service tax on works contract is given: W.e.f 01-07-2012, All services are taxable except services in negative list and exemption list. To remove doubt a list of declared service is given which are […]
Continue ReadingIndia-Mauritius Tax treaty revised to curb Black Money On date 11-05-2016, India getting Mauritius to sign a revised India-Mauritius tax treaty after a decade-long effort since 1996, was an attempt to curb black money generation. Under the revised treaty, from April 1, 2017, companies routing funds into India through Mauritius will have to pay short-term […]
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