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Archive: 16 April 2021

Posts in 16 April 2021

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 6219 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

Due date of filing Form GSTR-3B, from January, 2021, onwards

April 16, 2021 199380 Views 22 comments Print

Due dates for filing of Form GSTR-3B from the Tax Period of January, 2021 onwards 1. Government of India, Ministry of Finance (Department of Revenue), CBIC, vide Notification No 82/2020 – Central Tax, dated 10th Nov., 2020, has revised Rule 61 of the Central Goods and Services Tax Rules, 2017, to provide for staggered filing […]

Composition Scheme Under GST – Limit & Who cannot avail

April 16, 2021 9678 Views 0 comment Print

To give relief to small taxpayers having only intra-state outward supply ,there is composition scheme under GST (even earlier under state VAT law too there was composition scheme) where registered person  will not become part of credit chain i.e. cannot take ITC on inward supplies and cannot collect tax from customer on outward supplies. GST […]

Export of services under GST Detailed Analysis

April 16, 2021 559575 Views 32 comments Print

Supply of Export of service is very ticklish term under GST. Sometimes a transaction seems to be supply of export of service but according to the provisions of the GST such transaction shall not be treated as export of service. Every supply of service made to a person belonging to the outside India and payment […]

TDS cannot be recovered from Assessee for non-deposit by deductor

April 16, 2021 5664 Views 1 comment Print

Recovery can only be made against deductor who is the assessee in default, to the extent tax was deducted by the deductor and not remitted to the Income-tax Department. To the extent tax was deducted by the second respondent and not remitted by the second respondent to the Income Tax Department, recovery can be only directed against the second respondent as the second respondent is the assessee in default. The petitioner cannot be made to pay tax twice. Recovery of any of such Tax Deducted at Source but not remitted by the second respondent has to be recovered only from the second respondent .

Investment options available post EPF taxability

April 16, 2021 2547 Views 1 comment Print

Until now, one of the best savings and investment option for a salaried person was investment in the employees’ provident fund (EPF) scheme. It inculcates the habit of compulsory savings with a relatively higher interest rate backed by government when compared to other similar investment options. It also provided tax-free income in the hands of […]

Reporting of Futures & Options in ITR

April 16, 2021 14136 Views 3 comments Print

Futures & Options, or we say F&O, transactions are treated as a separate business activity. It is a non-speculative business. Classifying it as a non-speculative business means that all those provisions of Income Tax Act will apply to F&O business also which apply to normal business activities. But the point that stands apart is the […]

Perquisite Valuation under Clause (vii) & (viia) of Section 17

April 16, 2021 60786 Views 3 comments Print

Note on Perquisite Valuation under Clause (vii) & (viia) of Section 17of Income Tax Act, 1961 Finance Act, 2020 had made amendment in Sec 17 of the Income Tax Act which deals with valuation of perquisite. It had introduced two new sub- classes, Sub Clause (vii) & (viia) Under Clause 2 of the section 17. […]

GST Invoice Excel Utility cum GST Return Generator V.1 (Mini ERP) (Free)

April 16, 2021 15879 Views 1 comment Print

Now a Days Small Taxpayers get difficult to Filing their GST Returns on Monthly & Quarterly Basis due to Not having the ERP & Customized softwares for Complete their gst compliances. Small taxpayers facing, time consuming for Consolidating data of filing GSTR 1 & 3B like B2b, B2c, Debit Note, Credit Note & HSN. Here […]

TDS on Purchase of Properties | Section 194IA ,271C, 273B

April 16, 2021 10644 Views 2 comments Print

Learn about TDS on purchase of properties under Section 194IA of the Income Tax Act. Understand the implications of failing to deduct TDS and the provisions of Section 273B.

Income Tax Slab rates for Individuals for FY 2020-21

April 16, 2021 14172 Views 5 comments Print

Understand the Income Tax slab rates for individuals for FY 2020-21 in India. Learn about the different categories and the existing and new regime slab rates.

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