The Income Tax Department had rolled out a new Annual Information System (AIS), a comprehensive statement containing details of all the financial transactions undertaken during a financial year and are at present available with the Income Tax Department, even broader than Form 26AS. At present, Form 26AS is detailed by the Tax Department, which is […]
Every individual who has annual income above the minimum exemption limit or has received any income on which tax was deducted at source (TDS), needs to file their Income Tax Return (ITR) every year. However, Income Tax Act pampers senior citizens and very senior citizens with several tax benefits. A person between 60 years and […]
The Ministry of Finance on 15th October, 2020 notified various notifications incorporating various changes to the CGST Act and CGST Rule. In this Article we will discuss the various amendments made in GST Forms. Notification No. 74/2020- Central Tax Dated 15th October, 2020 This notification revised the due date for filing of GSTR-1 for small […]
September 2020 is considered to be a significant month for any Financial Year as it includes major compliances under the Goods & Services Act. Here, I provide you with the list of activities which should be performed by a registered person under GST. Article contains GST Action Plan for September 2020 and explains Extension of […]
The Income Tax Act & Rules allowed to Non-Resident Individual is different from those applicable to Resident Individuals. NRI Taxation in India is a matter of concern for a large number of persons living abroad. In this article, I have talked about the definition of NRI, the income on which the tax liability arises and […]
Recently, the Kerala High Court in the case of Pazhayidom Food Ventures Pvt Ltd, has permitted a GST taxpayer to pay tax dues in EMIs as its business has been badly hit by Covid-19. Such a ruling showed the humaneness of the authorities who have taken due cognizance of the financial hardship caused by the […]
Job work sector constitutes a significant industry in Indian economy. It includes outsourced activities that may or may not culminate into manufacture. The term job work means processing of goods supplied by the principal. The whole idea is to make principal responsible for meeting compliances on behalf of the job worker on the goods processed […]
Till Now, Form 26AS had always been an annual credit statement issued by the income tax department to help taxpayers cross-verify income earned, Tax deducted at Source (TDS) and tax deposited during a given financial year. In the new picture, Form 26AS will now be a complete profile of the taxpayer which will have comprehensive […]
Currently, businesses generate invoices through various softwares and the details of these invoices are manually uploaded in the GSTR-1 return. The invoice information is thereafter reflected in GSTR-2A for the recipients for viewing only. On the other hand, the consignor or transporters generate e-way bill again by importing the invoices in excel or JSON manually. Considering the […]
Consequences of filing ITR after the due date: Understand the penalties and implications of missing the deadline for income tax return filing.
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