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.
Government to continue with the existing and improved GST Return System, dumps new system of filing returns The government plans to improve existing GST return filing system instead of rolling out a new GST Return filing model. The new GST return filing system was supposed to be launched on 1st 2020. Information is shared by […]
Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Reverse Charge means liability to pay the tax is on the person receiving goods/services instead of the person supplying the […]
Avoid income tax troubles by knowing the 7 common mistakes that can lead to an income tax notice. File your ITR correctly and on time.
The registration granted under GST can be cancelled for specified reasons. The cancellation can either be initiated by the department or the registered person or the legal heirs in case of death of registered person. In case the registration has been cancelled by the department there is a provision for revocation of the cancellation of […]
In any tax system, registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input […]
The Composition levy scheme is a very simple, hassle free compliance scheme and an alternative method of levy of tax designed for small taxpayers. It is a voluntary and optional scheme. The objective of composition scheme is to bring easy and reduced compliances; simple quarterly return, quarterly payment of taxes and no requirement of maintaining […]
