If a taxpayer forgets to claim ITC in relation to a purchase invoice dated 23rd Dec 2017, then in such case he can claim ITC in relation to this invoice ,any time before filing of annual return or filing any return on or before the return of September month .It is to be noted that this credit can be claimed in any return but before filing September month’s return, As Annual return is not yet made available.
Arjuna (Fictional Character): Krishna, On 15th August India’s Independence Day is celebrated enthusiastically. Nowadays its very difficult to maintain one’s own independence from slavery of another person. The introduction of new Income Tax Audit Report on August 20 for the financial year 2017-18 would require to give details of GST alongwith Income Tax. Due to […]
Arjuna (Fictional Character): Krishna, GST Council had approved the basic principles of GST return design in its 27th meeting. So, what would you say about that? Krishna (Fictional Character): Arjuna, GST Council approved the key features and new format of the GST returns. They have asked about the suggestions in this format. Along with that the salient features […]
Arjuna (Fictional Character): Krishna, July is here, Schools / colleges soon will reopen. Therefore Parents are busy in their children’s school preparation. Today, tell us in detail about education expenses and provisions relating to it under Income Tax Act
Arjuna, like heavy showers these tax payers are enjoying and following are the few major services exempted-1. Services by an old age home run by State/Central Government or by a body registered under 12AA of Income Tax Act) to its residents (aged 60 years or more) against consideration upto Rupees 25000 per month per member where Consideration is inclusive of charges for boarding, lodging and maintenance.
Arjuna, the meeting was held for facilitating trade and to reduce the problem faced by taxpayers in relation to return, reverse charge mechanism, ITC and etc. These are proposed changes which could be finalized only after the Parliament gives the approval for the same. Next GST council meeting is schedule on 4th August 2018, for further changes.
Arjuna (Fictional Character): Krishna, 31st July 2014 is near and many taxpayers are hurrying up for filing income tax returns. What are the points to be considered before filing income tax returns?
Krishna the due date to file income tax returns for some taxpayers for the year 2017-18 is 31st July. It is said that in the Income tax Returns, GST details are also required to be given. Who needs to give these details and how these details are to be given?
Krishna, as it is the time of schools and colleges reopening, admission of students are going on everywhere. All parents want that their children should be educated from the best school/college. But for the sake of good education, a lot of money is required. So is there any benefit available to the taxpayers in Income Tax Act for such expenses incurred?
Is there any option to rectify the mistakes made in GST return in Sales invoices? The process of finalization of Income tax return for 31st July is in process. There are so many issues occurring in that relating to GST and finalization of books of accounts. The option of GST revised return is not available yet. So once the GST return is filed, no any changes can be made in that. But if any small mistake occurred in return while uploading the sales invoice.
