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Income Tax : This guide explains the concept, calculation formula, and notified values of CII from 2001-02 to 2025-26, as per CBDT. A must-read...
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CA, CS, CMA : We at Taxguru Wishes all our Readers, Staff, Panel Authors, Freelancers, Technical Support Team, Sales team, Editorial Team and Th...
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Income Tax : In this article we have compiled the details of release of Schema of ITR Forms for AY 2015-16 , Schema of Forms (Other than ITR), ...
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Income Tax : It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of th...
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Not every taxable person is entitled to opt GST composition scheme. Only taxpayers having aggregate turnover less than Rs 100 lakhs (in case of Special category states, the limit is Rs 75 lakh) in a financial Year can opt for composition scheme. The aggregate turnover shall be calculated by considering all business registered with the same PAN number. This article will provide you with what Returns A Composition Dealer needs to File.
Audit under GST law signifies examination of books and accounts of the registered taxable person to vouch for the correctness of information furnished, input tax credit availed, refund claimed and tax liability discharged.
Under the GST law, Composition scheme is an expedient way to escape from various GST formalities and pay the tax at a low prescribed percentage based upon the turnover of the business. The composition scheme was introduced to bring straightforwardness and to minimize the compliance cost for the small taxpayers. Businesses with an aggregate turnover of up to 100 lakh in a preceding financial year shall be eligible for composition scheme.
A Special Audit under GST can be initiated by the Assistant Commissioner of CGST/SGST, considering the nature and complexity involved in the case and interest of revenue. During any stage of scrutiny/ inquiry/investigation, if the assistant commissioner is of the opinion that the value of the taxable supplies declared by the registered person is incorrect or the input tax credit has been wrongly availed then special audit can be initiated.
The Goods and Service Tax regime has brought in many changes such as monthly payment of taxes, increase in a number of return and other compliances which a small taxpayer will difficult to comply with.
Tax Planning is most important part of Finance Planning for Tax Payers In India especially for Individual and Salaried tax Payers. In this Article we are discussing some Tax Planning Tips mainly for Individual and Salaried tax payers by which they can minimise their tax burden for Financial Year 2018-19 or Assessment year 2019-20.
A taxable person whose aggregate turnover during the financial year is less than Rs.100 lakhs can opt for GST composition scheme and can pay tax on the basis of the turnover at the predetermined fixed rate.
Central Government has notified Sukanya Samriddhi Account scheme vide Notification G.S.R.863(E) Dated 02.12.2014 to secure the future of Girl Child and Scheme has got good response too from the Citizens of India, considering the Tax benefit and Higher Rate of Interest which Scheme was providing. Interest Rate on the Scheme been revised downwards from 01.04.2016 to 8.60 from earlier 9.20% per annum vide notification No. G. S. R. 352(E) Dated 29/03/2016.
Under the GST laws, a composition scheme was introduced as an alternative method of levying tax framed for small taxpayers. Businesses with an aggregate turnover of up to 100 lakhs can opt for composition scheme by paying tax at a predetermined rate which is fixed on their gross turnover. However, a person opting for composition scheme cannot avail the benefit of input tax credit.
Prime Minister Narendra Modi has Launched Sukanya Samridhi Yojna’ (girl child prosperity scheme) with the vision to provide for Girl Child Education and Her Marriage Expense. Sukanya Samriddhi Account Scheme is a small deposit scheme for girl child, as part of ‘Beti Bachao Beti Padhao’ campaign, which would fetch yearly interest rate of 8.10% (WEF 01.01.2018) and provide income tax deduction Under section 80C of the Income Tax Act,1961.
