Articles

Outcome of 28th GST Council Meeting Held on 21st July, 2018

Recommendations made during the 28th Meeting of the GST Council held in New Delhi on 21st July, 2018 : All taxpayers excluding small taxpayers and a few exceptions like ISD etc. shall file one monthly return. The return is simple with two main tables. One for reporting outward supplies and one for availing input tax credit based on invoi...

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Posted Under: Income Tax |

E-way bill summary under GST

E-WAY BILL [Chapter XVI, Rule-138 of CGST Rules, 2017, Notification No.12/2018–Central Tax dt.07.03.2018] E-Way Bill is the short form of Electronic Way Bill  It is a unique document / bill, which is electronically generated for the specific consignment / movement of goods from one place to another, either inter-state (out of state) or...

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Posted Under: Income Tax |

Increased threshold for tax litigation – A relief to taxpayer and to overburdened judiciary

A big question before the Government – How to reduce the overburdened judiciary. A tax issue may take 5 to 7 years to settle at ITAT level and another 5 to 7 years, if matter moves to courts....

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Posted Under: Income Tax |

11 Key Recommendation by 28th GST Council Meeting

This article is about the Latest Updates on Recommendations of 28th GST Council Meeting....

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Posted Under: Income Tax |

How will merging of GST Return Filing & ITR Filing check tax evasion?

The mismanagement of the tax compliance procedure encourages the black money menace, something strips the State of its much-needed revenue and ultimately ruins the economy of the nation The only way to check the GST tax evasion integration of direct and indirect tax mechanisms for tracing GST defaults. In this regard, the Income Tax autho...

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Posted Under: Income Tax |

Calculation of Marginal Relief in case of Individuals

Marginal Relief given to the assessee whose total income exceeds Rs. 50,00,000/- or Rs. 1,00,00,000/- as the case may be. So, a minor increase in income which exceed the specified limit and increase the tax liability to a huge extent. Relief: Marginal relief is provided to ensure that the additional income tax payable including surcharge ...

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Posted Under: Income Tax |

All About Blockchain, ICO & Cryptocurrency Development

What is Blockchain? Through Blockchain one will digitally establish possession of currency, objects, and information. Sort of a regular dealings ledger, Blockchain could be a digital record of a transaction. The transaction will embody something sort of a movement of cash, purchase, and movement of products, service, information or some...

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Posted Under: Income Tax |

GSTR-1A: What it is and How to file

FAQs > GSTR-1A Q 1. What is GSTR-1A? Ans: GSTR-1A is an addendum to Form GSTR-1 i.e. Outward supplies statement of the supplier. It is always generated on the basis of details added/ modified/ rejected by the counterparty taxpayer (B2B Transactions) in their Form GSTR- 2/4/6. The details of these forms are then auto-populated to [&hell...

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Posted Under: Income Tax |

Significant Beneficial Ownership under Companies Act, 2017

Section 90 of the Companies Act, 2013 read with Companies (Significant Benificial Ownership) Rules, 2018...

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Posted Under: Income Tax |

Registration of GST Practitioner- All you want to know

GST Practitioner is a tax professional who can prepare returns and perform other activities on the basis of the information furnished to him by a taxable person. However, the legal responsibility of such filings remains with the Taxpayer....

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Posted Under: Income Tax |
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