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31 FAQs on Government Services

Answer: No, all services provided by the Government or a local authority are not exempt from tax. As for instance, services, namely, (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government; (ii) services in relation to an aircraft or ...

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Posted Under: Income Tax |

New Horizons on India’s Foreign Trade in Goods & Services

Even as the weak global trade growth in the last few years largely reflects persistent weakness in the global economy as observed by the World Trade Organization (WTO) in April 2017, India’s foreign trade performance, both on the merchandise goods and in the services fronts, has been singularly showing up positive trends....

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Posted Under: Income Tax |

“Vighnaharta”, Please remove the “Vighnas” of GST Returns !

Arjuna, In GST, monthly return has to file. In last month itself GST has been applicable. So, in case of normal dealers, the first return is to be filed in this August month. As the Government has introduced the concept of summary return, everyone have to file form GSTR-3B in this month...

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Posted Under: Income Tax |

10 Type of Hardships Faced In GST Filings- KSCAA Submits Memorandum

Karnataka State Chartered Accountants Association submit a Memorandum Regarding Hardships Faced In Gst Filings to Hon. Revenue Secretary Shri. Hasmukh Adhia on 19th August 2017. The Karnataka State Chartered Accountants Association (R) (in short `KSCAA’) is an association of Chartered Accountants, registered under the Karnataka Soci...

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Posted Under: Income Tax | ,

Incorporation of One Person Company in India – Point to Remember and Process

MCA has introduced the Concept of One Person Company so that the Proprietorship business can also get the Corporate Frame work with minimum compliances in a Year. It is still in its nascent stages and will require more time to be fully accepted by the business world....

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Posted Under: Income Tax |

Have you filed GSTR-3B? (FAQ on GSTR 3B)

What is form GSTR-3B? Form GSTR-3B is a simple E-form introduced by the CBEC for the month of July and August. In GSTR-3B we don’t have to provide invoice level information, only total consolidated values for each supply have to be provided....

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Posted Under: Income Tax |

Instruction for filing Form GSTR 3B

3.1 Details of Outward Supplies and inward supplies liable to reverse charge Tax on outward and reverse charge inward supplies 3.1(a) Outward supplies other than zero rated, nil rated and exempted Include the taxable value of all inter-State and intra-State B2B as well as B2C supplies made during the tax period. Reporting should be net [&...

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Posted Under: Income Tax |

Tax payment, filing of GSTR-3B Return & Transitional Credit for July, 2017

Registered persons planning not to avail transitional credit for discharging the tax liability for the month of July, 2017 or new registrants who do not have any transitional credit to avail, need to follow the steps as detailed below...

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Posted Under: Income Tax |

A financial check list before you buy your Dream Home

The HOME, DREAM HOME is a sentimental objective of every individual those started their carrier in the recent past. It gives the immense pleasure of significant achievement in their life time. Hence everyone is diverting their sizeable savings towards availing a dream home. The objective of a dream home is not only to live and lead their ...

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Posted Under: Income Tax |

What is difference between Insolvency and Bankruptcy?

♠ The term insolvency is used for both individuals and organizations. For individuals, it is known as bankruptcy and for corporate it is called corporate insolvency. Both refer to a situation when an individual or company are not able to pay the debt in present or near future and the value of assets held by […]...

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Posted Under: Income Tax |
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