Krishna! It is said that from now onwards everyone will have to pay 1st installment of advance Income tax before 15th June. To whom, how and when will this advance tax provision be applicable?
Violation of TDS provisions has been a punishable offence for more than a century. However, the number of cases reported in the media where TDS cases have resulted in conviction and the persons responsible for such violation of law have been sent to jail are coming out in good numbers and at an increased frequency only recently.
TDS contributes about 43% of direct taxes revenue as also significant proportion of indirect tax collections. Besides it is the most regular source of revenue unlike advance tax which is received in four installments. Therefore in recent years the Government has placed more and more reliance on such mode of tax collection which is very convenient and cost effective. With globalization and expansion of economic landscape, various new and emerging areas of TDS mobilization have come into play which have to be effectively tapped not only to mobilize the valuable revenue but also to expand the tax base.
Buying a house means making your dream come true where you spend hours and days looking for a suitable property, checking backgrounds and finally scouting for the best deal on a home loan (unless you have loads of money to pay for the house without taking a mortgage).
Advance Tax provisions are not applicable in case of assessees having income under head PGBP U/s 44AD and 44AE i.e presumptive income. Advance Tax provisions are not applicable in case of senior citizens aged above 60 years, but if senior citizens have business income then Advance Tax provisions are applicable.
As per the provisions of the Section 207 of the Income Tax Act,1961, Every Assessee shall estimate his Income and Tax Liability for any previous year and Income Tax So Estimated shall be paid in advance in accordance with the manner given u/s 211 of the Income Tax Act,1961.
GSTR-9 It is an annual return which is to be filled by every registered person. It consists of Every transaction of particular financial year whether the transaction is related to supply made or received during the year under different tax heads like CGST, SGST & IGST. GSTR-9 is to be optional for the business whose […]
In 27th GST Council Meeting, the Panel announced the implementation of a new GST return format which is believed to be a much simpler version of the current GST return. This new GST returns policy is scheduled to commence from April 2020 which aims at eradicating the flaws of the prevailing GST filing system making […]
In my opinion, definitions of expressions ‘exempt supply’, ‘non-taxable supply’, ‘taxable supply’ and ‘Zero rated supply’, as provided in the Central Goods and Services Tax Act, 2017 (GST Act) and the Integrated Goods and Services Tax Act, 2017 (IGST Act), for certain provisions of the said Acts, are inconsistent or irrelevant. In my opinion, these […]
In many ways not-for-profit organizations are no different from for-profit or commercial organizations. Their objectives and activities may be different but the day to day operations would more or less involve common activities like receipt and processing cash, tracking revenue and expenses, managing personnel, and financial reporting to stakeholders. Errors, misappropriations, frauds can happen in […]
