The term ‘Job Work’ is very important subject under the GST. Though there is no tax under GST upon goods supplied for the purpose of job work to the Job Worker and returned back from the Job Worker after completion of job work to the Principal even then the Legislature has framed full fledged provisions […]
During preparation and filing of GST Annual Return (GSTR-9) and GST Audit (GSTR-9C), we all have experienced about reconciliation of sales reported in GST returns and sale / income reported in Balance Sheet. Moreover, reconciliation of Input Tax Credit (ITC) availed in GSTR-3B and ITC reflected in GSTR-2A. Apart from such sales and purchases reconciliation […]
Kisan Vikas Patra is a saving certificate which was first launched in 1988. Kisan Vikas Patra was a very Popular Investment Scheme amongst the investor which was discontinued wef 30.11.2011 on recommendation of Shayamla Gopinath committee considering the misuse of the scheme vide government Notification [F.No. 1/10/2011-NS-II], dated 25-11-2011 and decision for the same was […]
Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2019-20 (relevant to Assessment Year 2020-21) for Resident Individual (Below 60 Years Old), HUF and AOP/BOI/Artificial juridical person, Senior Citizens (60 Years Or More […]
ANX-1 1. In Table 3A of ANX-1 state wise entry is required to be made for B2C Supplies. State once selected as place of supply shall contain all entries of a tax period for that state. However if state is once selected the same state also appears in next selection of place of supply also. […]
This article covers all other provisions and related issues of e way bill generation clarified by Government from time to time vide circulars / FAQ etc. Article explains Generation Of E Way Bill – (Part A) Directly From System, Blocking Of E Way Bill Generation, Unblocking Of E Way Bill Generation, E Way Bill For […]
Less than 1% of the Income Tax Returns are selected for scrutiny/investigation Selection for scrutiny is made by Computer Assisted Scrutiny System (CASS) without any human interface
Following are the 15 important tasks of income tax which should be done before march end: 1. Last chance to file returns for the financial year 2015-16 and 2016-17 – If the taxpayer has not yet filed the income tax return for the financial year 2015-16 and 2016-17, then it is last chance to file the returns upto 31st march. After that the said returns can not be filed.
Krishna, recently the Government has reintroduced the investment scheme of Kisan Vikas Patra. There are many questions regarding this scheme but answer to the most important question is unascertainable. The earlier scheme of Kisan Vikas Patra was closed due to increasing black money from the scheme then why it is reintroduced?
Discover the 7 common reasons why you receive income tax notices, from TDS mismatches to high-value transactions.
