Situations where person has to pay tax even if Income is less than Rs. 5 lakhs In Budget 2019 our finance minister has announced that no tax will be paid on Income up to Rs. 5 lakhs. Many of us misunderstood that the income tax slabs have been increased, whereas the finance minister has mentioned […]
Easily file your revised income tax return online with this step-by-step guide. Learn how to correct any omissions or wrong statements in your original ITR.
‘Gratuity’ in simple term is a reward given by the employer to his employee at the time of his retirement / resignation / termination / death. Present article contains the answer to the basic gratuity related questions like what is the eligibility criteria of gratuity, what is the gratuity calculation formula and what is the […]
GSTR – 9 is an Annual Return to be filed once in a year by the registered taxpayers under GST. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGST and IGST. In 31st meeting of GST Council which was held on 22.12. 2018 GST […]
With the soon emerging payment of last installment of advance tax for the current financial year 2018-2019, which is due on 15th March for all the assessee (other than 44AD and 44ADA assessee) and 31st March for assessee who are paying tax under section 44AD and 44ADA, let understand the entire concept of advance tax […]
Normally, the supplier of goods or services pays the tax on supply. In the case of Reverse Charge Mechanism, the receiver of goods or service is becomes liable to pay the tax, i.e., the chargeability gets reversed. Transactions where RCM is applicable Supply from an unregistered dealer to a registered dealer: If a dealer who is […]
‘Project Office’ means a place of business to represent the interests of the foreign company executing a project in India but excludes a Liaison Office.The project office is the ideal method for companies to establish a business presence in India, if the object is to have a presence for a limited period of time.
NEW FEATURE ROLLING OUT ON A GST PORTAL As the Due date of GSTR-9 is notified by the Government as 30th June 2019 the government is trying to simplify the Reconciliation of the Returns. ITC claimed as this is major issue in Reconciliation of ITC claimed under GSTR-3B & ITC as per GSTR-2A. The government […]
Article explains Meaning of Input Tax, What is eligible ITC in GST, Conditions to claim credit, What is Blocked Credit under GST, Items on which credit not allowed in GST, Who can claim refund in GST and Amendment Notification with respect to the provisions of the Input Tax Credit. I. Introduction & Meaning of Input […]
Article explains Meaning of Input Tax Credit, What is Input Tax Credit under GST, Example of Input Tax Credit in GST, Relevance of the concept of the Input Tax Credit in the business parlance, Input Tax Credit Rules under GST, Amendment Notification in regards to the provisions of Input Tax. I. What is Input Tax […]
