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Input Tax Credit under GST
Input Tax Credit under GST Input Tax Credit is defined under section 2(63) of CGST Act 2017 as “the credit of Input Tax”. Input Tax is defined in Section 2(62) of CGST Act 2017 as “input tax in relation...
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TDS on Rent
Under Income Tax, any person paying rent to another person is liable to Deduct Tax if certain conditions are being satisfied. Further in certain cases if payment is being made to acquire property then TDS shall also be deducted....
TDS on Joint Development Agreement, TDS on rent paid by individual, TDS on Rent Payment, TDS rate on rent of plant machinery, TDS u/s 194I, TDS u/s 194IB, TDS u/s 194IC
Through Finance Act 2020, CBDT has given an option to Individual and HUF taxpayer to pay income tax either under existing tax mechanism or to opt out New Tax Regime & pay tax as per New Regime. The whole...
Deductions which are not allowed under new tax regime, Old vs New tax regime, Which tax regime is beneficial for individual tax payer
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TDS on Sale of Property
TDS on Sale of Property CBDT through Finance Act 2013 brought TDS on sale of immovable property. In Finance Act 2013, a new sub-section has been inserted in section 194I. As per newly inserted section 194IA, buyer of property...
Due date for TDS Payment on sale of property, Form 26QB, How to make TDS payment on sale of property, Procedure for filing of Form 26QB, TDS on Sale of Property
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Income Tax Rate for Companies
Income Tax Rate for Companies In India, generally Corporate were liable to pay income tax at 30% plus applicable cess and surcharge. In year 2016, Central Government through Finance Act 2016 first time announced reduction in corporate tax rate....
Corporate Tax Rate for FY 2020-21, Income Tax Rate for Companies, Income Tax Rate in India, Section 115BAA of Income Tax Act, Section 115BAB of Income Tax Act, Tax rate for companies in India
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Online Udyam Registration
Udyam Registration On 26th June 2020 Central Government has issued notification to clarify the process for MSME registration through Udyam Registration Portal (herein after called as portal). Udyam Registration is newly launched platform for online MSME registration. Now registration...
How to apply for Udyam Registration, MSME Registration, MSME Registration at Udyam Registration, Online Udyam Registration, Process for Udyam Registration, Udhyog Aadhaar Registration, Udyam Registration, Udyam Registration Consultant, Udyam Registration in Delhi
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TDS Rate Chart for FY 2020-21
Through below TDS rate chart we have tried to explain TDS rates which are applicable for financial year 2020-21. Below table provides simplified view of all the payments where TDS is applicable on payment made to resident. S. No...
What is the meaning of MSME: MSME Stands for Micro Small and Medium Enterprise, MSME enterprises are governed by MSME Act, 2006 (amended time to time). Application for online MSME Registration can be filed easily with the help of...
How to apply for MSME Registration, MSME Definition, MSME Registration, MSME Registration Process, Online MSME Registration
A summarised interpretation of Tax and Compliance related changes announced through press conference of Finance Ministry Rate of TDS and TCS has been reduced by 25% on payments whether Professional fee, Interest payment or rent payment etc. Such reduced...
To Support MSMEs from Crises of COVID 19 and to make India Self Reliant, Finance Ministry through their Economic Package to MSMEs, the definition of MSME has changed. Revised Classification of MSME is a move of government to provide...
GST Fever has carried out a survey among Chartered Accountants and Company Secretaries on situations arises out of Covid 19 and their impact on Economy & Individuals. The purpose of this survey it to understand how COVID 19 would...
Finance Act 2020 brings couple of changes in Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) provisions of income tax act. Some of the changes are into existing provisions of Income tax act or some of...
During announcing “Tax Relief Package on account of Covid 19 Crises”, Finance Minister has announced one time waiver scheme for all defaulter companies and LLPs. As per this scheme, Ministry of corporate affair will provide waiver from late fee...
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TDS on E commerce Operator
TDS on E-commerce operators Finance minister Nirmala Sitharaman presented Union Budget 2020 in Parliament on 1st Feb 2020. In this Finance Act 2020 she proposed various changes in direct and indirect taxes. One of the key changes is insertion of new section...
On 25th February 2020, The Central Government (Ministry of corporate affairs or MCA) after consultation with National Financial Reporting authority issued Company Audit Report Order 2020 (herein after called as CARO 2020). Now CARO 2020 will overrule CARO 2016...
Key amendments of Finance Bill 2023 On 1 February 2023, The Finance Minister Nirmala Sitharaman has represented Finance Bill 2023 (Union Budget 2023) in the lower house of Parliament. This budget is the last full budget of Modi Government...
7 Lakh limit under income tax, Amendment in New Tax Regime, Finance Bill 2023, New Slab under Income Tax Act, Section 87A of Income Tax Act, Tax audit limit for 44AD, Tax audit limit for 44ADA, Union Budget 2023
In India GST Registration is not a mandatory to start any Business. A business can be start without obtaining GST Registration. However GST Registration becomes mandatory in certain cases which we will discuss later in this article. An individual...
GST Consultant, GST Consultant in Vaishali, GST Registration Consultant, GST Registration in Ghaziabad, GST Registration in Vaishali, How to apply for GST Registration, Section 24 of CGST Act
The Tax Audit report generally includes form 3CA/3CB and form 3CD. Where “Form 3CA/CB is a audit report” and “Form 3CD is a disclosure statement”. The Form 3CD of Tax Audit report has 44 clauses. The clause 44 was...
Due Date of ITR filing for FY 2021-22 Before we start discussing about Due date of ITR filing we shall discuss about who all are required to file ITR. As per section 139 of Income Tax Act following Individuals...
ITR Due date, ITR filing due dates, Late fee for ITR filing, Penalty for late filing of ITR, Who are required to file ITR
Summarized Update on 47th GST Council Meeting held on 28-29 June 2022 E-Commerce Operator: (Effective from 1 Jan 2023 positively) Now supplier which are supplying through E-commerce operator is not liable for mandatory GST Registration if turnover does not...