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Tax aspects every Freelancer in India should know

Tax aspects every Freelancer in India should know

Freelancing is the talk of the town; it’s the way new generation works. So, every freelancer needs to be aware of the tax implication on freelancing. This article aims to address issues such as Whether a freelancer require GST registration? Is he/she supposed to file GST returns? How should a freelancer file ITR optimally? So, we are looking into the tax implications on freelancing under two separate heads i.e. the Income tax Act & Goods & Service taxes Act. A. Under Goods & Service [...]

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Changes in Income tax & GST effective from 01st April 2019

Changes in Income tax & GST applicable from 01st April 2019

The new financial year has just begun, and there has been a lot of changes in Income tax & GST. So in this article, we aim to discuss few changes, relevant to most of the taxpayers. We are covering the changes made in Income tax Act and GST. A. Changes in Income tax Act 1.Rebate u/s 87 A The tax rebate available under Section 87A has been increased from Rs. 2,500 to Rs. 12,500. However, it would only be available to a resident individual [...]

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TDS on Rent Payable by Individual

Introduction: In most of the cases, an Individual is not required to deduct TDS on payments. We will discuss the cases where an Individual is required to deduct TDS while making payments. Individuals making payment of rent would be required to deduct TDS on rent at the applicable rates depending upon the situation as explained below: I. TDS on rent paid by individuals who were liable for tax audit A person making payment of rent to any resident would have to deduct [...]

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Requirement of Filing MSME form-1 & INC 22A by the Companies

Recently the MCA has announced certain compliance to be met by the registered companies. Here we are discussing about which companies are required to file, due date of filing, consequences of non-filing & what details would be required to file form MSME-1 and INC 22A A. MSME Form-1 MCA has directed all the companies who get supplies of goods or services from Micro, Small & Medium Enterprises (MSMEs) to report & file MSME form-1, if the payments for such procurements has [...]

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compliance to be met by a private limited company

Compliance to be met by Private limited company after Incorporation

Once a company is registered, we can run the company, starting operations under its name. Running a company also requires us to meet certain Compliance under the applicable laws. So, here are the most important & common Compliance one needs to take care of while running a private limited company in India. There could be several other situational Compliance depending upon the event, nature of business & scale of operations. Emphasis of this write up is acquainting one with the Compliance [...]

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Input tax credit review

Review of Input tax credit

The GST law aims at providing seamless Input tax credit to the registered persons. While the missed ITC could be a loss to an entity, an undue or excess claim of ITC could put an entity to a trap of interest, penalty & litigation. It goes without saying that there could be several errors of understanding, system errors and transactional mistakes around availing, reversing & utilizing input tax credit. It is pertinent for a business to conduct a review [...]

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MSME Loan

Procedure to apply for MSME loan up to Rs 1 crore in 59 minutes

The government has recently announced a quick loan scheme for MSME Sector, in which they claim to approve the MSME loan in less than an hour. They have launched a dedicated portal to apply for the loan: https://www.psbloansin59minutes.com Salient features of MSME loan MSMEs loan would be applied to SIDBI & 5 PSU Banks Entire application process in online, i.e. the applicant would not be required to visit the bank until the sanction or disbursement stage. MSMEs can avail business loans from Rs [...]

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Applicability of TCS under GST & it’s impact on E-commerce

The deferred TCS provisions has now become applicable w.e.f. 01st October 2018 and we aim to discuss how is it going to impact the E-commerce sector, what would they need to do as E-commerce operator and seller registered on E-commerce platforms. TCS under GST refers to tax collected by the electronic commerce operator like Amazon, Flipkart etc. on supply of goods or services through its portal and the payment for that supply is collected by the electronic commerce operator. What are [...]

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TDS under GST

Applicability of TDS under GST

Introduction You might be aware of the concept of TDS & TCS in the Income tax Act. Similar concepts were introduced in GST, though these were deferred to a later date. Recently, government has notified that the provisions relating to TDS under GST would become applicable w.e.f. 01st October 2018. So, the laws around these concepts become relevant & thus we aim to let taxpayers be acquaint with the applicable laws. TDS under GST TDS is one of the modes/methods to collect tax, [...]

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Procedure for efiling income tax return (Which ITR form to use?)

Procedure for efiling income tax return (Which ITR form to use?)

The time for efiling income tax return is nearing so earlier we start preparing for, the better it would be. The IT department has released the efiling forms recently and one can use those to file their ITR. The biggest question that haunt us is which ITR form should I use for efiling income tax return. So we have come up with a detailed & easy description on each forms, which would help you in choosing the correct form. There are [...]

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