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How to deal with the 20% restriction on availment of Input Tax Credit

The recent notification followed by a circular issued on 11 November 2019 states regarding restriction on availment of ITC. The ITC in respect of invoices or debit notes, the details of which have not been provided for by the supplier has been restricted. This is not an automatic restriction by the portal and has to... Read More

Reduce taxes on salary

How to reduce taxes on salary

Introduction The salaried employees are always in a frenzy about taxes and plans out ways to save it. The allowances and perquisites received by a salaried person is either fully taxable or partly taxable or exempt. The article below illustrates different ways in which salaried class can save their taxes. 1. Standard Deduction Standard Deduction,... Read More

Doctors required to register under GST?

Are doctors required to register under GST?

The health care sector is one of the biggest sectors in India, is regulated by the Indian Medical Association (IMA). Doctors, apart from engaging themselves in healthcare services by working as doctors and consultants in hospitals, or running their own clinic etc. can do a lot of other activities.... Read More

Changes in ITR-1 form for FY 18-19

Recently Income Tax Department came with the changes in Form 16 issued by employer along with changes in TDS return filed in form 24Q and Income Tax Form to be filed by employees. This year steps have been taken by Income Tax Department in order to reconcile following forms: Form 16... Read More

What is Form 16?

Form 16 is a certificate from the employer that has details of salary paid to an employee and tax deducted at source (TDS) from his or her salary for the financial year. It has to be issued by the Employer to the Employee under Section 203 of the Income-tax... Read More

Which ITR Form to use for Assessment year 2019-20

CBDT has already released new ITR Forms. One can file the ITR now. While, Individuals are due to file their ITR by 31st July. Corporate entities are to file by 30th September. The big question is which form should one use according to their status, income level, sources of income etc. Here, we discuss about... Read More

Treatment of F&O transactions under Income tax

Income Tax Implication on Futures & options (F&O) transactions & Intra-day trading

This article is about how trading in derivatives(F&O) and intra-day trading is to be treated under the Income tax. We will briefly discuss the following: 1. Basic understanding of the concept 2. Computation of income- F&O & intra-day trading 3. Calculation of turnover- F&O 4. Set-off & Carry forward of losses 5. Applicability of tax... Read More

Companies to declare commencement of business

Companies having share capital to declare commencement of business

All Companies having share capital registered on or after 02nd November 2018, are required to declare commencement of business to the authorities, before it could start its business. This needs to be declared within 180 days of incorporation to avoid penalties. This requirement was also present there in erstwhile Companies... Read More

Recent Company law compliance a director should know

Recent Company law compliance a director should know

A person who is a Director is one or more companies or just holding DINs need to look at the following new compliance which makes a director directly or indirectly responsible for the compliance associated with the director or the company. As a director, one need to meet these in... Read More

Filing of Income Tax Return after the deadline.

Filing of ITR- Income Tax Return after the deadline

Deadline for filing ITR is 31 July for every assessment year. If you missed the deadline, you can always file a belated return up-to 31 March every year. If you have also skipped the deadline for filing a belated return for the year, 2016-17 and 2017-18, you cannot file... Read More

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... Read More

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... Read More

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... Read More

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... Read More

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... Read More

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... Read More

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 &... Read More

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... Read More

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,... Read More

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... Read More

TDS ON SALE OF IMMOVABLE PROPERTY 194IA AND FORM 26QB

There are various provision related to TDS where tax is to be deducted at source at a given percentage either at the time of payment or at the time of credit, as the case may be e.g. TDS on salary, TDS on professional fees, TDS on Contract, TDS on... Read More

Determination of Place of Supply of Goods under GST

Before we discuss about the provisions for determining place of supply of goods, we should be aware of the following terms: Goods: Goods means any kind of movable property other than money or securities, includes actionable claim (like insurance claim, pending litigations, lottery, betting and gambling), growing crops, grass and... Read More

Procedure to claim refund on export under GST

A proper refund mechanism is necessary for effective tax administration, as trade is facilitated via the release of blocked finances for modernization, expansion and working capital requirements of a business. Here we are discussing about the options available for exporters to claim the refund but for that we firstly... Read More

TDS

What to do if someone has deducted TDS and did not submit it to the government?

This happens quite often, somebody deducts the TDS & do not submit it to government or do not file the TDS return due to which it does not reflect in our tax credit statement (26 AS). In such a case you won’t be able to claim credit of TDS... Read More

RCM under GST

Reverse Charge Mechanism RCM under GST

Before the implementation of GST, reverse charge mechanism (RCM) was applicable only on services and there was a concept of partial reverse charge also. However, after GST implementation, there is no such concept as partial reverse charge, and reverse charge is applied on notified services as well as notified... Read More

Whether Business dealing in exempt or non-taxable goods liable for GST registration?

Whether such business is required to take the GST registration? In general, the businesses with annual turnover up to Rs.20 lakhs are not required to take the GST registration. However, there are some specific cases, where a person is required to take GST registration even if the turnover is below... Read More

E-way Bill FAQs

Here’s a categorized section of various FAQs relating to E-way bill, which got implemented on 1st April 2018 for interstate movement of goods and would further apply to intrastate movement in a phased manner. GeneralWho all can generate the e-way bill?The consignor or consignee, as a registered person or a... Read More

Can we do multiple GST registration on a PAN card?

A taxable person supplying goods or services from different states is mandated to take different GST registration for each state (which would be based on a single PAN). Also, a person who has different verticals of business within the same state can choose to have different GSTIN for each vertical... Read More

Sale of Second hand goods under GST

While GST is charged on transaction value under a normal supply. For a second hand supply, GST would be applicable only on the margin i.e. the difference between the value of  sale and purchase price. If there is no margin, no GST is charged for such supply. The purpose of... Read More

FAQ on e-commerce under GST

E-commerce has emerged as an emerging trend of business in India, there are thousands of suppliers under e-commerce operators, we will discuss about the applicability of GST on the suppliers selling goods or services through an e-commerce platform. An e-commerce platform/operator is an entity which owns, operates or manages digital... Read More

Debit note: How & when to issue under GST

What is a debit note? When a tax invoice has been issued for supply of any goods or services or both and the taxable value or tax charged in that tax invoice is found to be less than the taxable value or tax payable in respect of such supply, the registered person, who has... Read More

Credit note: How & when to issue under GST

What is a Credit note? Where a tax invoice has been issued for supply of any goods or services  and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the... Read More

Ineligible Input tax credit under GST

Following are the goods and services where the GST law has imposed restriction while availing GST input tax credit, primarily called as Ineligible Input tax credit. We will discuss about the extent and eligibility of ITC of these goods and services. 1. ITC for Motor Vehicles is not available. The GST... Read More

Important changes announced in 22nd GST council meet

The GST Council, in its 22nd meeting held at New Delhi on 6th October 2017, has recommended the following facilitative changes to ease the burden of compliance on small and medium businesses: A.Flexibility in eligibility to composition scheme 1.Increase in turnover limit The turnover limit for eligibility of opting composition scheme has been... Read More

Treatment of Cash discounts & Trade discounts under GST

There has been a lot of confusion in treatment of discounts in invoice and questions with respect to which amount should be chargeable to GST. Though the law is pretty clear about it. GST treats all the discounts such as trade discounts, cash discounts, volume/turnover discounts, etc. Instead, the treatment... Read More

How to utilize GST credit against GST liability

Credit Utilization rule under GST There are three types of GST credit that a person can avail viz. the following: IGST Credit- this is the credit you could avail when you make interstate purchases & IGST is charged on invoice by the seller. CGST Credit- this is the credit you could avail... Read More

Input credit under GST

What is Input credit In simple words taking input credit means taking credit of GST paid on various purchases A registered person is entitled to take credit of GST charged on purchase of goods or services which are used or intended to be used in the course or furtherance of his... Read More

Key things to keep in mind with respect to accounting under GST

With every change in tax laws, there must be certain points which must consider while preparing the accounts or keeping our books and records. So, we are trying to highlight a few key areas & procedures one should know and must keep in mind while creating, maintaining & accounting... Read More

Due date of filing form GSTR-3B for July 2017 has been extended to 28th August. Here’s all you need to know about GSTR 3B.

For months of July and August, the due dates for filing GSTR1 and GSTR2 has been deferred to aid convenience to the taxpayers. GSTR-3B It is a summary return which is to be filed for the month of July & Aug 2017. Its due date is 20th of next month i.e.... Read More

Applicability of GST on sellers in e-commerce market place i.e. sellers registered on Amazon, flipkart, Playstore etc.

E-commerce has emerged as an emerging trend of business in India, there are thousands of suppliers under e-commerce operators, we will discuss about the applicability of GST on the suppliers selling goods or services through an e-commerce platform. An e-commerce platform/operator is an entity which owns, operates or manages digital... Read More

7 common reasons for getting income-tax notices and how to avoid them

Notices from the Income Tax Department are rarely pleasant. The natural reaction of a taxpayer upon receiving a notice is one of panic. However, once the momentary panic has subsided, you should carefully go through the notice and understand what it is about. It may not always be bad... Read More

Moving to GST: Carry forward of input credit held in unsold stock to GST

One of the key things of discussion for most businesses while transiting to GST is the eligibility pertaining to the transfer of input credit held in the closing stock. This is super-critical for businesses, as the rules will determine the amount of input tax credit available on the closing... Read More

Moving to GST: Carry forward of closing balance of Credit under VAT/Excise & Service Tax

Present Scenario The dealers/traders were allowed Input VAT credit but CENVAT Credit levied on Service tax & Excise were not allowed. Now, as they move to GST, they are entitled to take credit of input tax charged on any supply of goods & services. How to deal with the input tax... Read More

GSTR 3B: GST Return Filing for July and August 2017

Under current GST regime a normal dealer has to file 3 returns per month and an annual return (making it total 37 returns in a year). However, one should know that out of three returns which are prescribed, only one return has to be filed by the retailer. The... Read More

How to file your monthly GST Returns

Under GST, a regular taxpayer needs to furnish 3 monthly returns, out of which 2 would be system generated returns & taxpayer would need to verify, modify , confirm & submit these so as to complete the return filing process. Get help with filing GST return at convenient prices Return no. 1:... Read More

How to carry forward credit of Input tax which were there in previous laws such as Excise, VAT, Service tax etc.

Elaborate provisions have been made to carry forward the ITC earned under the previous law to the GST. a) Taking credit of closing balance of credit in the last returns In order to claim this credit, declaration in form “GST TRAN 1” is required to be furnished within 90 days. b) Taking credit of... Read More

Imports under GST

GST have subsumed the major indirect taxes, however, import duty such as Basic Customs duty, Education Cess, Anti-dumping duty, Safeguard duty etc. will continue. The additional duties of Customs i.e. the Countervailing Duty (CVD) and Special Additional duty of Customs (SAD), would be replaced with the levy of Integrated Goods... Read More

All you need to know before choosing Limited Liability partnership as a form of business

Introduction Limited liability Partnerships (LLP) is the most popular form of partnership in India which is becoming the most favoured form of partnership over the traditional forms of partnerships and sole proprietorships Features of Limited Liability Partnership It should have a minimum of 2 partners There is no limit on maximum number of partners No... Read More

All you need to know before choosing Private Limited company as a form of business

Introduction Private limited company is the most popular corporate entity amongst small, medium and large businesses in India. Features of a Private Limited company It should have a minimum of 2 members and can have up to 200 members No minimum capital is required to start it. It has minimum 2 directors Factors to be considered Benefits... Read More

Take loan for higher studies & save tax

Section 80E- Deduction of interest paid on educational loan If you have taken an educational loan for higher studies (only full time courses) for yourself, spouse or children and paying interest on it, you can avail the deduction for the interest so paid. Entire interest paid would be eligible for deduction... Read More

Save tax by donating money

Section 80G- Deduction of donations made to notified charitable funds & institutions You might have paid certain donations to charitable institutions, you could save taxes by doing so. Amount of donation that can be availed as deduction depends on the specification of donation in the law. The various donations specified under 80G... Read More

Sec 80EE: Buying house for the first time can save your tax upto Rs 50000

First time home owners can get an additional deduction of interest expense on home loan of up-to Rs 50000 Section 80 EE gives you an additional deduction of interest on home loan if you have taken loan for buying your first home. However, you need to meet the following condition to... Read More

80 GG provides you deduction on rent paid by you, if you are not getting HRA

Section 80GG- Deduction of house rent in case you do not own a house property and you do not get HRA as well If you or your spouse or children do not own a house in India or abroad and you do not receive HRA (House Rent Allowance) as a... Read More

Taxability of House Rent Alowance

What is HRA (House Rent Allowance)? House Rent Allowance is a component of the salary given by a company to its employee to meet house renting expenses. HRA is given to meet the cost of a rented house taken by the employee for his stay. It provides employees with tax benefits for what... Read More

Taxability of Gifts Received by an Individual or HUF for AY 16-17 & 17-18

What is gift? Gift can be defined as receiving any object or thing be in cash or in kind as a token of love, respect, or care from any person being our friends, relative or parents or any other person on some occasion or otherwise. Since gift is a mean of transferring... Read More

Composition Levy under GST

A taxable person, whose aggregate turnover in the preceding financial year did not exceed 50 lakh rupees can opt for composition levy scheme & pay tax at a lower rate to be notified by government (it would not be less than 2.5 % for manufacturer & 1 % for... Read More

A simple explanation of section 194C- TDS on payment to contractors

Who is required to deduct TDS under sec 194C? Sec 194C requires the following persons to deduct TDS under this section if the payment is made to any “resident contractor or sub-contractor” for carrying out any “work” in pursuance of a contract: The central government or any State Government Any local authority Any corporation established by or... Read More

All you need to know PAN (Permanent Account Number)

What is PAN? Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. Registering for PAN makes you a user under... Read More

Every small business should know this – Presumptive taxation scheme

Here we would discuss about the presumptive taxation scheme under section 44AD and how demonetization had a positive impact on this scheme. Presumptive taxation scheme 44AD This is an optional scheme applicable for small businesses having annual turnover not exceeding Rs 2 Crore Who is eligible? Any resident individual, HUF or partnership firm... Read More

Procedure for closing a private limited company in India

Often, we register a company for a business idea we wanted to implement and for some reasons it does not work, we do not even start the work. Also, there are times when we register a company for a future project and hence those companies are not operational in... Read More

SPICE- The modern way to register your company!

Incorporating a company in India has become more easy with newly introduced SPICE- Simplified Proforma for Incorporating Company Electronically Earlier, to incorporate a company, one needed to fill up several forms such as for obtaining approval of name, acquiring DIN, registering the company & approval of registered office etc. Introduction of fast... Read More

How to register trademark for your brand in India?

As we have a name & a face by which we are recognised, our business too has a name & a face, we register the business as a company or any other form which is suitable to us, but how about its face? You must have a face or a... Read More

Leave travel Allowance: Who doesn’t like travelling and what’s better if it saves taxes for you!

You must have come across a component in your salary structure named Leave travel allowance, it can save your taxes, all you should do is to take leave & travel. Income tax law provides the tax break for holidays to a domestic destination, you can either take a travel... Read More

Tax saving tips you must know!

In our earlier posts we discussed about how you could save tax through famous Sec 80 C  and how your house could save taxes for you. Now we will have a look at other tax saving options available. Combined together this post would make you tax savvy and come handy while you... Read More

Learn how can you save taxes through your house !

Saving tax through residential house property! Ever wondered that your house could save taxes for you. Here we have compiled for you the various ways through which your house can help you cut your taxes We had already discussed the repayment of home loan up-to 1.5 lakh can be claimed under... Read More

Save Tax this new year through famous section 80 C (See…) !

Year 2016 is about to end in a few hours and a New year 2017 welcomes us all. Amidst the celebrations, you must now start thinking to make investments for returns and to save taxes as 1st January 2017 along with a new year would mark the beginning of last... Read More

5 Benefits of using a Book keeping Service

How satisfied are you with the way accounting is done in your business? Have you ever come across the thought of engaging an external bookkeeping service for your business? Using an external bookkeeping service has many benefits over using an individual bookkeeper. While it is comfortable to keep an in-house bookkeeping team,... Read More

8 Reasons you should avoid year end bookkeeping!

With Demonetization, GST, Digitalization & a swift spurge in electronic and cash less way of doing business, its high time that we leave behind the traditional old way of doing business. It is the time of change not only in the way you were doing your business but also in... Read More

Know about TAN

What is TAN? Tax Deduction Account Number or Tax Collection Account Number is a 10 -digit alpha-numeric number issued by the Income-tax Department. TAN is to be obtained by all persons who are responsible fordeducting tax at source (TDS) or who are required to collect tax at source (TCS). Why do a... Read More

Digital Signature: Understanding you need

The way we work has become digital, most of the things that were done manually a decade ago is now being done electronically. On the same note our signatures have also become digital and we call them digital signature. What is a digital signature? A digital signature is an electronic form... Read More

All you need to know before starting your import/export business: IEC

As you think of starting a business wherein you need to export/import certain goods/services, first thing that comes into your mind would be: do I need to take some authorization for it? The answer is Yes. You need an Importer Exporter Code, without which you cannot start your import/export... Read More

Understanding Credit score: Relevance in loan approval and rejection, Errors and rectification.

What is a Credit Score? A Credit Score is a three-digit numeric summary of your credit history. The value ranges between 300-900. It indicates the ‘probability of default’ of a borrower based on their credit history. What role does a CIBIL score play in the loan application process? Your CIBIL Score is... Read More

All you need to know before choosing partnership as a form of business

The moment you think of starting a business, you may think of a sole proprietorship form for a start i.e. when the business operations are small. As your business grows this form of business would not be able to grow beyond a certain limit because of the following two... Read More

All you need to know before choosing One Person company as a form of business

Introduction One Person Company is introduced newly under the companies act, as the name suggests it lets a single person to form and register a company under the Companies Act. Features of a one person company It has only one member No minimum capital is required to start, and it can have maximum Paid up... Read More

7 things you must know about GST

GST- 7 things you must know! 1. GST applicable on ‘supply’ In GST regime, all ‘supply’ such as sale, transfer, barter, lease, import of services etc of goods and/ or services made for a consideration will attract CGST (to be levied by Centre) and SGST (to be levied by State). As GST will be... Read More

What would be taxed under GST- the taxable event

Taxable event under GST The GST regime has introduced a new concept for taxable event. While under the earlier regime, the taxable event was: Provision of service for Services, Sale of goods for VAT, Manufacture of goods for Excise and so on, GST would have “Supply of goods and services” as the new... Read More

Would GST apply to me?

The bigger question- would GST apply to me? Who needs to register under GST? As we would all know GST would be one tax for all indirect taxes, thus it spreads its applicability to a larger section of businesses and person GST would apply to: All businesses including trade, commerce, manufacturing, service provider,... Read More

Returns Under The GST Law

Returns to be files under GST Following are the returns which would be required to be filed under the GST law Monthly returns Form GSTR-1: To furnish details of outward supplies of taxable goods and/or services effected This return is required to be furnished by the 10th of the next month Form GSTR-2: To furnish details of... Read More

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