The 38th GST Council meeting is being held on December 18, 2019, Wednesday. It will be chaired by our Union Finance Minister, Nirmala Sitharaman, and is being conducted at New Delhi. Ahead of the GST meet today, speculations regarding the increase in GST rates and slabs have been making the rounds. Besides the agenda of… Continue reading GST Council Meeting: What are the expectations?
Although it has been two years since Goods and Service Tax (GST) was implemented in India, there are many aspects that are vague even now. Taxpayers are still struggling to understand the concept in its entirety and the bearing it has on business. In a bid to boost accuracy and clarity and address some of… Continue reading Challenges of the new GST return filing system
The last date to file GSTR-3B for the month of August 2019 is 20th September ’19’. In case you miss the deadline for GSTR-3B, you will be legally responsible to pay a late fee and penalty charges. As per the Central Board of Indirect Taxes and Customs, the delay will impose a fine of Rs… Continue reading Alert: File your GSTR-3B Before 20th Sep ’19’ and Avoid Penalty
Every taxpayer registered under Goods and Services Tax or GST is obligatory for GST Return filing. It is utmost important for the individuals to file annual GST return once in a year under GSTR-9 and GSTR-9A. Meanwhile, after a recent announcement by the Central Board of Indirect Taxes and Customs, the department has recommended further… Continue reading GST Council Extends Due Date For Filing GSTR-9
Filing Income Tax Return can be a tough task and there are times when taxpayers forget to mention certain details, among these details are your income from other sources. There are incomes that you may forget while e-filing Income Tax Return, but if Income Tax Department traces the income that you have not disclosed then… Continue reading Mention Income from all the Sources while Filing ITR
Recently, the GST council doubled the exemption limit to Rs. 40 Lakhs for the payment of Goods and Services Tax. Moreover, it also announced a higher turnover limit to Rs. 1.5 Cr for availing composition scheme of paying 1 percent tax which will be effective from 1st April 2019. Apart from this the GST Council… Continue reading Changes in Exemption limit under GST
GSTR-1 is a monthly or quarterly return that is supposed to be filed by every registered dealer, registered under GST. GSTR-1 contains the details of outward supplies or Sales. All in all, this return has 13 sections.What is the due date to file GSTR-1? The due dates to file GSTR-1 varies depending on the turnover… Continue reading Detailed Information about GSTR-1
You know the struggle is real once it’s the top of the economic year, and you face the legal instrument filing method. The matter becomes worse after you realise you have got not done your tax coming up with effective and you have solely procrastinated the cause till you received a mail from your 60… Continue reading 10 Tax Saving Tips for Professionals
What is ITR-7 Tax Form? ITR-7 form is an Income Tax Return filing form, which is filed by an individual when individuals as well as companies fall under certain sections like 139(4A), 139(4B), 139(4C), 139(4D). Here is the updated ITR-7 Form from the official Income Tax Department. Download Click Here and use our Android App to file Income… Continue reading All About ITR-7 Form
Still confused with Income Tax and TDS, fret not as here are some of the basic differences between Income Tax and TDS. Income Tax It is a mandatory tax paid by individualsand HUFs who have their income from various sources. It is a direct tax thatgoes directly from taxpayer to the government. TDS Tax Deducted… Continue reading Basic difference between Income Tax and TDS?