Browsing author
Due to the lockdowns and restrictions caused by Covid-19 Pandemic, schools and colleges started conducting online classes but now they will face a problem under the Goods and Services Tax (GST) structure. Actually, many educational institutions chose to provide e-learning facilities to their students, and because of this, they invested in IT equipment and infrastructure. […]
As per a tweet from IT department’s official twitter handler “File Karo Jhat Se, Processing Hogi Pat Se”, the department is ready to introduce a new technologically upgraded platform CPC 2.0 for faster processing of ITRs. And the filing of Income Tax Return for financial year 2019-20 (AY 2020-21) will be processed on CPC 2.0. […]
The Central Board of Direct Taxation (CBDT) released a checklist for taxpayers to avoid common mistakes in preparation and filing ITR-7 for Assessment Year 2020-21 as these common mistakes can interrupt the filing and uploading of the Income-tax return Read the easy guide on e-filing of IT return online in India. Step by step guide […]
Due to the Covid-19 Pandemic, back-to-back lock-down were imposed this year and it disrupted people’s travel plans. It means that many people are not able to use their available Leave Travel Allowance (LTA) from their pay structures. In view of the difficult economic environment, and to encourage individuals to use their unclaimed LTA amounts and […]
Cloudtail India is one of the largest sellers on Amazon.in Platform, recently its Goods and Service Tax (GST) registration was suspended in Haryana and due to this, the seller faced a major supply disruption. Cloudtail India is an Amazon-affiliated company owned by Prione Business Services, a joint venture between Amazon Asia-Pacific Holdings Private Limited and […]
The Engineering Export Promotion Council (EEPC) recently came up with a statement that the current rules-regulation and how they have been interpreted under the Goods and Services Tax (GST) framework are causing many difficulties for some engineering companies. The EEPC knocked on the door of the government and asked them to pay attention to this […]
There are some special income tax benefits that have been provided to Senior Citizens in India. These special Income Tax benefits include tax exemption on certain incomes for more income for selected expenses considering its limited income-earning ability and high medical expenses. By staying up-to-date with the knowledge of all these benefits, senior citizens will […]
In case of cancellation of GST registration of a taxable person, the proper officer will issue an order in Form GST REG-19. In other words, If the proper officer believes that the GST registration needs to be canceled or when the taxable person is no longer eligible to be registered under the Goods and Services […]
Quarterly Goods and Services Tax (GST) return filing is turning to be a bit of pain for small businesses. A major relaxation for micro, small, and medium enterprises (MSMEs) in compliance is resulting in blockage of input tax credit (ITC) A complete guide for understanding the basics of input tax credit and it calculation with […]