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Permanent Account Number (PAN) is marching forward towards becoming an inevitable number for any transaction or deal made by an individual. Time is approaching when there is a need to link all the transactions with the Income Tax Department through PAN. PAN basically assists the tax authorities in identifying an individual or a corporate body […]
Recently, some new amendments in income tax return e-Form 2 and 5 have been proposed by the income tax department. According to the latest notice published on the e-filing website, the utilities of ITR (income tax return ) 2 form and ITR-5 form has been changed in order to fix the bugs identified during filing […]
In a recent ruling, The Tamil Nadu Authority for Advance Ruling (TNAAR) has clarified that if the monthly maintenance amount gathered by the registered housing society or resident welfare committee surpasses INR 7500 per month, then a flat 18% GST rate will be applicable on the entire amount, not the different amount. The ruling decision […]
Valid For taxpayers whose annual aggregate turnover is above 5 Crores For FY 2020-21, 2019-20 & 2018-19 and for FY 2017-18 it was more than 2 Crores only. GSTR 9C is now a Self-Certified form From FY 2020-21 onwards before that it was an audit form for taxpayers. Now Taxpayer may self certify his/her annual […]
The last date for filing income tax returns for the financial year 2018-19 is landing at the terminus as 31st July 2019 (revised due date 31st August) is arriving. Fling a return without waiting for the final date can be beneficial for the taxpayers as failure to fill the returns by the due date due […]
Under the provisions of Section 194C and Section 194J, an individual or HUF is not liable to pay tax if they are not liable to get the tax audited under Section 44AB(a)/44AB(b). So, an individual or HUF need not get the tax deducted from the payment which they made to a contractor or professional for […]
What is NFRA? NFRA stands for “The National Financial Reporting Authority”. This government Authority was constituted on 01st of October, 2018 under the provision of Sub Section (1) of section 132 of the Companies Act, 2013. The primary reason for the constitution of this entity by the central government in India is to set up […]
It is the moral duty of every organization and taxpayer to file an income tax return and pay the taxes. The budget 2020 income tax amendments have stated that the ITR is important to be filed in case the electricity bill is more than 1 lakh and more than 2 lakh for foreign travel expenses. […]
One of the Kirana merchants who is engaged in the business of selling pulses, spices, and dry fruits in the APMC market, in Vashi Mumbai, doesn’t seem to people these days with the current GST system enforced by the central government. This particular medium scale retailer has been active in APMC, Mumbai, for the last […]
