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Nowadays it is impossible for a common man to purchase a house with his own name and from his own Income due to inflation. So if a person wants a residential house, he can buy the same from easy EMI facilities. EMI facility is beneficial for buying a home with starting limited down payment and rest payment […]
As of now, 15 of the total states have taken the decision of supporting the much talked about GST bill. Now the turn is for major states and all the eyes are on to them. After the GST bill received approval from the monsoon session on August 8 in Parliament, now 14 states are left to ratify the bill and a GST council will be established thereafter. There are some states that are yet to take up the GST in their legislative assembly and some haven’t shown a sign of support.
Industry demanded 18 per cent GST rate as it finds that the April 2017 deadline is hard and will likely generate tax buoyancy without controlling inflation. Industry also demanded relaxation in the penal provisions. According to the sources, the Industry when holding meeting with the state finance ministers said that it is hard to meet the deadline in 2017 as they need sufficient time to develop the IT infrastructure.
The nation has seen the clearing of GST Bill with much more anticipation and the government was also seen in all support with this new tax regime. After all, the GST has something very special to provide for the citizen of India. The said bill is said to subsume all the current indirect tax prevailing in the country.
The Income Tax Department allows individuals to claim a refund for depositing extra tax. An individual can claim the same online using the Income Tax Department’s e-filing portal, https://www.incometax.gov.in/iec/foportal Income Tax regulations mandate the Filing of income tax for individuals earning an annual income of Rs.2.5 lakh or more. For Senior citizens (individuals aged between […]
The Invoice/bill is the document which is available in both soft and hard copy. It consists of the details of the supplier/ purchaser along with the name of the Sales/ purchaser, registration no. (VAT, Service Tax, UIN etc.). The bill also consists of the purchaser details complied of an Item name, Quantity, Tax rate, tax amount. The invoice is made in general format and there is no other format available.
It’s a document either online or in paper format in which details of supplier/ purchaser are incorporated like Name of the Sales/ purchaser, registration no. (VAT, Service Tax, UIN etc.)as well as in bill details of sales or purchases like Item name, Quantity, Tax rate, tax amount should be there. There is no specific format for invoices but there are some general formats.
After uploading of return in electronic mode, a New functionality of electronic verification code (EVC) of the Income Tax return has been introduced vide Notification No. 2/2015, dated 13/07/2015. This facility can be used as an alternative for the submission of ITR-V to CPC-Bangalore. What is an Electronic Verification Code Under Income Tax The Generate Electronic […]
Filling Income Tax returns is our social responsibility. Everyone who is earning a taxable income should contribute some amount by way of taxes for the benefit of the Nation. As per Prime Minister Modi’s “Mann Ki Baat,” it is the responsibility of all assessees to declare Income and deposit tax their own for the benefit of economic growth. […]
