Powerd By SAG INFOTECH
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TDS stands for Tax Deduction at Source. Between deductor and the tax administration, it is easy to share the responsibility of tax collection. A certain regular inflow of cash is also made to the Government.
The tax on the supply of goods or services or both is GST. The registered person who is involved in the export of goods or services or taxable supply or both can utilize qualified ITC on goods or services or both used in the development of the business.
The Kerala AAR’s has recently ruled that threshold exemptions will be applicable on the individual earnings of co-owners who are participants in a jointly owned property.
The National Anti-Profiteering Authority (NAA), a constitutional body under the GST, was set up to ensure that the benefits from the GST Rate reductions are passed on to the end consumers.
ITR-1 Sahaj Form is filed by the taxpayers and the individuals having the residential status of ordinary and not other than ordinary, accruing income from salaries or, one house property and other capital gain sources i.e. Interest etc. up to INR 50 lakh per annum.
The Government has released the Anti-Profiteering Complaint Form for the consumers who want to lodge grievances against businesses for not giving the benefits of reduced taxes under GST regime.
It has almost been one month since GST was implemented in India, but many traders and companies continue to find it difficult to business in the post-GST regime. Many traders are still confused over the multiple rates of GST taxes.
Goods and Service Tax is going to roll out from 1st July 2017 and about seven weeks left for the implementation of GST in India. Indian companies are in hurry to gain knowledge from the tax experts which helps to prepare the accounting and information technology systems in their business units or enterprises.
The government is quick to have a legitimate dialog on the three GST legislations in Parliament even as the Lok Sabha on Tuesday dragged through the Income Tax Amendment Bill in the midst of noise without verbal confrontation. The administration needs these Bills to be affirmed by the two Houses of Parliament with an accord in the continuous Winter Session so that the new assessment administration could be taken off from April 1 next year.
