GSTR-2A is a system-generated purchase tax return for every GST registeredbusiness. GSTR -2A is auto-populatedfrom the GSTR-1, GSTR- 5, and GSTR-6 uploaded by the seller/ supplier. It details the purchases made by a company (purchaser/buyer) for a month.
Paying attention to public demand, GSTN portal has now added a new functionality for claiming refunds. Facility to claim the refund on account of excess payment of tax has been now enabled on GST Portal for the taxpayers. GSTN is a non-government and non-profit company which provides IT infrastructure and services to taxpayers, the State
Income Tax Returns, or ITR, is a type of form where taxpayers disclose and file their incomes earned in the concerned financial year to the Income Tax Department. All citizens, living in or outside the country, having an income that is taxable or those who meet with the conditions specified by the Income Tax Department
The decision to roll out GSTR-3B was a measure undertaken by the government to relax the necessary requirements for a business to file in their returns. GSTR-3B is a consolidated summary return of all the inbound and outbound supplies (sale and purchase) where the taxpayer isn’t required to mention their invoice details.
Tax Liability is the entire amount of tax that an individual, organization or establishment owes to any central, state or local taxing authority like the International Reserve Service (IRS). In layman’s terms, it is the amount of money that you are responsible for paying the government on the basis of the income that you earn
The highly anticipated Budget 2021 was announced by Nirmal Sitharaman on the 21st of February. Except for a few tweaks here and there, personal income tax has been largely left unaltered. These tweaks are projected to boost compliance among taxpayers and tax experts have welcomed the changes. The approach was of convenience to boost compliance
The government of India provides the taxpayers with many extensions to file their ITR but after all, we’re humans and sometimes we fail to file it within time. The due date for filing ITR for the assessment year of 2020-2021 ended on January 10th, 2021. The usual deadline for filing tax returns for an individual
Input Tax is the tax levied by the supplier (registered taxpayer) for the supply of goods or services or both; to the buyer for the procurement of such goods or services or both- intended or entitled for use towards fulfilling his/her business activities. The tax constituted on the issued tax invoice could be either by the
The onslaught of the pandemic known as COVID-19 has touched and affected everything. It forced us to maintain a physical distance between each other, making it a requirement for us to find ingenious ways to work around the problem. Tax compliance and accounting, traditionally considered paper intensive projects, are a few of the functions that
As governments around the world attempt to make their tax rules water-tight, there is a growing complexity that businesses have to manage while filing their taxes. Making mistakes while filing taxes could attract avoidable penal costs. Handling the increasing compliance requirements can be especially challenging for small and medium businesses (SMBs), who have limitations in
If you are a salaried individual, you would surely spend a lot of time juggling between your income and tax savings. To minimize this, there are a few tax deductions that you can avail of. To understand them, first let us understand the structure of the ITR-1 Tax Return form which is applicable to salaried