Category: Daily Bites

What are the benefits of having a high GST Compliance score?

The Goods and Services Tax is a comprehensive multi-stage tax implemented in India on the supply of goods and services. It has come into effect as of July 1st 2017 and has overhauled India’s tax structure. If you’re a business owner, you might be wondering just what the point of the GST system is, and

New Tax Rates And Slabs Under The New Tax Regime

The slab system is used to levy tax on individual taxpayers in India. The slab system simply implies the fact that diverse tax rates are prevalent for taxpayers having distinguished income ranges. The tax rate progressively increases with an increase in taxpayer’s income. These income tax slabs ideally undergo a change during every annual budget

Who is supposed to have a tax audit in India?

Income Tax Audit, as the name suggests, is intended at assessing whether an individual or a company has filed their income tax returns, deductions, and expenditures as well other rules that are specified by the Income Tax Act accurately and fairly.  The process of tax auditioning streamlines the computation of tax returns for individuals and

How to save tax beyond section 80C?

Almost everyone is familiar with a tax deduction of ₹1,50,000 under Section 80C of the Income Tax Act, 1961. Proper fiscal savings benefits most taxpayers, including all the professionals and salaried individuals, to save on taxes. There are a bunch of options under this section as far as claiming tax benefits is concerned, like insurance

Which ITR form should an individual file?

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

What is GSTR-3B? Who should file it?

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.

What Is Advance Tax Liability And Who Is It For?

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

What is 2A reconciliation? How to do it correctly?

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.

Budget 2021: Changes in Income Tax

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

What happens if you file ITR after the deadline?

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