The Goods and Service Tax (GST) law provides that a registered taxpayer must claim Input Tax Credit (ITC) only to the amount of eligible ITC captured in form GSTR-2B. Any amount of GST due after considering ITC as per GSTR-2B must be paid at the time of filing GSTR-3B
After being convinced by his father’s suggestion that he should do something else other than getting into a government job like him, Kapil Goyal opted for commerce even though he had top scores in science and mathematics. He cleared CA at first shot in 1998 and began practicing. But soon he discovered that the world
The process to enter disallowed partner’s interest and remuneration as per section 40 in Part OI Point no 8A h. “Amount of interest salary, bonus, commission or remuneration paid to any partner or member” As per section 40(b)(v) any payment of remuneration to any partner who is a working partner, authorized by, and is in
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Introduced as a mandatory provision in 2017, the Aadhar-PAN linkage is now familiar law. Extended several times, the last date for ensuring linkage currently stands at June 30, 2021, whereafter any unlinked PAN card will lose its validity. Further, penal provisions exist for the use of an inoperative PAN card as it is unlawful. But
Income Tax return filing is a multi-step, pre and post-e-filing process and it is simple to determine the status at each of the stages. How to find the status at each point of e-filing is enumerated hereunder. Pre-e-filing stage Before starting, please ensure that the 26AS contains and is updated with annual income and the
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
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
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
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
