Income under the Income Tax regime are classified under five heads namely Salary, Profits/Gains From Business Profession, Income from House Property, Capital gains and the residual category i.e. Income from other sources. Every income which is not specifically exempt is liable to income tax in the Financial year in which it is received/ accrued. However, […]
Category Archives: GST
31
Aug
Aug
Introduction Central Board of Indirect taxes and Customs vide Notification no. 62/2020 dated 20th August,2020 made it mandatory for taxpayers obtaining new registration under GST to authenticate the application by way of Aadhar Authentication i.e. Aadhar OTP. The applicants failing to do so shall be subject to a site visit by the department before the […]
28
Aug
Aug
The GST council in the 39th Council meeting held on 14-03-2020 had recommended that interest on delayed payment of GST liability to be charged on the net amount rather than the gross amount. Prior to this, this subject has always been debated as many taxpayers received notices from the department demanding interest on the Gross […]
20
Jul
Jul
Introduction Director’s remuneration means the fees or salary or compensation drawn by the director from a company in which he is the director for the services rendered in managing the day to day affairs of the company. The question has always been raised whether this remuneration attracts GST or not. However, CBIC vide circular no. […]
10
Jul
Jul
With India stepping up in Ease of Doing Business rankings, there has been an influx of NRIs setting up business units in India. For NRIs to set up a business in India, GST registration is necessary. We will discuss the registration process under GST for non residents. Process of Registration Provisional Registration:- An application must […]
18
Jun
Jun
Input tax credit (ITC) can be understood as a deduction on total GST payable by the businessman. ITC is availed by the businessman by paying GST on the purchases and other expenses incurred for the business, Thus while paying GST the ITC already paid in the course of Purchase and other expense is deducted and […]
04
Jun
Jun
Introduction Form GSTR 9 in an annual return under GST regime that is to be filed once for every financial year by every registered Taxpayer. GSTR 9 is a consolidation of every quarterly/monthly returns filed during the financial year. The taxpayers are required to furnish details regarding inward and outward supplies made and Input Tax […]
