IFRS vs Ind AS
Post Views: 155 ⇒ Introduction:- Ind AS is the most recent subject in the Indian Financial Reporting world. To harmonize the global accounting system International Accounting Standard Committee (IASC) was setup in the year of 1973. This committee is responsible to formulate Accounting Standards. Headquarter of IASC is situated at United Kingdom. From year 1973 […]
Classification of Stock Market Income
Post Views: 236 ⇒ The fear of the IT Department only can be removed by acquiring knowledge of all the basic rules and regulations. Income tax rates in India have radically reduced where there is no requirement to pay tax has on net total income up to Rs. 2,50,000. Income Tax Department is becoming more […]
Extended due dates of Income Tax Returns and TDS/TCS Returns
Post Views: 584 The CBDT has issued a Notification No.-35/2020 dated 24th June, 2020 to provide relief to the taxpayers by extending various time limits of tax compliances. CBDT has extended due dates for filing Income Tax Returns and TDS and TCS Statements by issuing this notification. The noticeable features of the notification are as […]
Refund under Inverted Duty Structure
Post Views: 373 Refund of balance available in the Electronic Credit Ledger was always the demand of the taxpayers, as it is the working capital of the taxpayer which he/she cannot use in his business. Sometimes GST rate on outward goods may be lower than rate of GST on inward goods; in this case lots […]
Reduced TDS and TCS Rates
Post Views: 246 → In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of Covid-19 pandemic, the rate of TDS and TCS is reduced by 25% which will be effective for the period of 14th May, 2020 to 31st March, 2021. Accordingly reduced TDS […]
CBDT notifies Cost Inflation Index (CII) for the Financial Year-2020-21
Post Views: 212 COST INFLATION INDEX The cost inflation index (CII) for the Financial Year 2020-21 has been notified by the Central Board of Direct Taxes (CBDT) vide notification no. 32/2020 dated 12th June, 2020. This notification shall come into force with effect from 1st April, 2021 and shall accordingly apply to the assessment year […]
Decisions taken in 40th GST Council Meeting
Post Views: 167 40th GST COUNCIL MEETING The 40th GST council meeting was held on today. This was the first meeting after the outbreak of COVID-19 which was held through video conference in the history of GST. The GST council has made the following recommendations on GST Law & GST Procedures. 1. Reduction in Late […]
Filing of GSTR-3B through SMS
Post Views: 325 Filing of NIL GSTR-3B through SMS → Government recently come up with a facility to file Form GSTR-3B through SMS. It is a good initiative taken by our government. GST taxpayer can file NIL return in the Form GSTR-3B, through an SMS, apart from filing it through online mode. Until now few […]
Job work under GST
Post Views: 338 ⇒Job Work:- →According to Section-2(68) of CGST Act, 2017, “Job Work” means any treatment or process undertaken by a person on goods belonging to another registered person and the expression “Job Worker” shall be construed accordingly. →Following Conditions must be fulfilled: 1. There must be Two Persons […]
Extended GST Due Date Chart
Post Views: 497 Because of COVID-19 pandemic Government has extended due date for various GST Compliances. Here in this article we shall discuss various extended due dates and interest liability in respect of late payment of GST. Normal Taxpayer Extended due dates to file GSTR-3B if, Aggregate turnover in the preceding Financial Year is more […]