Written on May, 16, 2018 by in

BENEFITS OF THE GOODS AND SERVICES TAX (GST) 17 types of indirect taxes have been merged in to one tax i.e Goods And Service Tax. Online Registration of dealer is done maximum within 3 days  under GST. One nation one tax i.e. single rate is charged on same item in whole country. Previously there were different rates of tax in …

Written on May, 14, 2018 by in

General Tax assessment of income tax returns is made faceless due to e-Assessment in income tax. Income tax rate is reduced to 25% from 30% in respect of the companies, having turnover up to Rs. 250 crores . Auto filled tax return forms can be downloaded in respect of Tax Deducted at Sources (TDS), Tax Collected at Source (TCS) and …

Written on Apr, 28, 2018 by in

  Illustration: Mr. A who is 46 years old, has the following details for financial year 2018-19:- Income from business                                               Rs.3,50,000/= Deposited in PPF account                                         Rs.60000/= Calculate the amount of income tax payable by him. Solution: Income from business                                                           Rs.350000/= Less: Deduction under Chapter VI-A Deposit in PPF Account                                                         Rs.60000/= Net taxable Income                                                                 Rs.290000/= Income Tax on above              …

Written on Apr, 28, 2018 by in

  INCOME TAX RATES (SLABS) FOR FINANCIAL YEAR 2018-19 (ASSESSMENT YEAR 2019-20) For Male Individuals below 60 years (Resident of India) INCOME UP TO 250000 0 250001 TO 300000 5% 300001 TO 500000 5% 500001 to 1000000 20%  EXCEEDING 1000000             30% Notes: Add: Health & Education Cess @ 4% on Income Tax Payable and Surcharge …

Written on Feb, 04, 2018 by in

No change in Income Tax Slabs in respect of individuals. Standard Deductions shall be allowed in case of salaried persons for Rs.40000/=. Standard deduction shall be allowed to pensioners also. Of course, there is not much benefit to the salaried persons who are in receipt of Medical allowance and conveyance allowance because theses allowances are discontinued but other employees will …

Written on Jan, 16, 2018 by in

E-Way Bill is required by transporters to carry the goods under GST for the goods of more than Rs.50000/= from one place to other place. The E-Way Bill is generated on the GST portal. E-Way Bill is also allowed to be generated through SMS. E-Way Bill can be cancelled through SMS also. The purpose of the E-Way Bill is to …

Written on Jun, 30, 2017 by in

The registered dealers are required to maintain their account and keep the records under GST Law as under:- Compliance verification in GST will be done through examination of accounts and records maintained, only if required. One tax, one type of record:- No need to maintain separate records for different type of taxes as in the era of VAT, Excise and …

Written on Jun, 30, 2017 by in

We are giving the brief idea in case of GST in respect of import and export of goods as under:- IMPORT AND INPUT TAX CREDIT All the Importers/Exporters have to mandatorily declare GST Registration number (GSTIN) along with Import Export Code (IEC) in the bills of entry, Shipping bills and Courier forms. Provisional IDs issued by GSTIN can be declared …

Written on Jun, 30, 2017 by in

Important Facts About Tax Invoice Under GST All registered dealers registered under GST Act should keep the following points in mind while raising tax invoice under GST Act:- All GST taxpayers are free to design their own invoice format. GST Law only requires that certain fields must mandatorily be in the invoice. The time period prescribed for issuing invoice is …

Written on Jun, 18, 2017 by in

Q. I deal in stationery items and stationery is a taxable item under GST Law. I am based in Delhi. My gross turnover is Rs.16 Lakhs. Should I get registered myself under GST law?. Ans. No, if you have a turnover less than 20 Lakhs then you need not to be registered under GST law. Please note that you should …