The tax laws of the country undergo significant changes every year on the passing of the Annual Finance Act. Apart from the amendments coming out every year through the Finance Act, there are circulars/notifications issued to implement the provision of the act, clarifying the scope of the provision.
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Even as Section 194 R under the Income Tax (IT) Act today provisions to penalize pharma companies offering freebies to doctors beyond a threshold limit of Rs 20,000 under the TDS laws, pharma industry is pulling out all the stops to comply with the stringent Section 194 R to avoid penal provisions and prosecution. TDS …
Section 194 R of IT Act- Important for pharma companies Read More »
GST Registration Online – An Overview Launched on July 1 2017, the Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), traders and manufacturers. A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are absorbed in one tax – …
Get your GST registration done online in few steps- Complete guide here Read More »
All rate changes recommended by the 47th GST Council will be made effective from 18th July, 2022. Find the details here https://pib.gov.in/PressReleasePage The 47th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance Shri Pankaj …
Introduction People particularly the salaried ones who are required to pay tax ahead of time otherwise called tax deducted at source (TDS) are expected to submit investment statements by the business toward the beginning of the budgetary year. Such investment disclosures qualified for deduction can reduce your taxation rate as TDS will be deducted on …
All you need to know about Form 12BB- Income Tax Act Read More »
The Indian Income Tax Act determines how much an individual owes the State as tax liability. This amount is decided based on several factors such as age, source of income, and income earned in the last fiscal year. The total annual income of a person is then scrutinized and a certain percentage of it becomes …
What is the meaning of TDS? TDS stands for Tax Deducted at Source. As per the Income Tax Act, an individual or company making a payment is required to deduct tax if the payment of an employee reaches the threshold limits. This TDS is deducted at rates that are prescribed by the Income Tax Department. The …
What is tax deducted at source & TDS certificate ? Read More »
What is Professional tax ? Professional tax is levied at the state-level (but not all states) on all workers. This includes the salaried, whether they’re working in government or non-government entities, the self-employed and professionals, including Chartered Accountants, Doctors and Lawyers. This tax has been in existence since the 1970s and states were conferred …
CBIC Extends due date of filing FORM GSTR3B for the month of April 2022 till the 24th day of May, 2022 vide Notification No. 05/2022–Central Tax | Dated: 17th May, 2022. In exercise of the powers conferred by sub-section (6) of section 39 of the Central Goods and Services Tax Act, 2017 (12 of 2017) …
CBIC notification- Extension of due date of filing Form GSTR 3B for April 2022 Read More »
In order to have a robust way of de-duplication of PAN data base, Finance Act, 2017 with effect from 1st April, 2017, inserted section 139AA in the Income-tax Act, 1961 making it mandatory for a taxpayer who is eligible to obtain Aadhaar, to quote his Aadhaar in the application form for PAN and return of …
The Government of Maharashtra vide notification No. PFT-1222/C.R.8/Taxation-3 extended the last date of filing returns for employers, who could not pay taxes or upload returns due to technical difficulties of the automation system, under the Maharashtra State Tax on Professions, Trades, Callings and Employments Rules, 1975, from March 2022 to May 31st, 2022.
The notification dated November 18, 2021 has amended a previous notification dated June 28, 2017 wherein: A proviso in entry 15 to item (b) and (c) has been added whereby passenger transportation services mediated by an e-commerce platform in a non-air conditioned contract carriage or a stage carriage has been brought under the GST net. Proviso to entry 17 …
GST Changes ( E commerce operator) in India- 2022 Read More »
India is implementing a 30 percent tax rate on income from virtual digital assets, such as cryptocurrency and NFT. For this purpose, section 115BBH has been inserted into the Income-tax Act, 1961. While the taxation will be effective from April 1, 2022, cryptocurrency transactions for the previous fiscal year (FY 2021-22 period) will also be …
Cryptocurrency Taxed at 30% from April 1, 2022: Latest updates Read More »
