What happens if the income tax return is not filed in India?
Today you need to file your income tax returns attentively and on time if you are a citizen of India with a source of income. The consequences of failing to file your taxes might be severe. Your income will be impacted if you do not file your tax...
ITR refund: Everything that you should know
An individual may pay more tax than they are obligated to pay at times. You can seek an income tax refund if your advanced tax or tax deducted at source (TDS) is greater than the amount you owe. ITR refunds are a mechanism to ensure that any...
Impact of COVID 19 on GST collection
The spread of COVID-19 appears to be slowing in India, but the pandemic's economic impact is still being determined as new waves of COVID-19 infection emerge locally. As a result, any revenue impact of covid-19 on GST collection in India will have...
Budget 2022: Changes in GST
Refund application time limit changed: The refund claim of ITC on inward supplies can be made only within 2 years from the last day of the quarter in which supply was received. Earlier, it was 2 years from relevant date. Changes in Input Tax Credit...
Income Tax Changes – Budget 2022
Rationalization of provisions of TDS on sale of immovable property In order to remove inconsistency, it is proposed to amend section 194-IA of the Act to provide that in case of transfer of an immovable property (other than agricultural land), TDS...
Concept of Supply under GST Part-II
In this part, we shall discuss the clause (b) and clause (c) of Section 7 of the CGST Act 2017 Section 7, (For the purpose of this section, supply includes………As per clause (b ) of Section 7 of the CGST Act 2017 , Import of services for a...
Concept of Input Tax credit-PART I
Under the Indirect taxes mechanism, the taxes are levied at every stage of value addition. This is applicable in case of supply of goods as well as services. Thus it is important to understand that tax and the value addition will be always coupled...
Composite and Mixed Supply under GST
The determination of taxability of transactions, involving multiple goods or services or a combination of goods and services has always been a challenging aspect under the indirect taxes. As far as the Pre-GST regime was concerned, the taxable...
Impact of GST on Small and Medium Businesses in India
The online platforms like Quora, Reddit and similar other are overflowing with questions like - Do I need a GST number for my small business? Who are liable to register under GST in India? How to register for GST in India?...
GST (Goods and Service Tax) in India: What, Why, How?
GST stands for Goods and Service Tax, a new tax reform to be implemented from 1st July, 2017.The new tax system will affect businesses and individual buyers to large extent due to many structural changes and ambiguities regarding the new system...
Income Tax Software – How to Choose the Best?
Tax payment is not that difficult when you are earning but preparing the income tax statement is surely painful. The stress involved with calculating and filing income tax is quite high and hence the tax preparers can check for the best income tax...
Income Tax Return Software – Get the Free Trail Copy Now!
Income tax management is the key requirement of the business and hence every business establishment faces lot of time and work force issues while managing the taxation well. The individuals and corporates both have to file their income tax returns...