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Procedures of GST on Exports

Procedures of GST on Exports

There are 3 option under GST for Exports Bond with Bank Guarantee Bond with LUT Pay IGST and claim refund 1.0 Introduction  Export and import under GST are treated as interstate supply and hence governed mostly by the IGST act. As per the IGST act, there are only two ways possible to export goods or […]

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GST Calendar

GST Calendar

S.No Date Process 1 1st July GST Regime Starts 2 15th July onwards Uploading of Sales / Outward Invoices 3 20th August Pay tax and Upload GSTR-3B for July (Self declaration form) 4 1st to 5th September File GSTR-1 for the month of July 5 6th to 10th September Download and Reconcile GSTR-2 for the […]

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Don’t Forget to Deduct TDS on House Rent

Don’t Forget to Deduct TDS on House Rent

From June 1, 2017, all individuals who pay rent of more than Rs 50,000 per month will have to deduct tax at source at the rate of 5% as per an amendment to the Income Tax Act. You are responsible to deduct this tax in the last month of the financial year, or the last […]

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How do I Claim GST Input Tax Credit on My Existing Closing Stock?

How do I Claim GST Input Tax Credit on My Existing Closing Stock?

Input Tax Credit According to the model GST Law, a taxable person can accumulate credits of taxes paid and carry them forward in a return. With the introduction of the GST, the last set of credits will have to be transferred. To do this, you must satisfy the conditions mentioned below to take credit for […]

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Budget Says File Your Returns on Time Now!

Budget Says File Your Returns on Time Now!

FEES FOR LATE FILING OF RETURNS Earlier, we were allowed up to two years from the end of a particular year to file returns for that year’s income. If you did not file returns even after the expiry of two years, the tax officer could, at his discretion, levy a penalty of ₹5,000. RULES FOR […]

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RERA ACT 2016

RERA ACT  2016

REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016 The SMART ACT- SALIENT FEATURES Uniform Applicability: The provisions of RERA extend to whole of India (except Jammu and Kashmir) and are applicable to commercial as well as residential real estate projects. Registration – The Real Estate Act makes it mandatory for all commercial and residential real estate […]

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Is Cash Deposit up to 2.50 Lacs tax free?

Is Cash Deposit up to 2.50 Lacs tax free?

Deposits up to Rs. 2,50,000 have not been given any blanket tax-free status. Only such deposits will not be reported to the Income-tax Department by banks/post offices. The Law At Present:  The regular threshold exemption limit for individuals (other than resident senior citizens and super-senior citizens) is Rs. 2,50,000.   If the individual is a resident […]

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24 Things to Know About GST

24 Things to Know About GST

With enactment of 101st Constitution Amendment Act, the road to GST is clear. The Govt. had already unveiled draft model law on GST. On 26th September, 2016 CBEC released draft rules and forms under GST on Registration, Invoice and Payment. GST council has also approved of draft rules in its meeting on 30th September, 2016. […]

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Analyse How will GST Impact your Business?

Analyse How will GST Impact your Business?

Introduction 1. Every organization is very eager to know the impact on his business on account of levy of GST. The impact can be divided into two parts namely; Financial Procedural Financial Impact of GSTThe financial impact arises on account of subsuming of tax into GST and the availability of credit on some of the taxes […]

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What Kind of a Business do You Want to Start Up?

What Kind of a Business do You Want to Start Up?

When a person decides to start a business, there are various options such as Sole Proprietorship Partnership Firm Limited Liability Partnership Joint Venture Limited Company which could be a One Person Company or Pvt Limited or Public Limited The choice of any particular legal structure would impact mainly the capital structure, ease of doing business, […]

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Are You Selling a House or Plot of Land? Ideas to Lower Your Taxes

Are You Selling a House or Plot of Land? Ideas to Lower Your Taxes

Every time you sell property — a house or a plot of land — you are liable to pay tax on the capital gain made on the sale. While you can’t always get away with paying capital gains tax, there are certain ways in which you can bring down your tax liability. Under the income […]

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15 Things You Should Know About Model GST Law

15 Things You Should Know About Model GST Law

On June 14, 2016 the Finance Ministry has released the ‘Model GST Law’. It outlines the structure of the GST regime. Further, the draft of ‘Integrated GST Bill, 2016’ is also released along with such Model GST laws. It also provides the framework for levy and collection of CGST and SGST. “CGST” is the tax […]

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Income Tax Changes From June 1, 2016

Income Tax Changes From June 1, 2016

Income Tax Provisions Applicable from 1st June 2016 Amendment relating to Advance Tax (The change is effective from financial year 2016-17 onwards) The schedule for payment of Advance Tax by an Individual and other non-corporate assessee has been amended w.e.f. 1st June 2016 as under:   Due Date of Installment Amount Payable On or before […]

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New Service Tax Rate From June 1, 2016

New Service Tax Rate From June 1, 2016

Finance minister, Mr. Jaitley had proposed to impose a Cess, called the Krishi Kalyan Cess (KKC), at 0.5% on all taxable services during Budget 2016. Effective date of Krishi Kalyan Cess is 1st June 2016. In this article, we are trying to answer most commonly asked questions about this new tax. As you know, Service Tax is a tax levied by […]

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Budget 2016 Key Highlights

Budget 2016 Key Highlights

  RELIEF TO SMALL TAX PAYERS Raise the ceiling of tax rebate under section 87A from `2000 to `5000 to lessen tax burden on individuals with income upto `5 laks. Increase the limit of deduction of rent paid under section 80GG from `24000 per annum to `60000, to provide relief to those who live in […]

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