GST :Key features of Monthly Returns Introduction: GST Council in its 27th meeting held on 4th May, 2018 had approved the basic principles of GST return design. Now in its 28th meeting held on 21st July, 2018, GST Council approved the key [Read More]
Significance of business codes in ITR forms CBDT has changed nature of business codes for income tax return forms from A.Y. 18-19. Before filing of Income tax return, correct business sector along with correct business code has to be selected. [Read More]
Place of supply for E way bills Inter-State movement or inter-State supply are two distinct terms to be recognized. By the fiction in section 7 of IGST Act, several transactions are imputed to be inter-State supplies, as for example, mentioned [Read More]
Effects of amendment in section 138 of negotiable instrument act Roadmap of amendment till date: Year Bill No Short Title Date of introduction Passed in LS Passed in Rs Referred to / Report presented by committee Notification no Synopsis 2017 [Read More]
Recommendation of 28th Meeting of GST council As you are aware that GST council is a group of sate and central finance ministry recommending major amendments is GST laws and all amendments in GST laws are have to be in [Read More]
Section 44AD on presumptive income: Section 44AD. (1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or gross [Read More]
Tax payable on purchase from an unregistered dealer In GST if you are a registered dealer and you are purchasing goods from a unregistered dealer in that case registered dealer have to pay GST (Goods and Service Tax or tax) [Read More]
Important aspects of E-way bill Generation of E-way bill: In cases of outward supply returns (sales returns), the customer or the transporter shall be the person causing the movement of goods and hence shall be responsible to generate the e-Way [Read More]
Due dates for the Month of August 2018 7th Income Tax – TDS Payment for July 10th GST – Details of outward supplies of taxable goods and/or services effected – GST1 for July – Return for authorities deducting tax at [Read More]
Key changes in ITRS’ form disclosure requirement With invent of GST tax regime and other regulatory requirements various changes have been made in ITR forms. It is recommended that these changes should be properly understood before start filing ITR forms. [Read More]