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]
Applicability of ITR forms for AY 2018-19 With the 31st July, 2018 is approaching nearby you are rushing behind your consultant for completing self-assessment process and filling your ITR. As you are aware that forms you submit to the department [Read More]
Change of Email ID and mobile nos in GSTN Significance of E-mail ID and phone number in GSTN: E-mail ID and mobile nos. are media to communicate with GSTN instantly for different purposes. These are required for the following purposes: [Read More]
Non applicability of Section 44AD in certain cases Substituted by the Finance Act, 2016, w.e.f. 1-4-2017 [Subsection 4 of section 44AD]: Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and [Read More]
Types of discounts and its role in GST Meaning of discount under GST: Discounts means a reduction made from the gross amount or value of something: such as, a reduction made from a regular or list price offering customers a ten percent [Read More]
Book of Accounts under GST Accounts and Records to be maintained under GST – Section 35 of CGST Act: Every registered person shall keep and maintain, at his principal place of business, as mentioned in the certificate of registration, a [Read More]