Refund under GST and the procedure to claim refund
Categories
Business Compliances, GST

Refunds can be claimed under GST when the taxpayer pays a tax more than he is liable to pay. The process of claiming refund under GST is systemized so that no confusion arises. The whole process of refund is online and they have given some time limit for claiming refund. When You Can Claim Refund? […]

What if Company does not file Annual Returns
Categories
Business Compliances, Startup

All the Companies incorporated under the Companies Act 1956 or Companies Act 2013, are required to file the  annual returns i.e. AOC-4, MGT-7/MGT-7A , MGT-14 to ROC (Registrar of Companies ) and ITR to  Income tax Departments for every financial year. Timeline for filing of annual returns in every financial year:-\ AOC-4:- Every Company has to […]

Buy an Electric Vehicle and Claim Exemption under Income Tax Act
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Uncategorized

To promote electric vehicles and also to tackle the increasing pollution the Government announced an incentive by claiming deduction in the Income Tax Act which was announced in the Budget 2019 by our Hon’ble Finance Minister Smt. Nirmala Seetharaman. During her budget speech, the Finance Minister announced that vehicles with advanced battery and registered e-vehicles […]

Important Changes in GST w.e.f July 18, 2022
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Uncategorized

Earlier, there was exemption from GST on Unbranded or Branded Commodities where right on the brand has been foregone which has been done away w.e.f July 18, 2022, and now GST exempted only when it is not a pre-package and labelled commodities. Now, GST leviable on pre-package and labelled commodities, on which declaration is required […]

New Table in GSTR-3B for reporting supplies notified u/s 9(5
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Uncategorized

As per Section 9(5) of CGST Act, Electronic Commerce Operator (ECO) is required to pay tax onsupply of services such as Passenger Transport Service, Accommodation services, HousekeepingServices & Restaurant Services, if such services are supplied through ECO. 2. A new Table 3.1.1 is being added as per Notification No. 14/2022 – Central Taxdated 05th July, […]

Increase in GST: Products and Services that are going to be Expensive from 18th July 2022
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Uncategorized

In the Recent Meeting of GST Council GST Rates of some products and Services has been revised Customers will have pay more for Household Item, Hostel, Bank Services and Hospitals Here are the details of list of Items that are going to be more expensive: Customers will have to pay 5 per cent GST on […]

What is Updated Return u/s 139(8A) and Who can file it ?
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Uncategorized

Applicability/Eligibility to file the Updated Return Omission or error in filing the original return/ Belated return/Revised return. And such omission or error results in disclosure of additional income and there by additional Income tax liability. And such return needs to be filed within 2 years from the end of such relevant Assessment year. However while […]

What is income tax Return and What are the benefits of ITR for individual ?
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Uncategorized

What is Income Tax Return? ITR or Income Tax Return is the form that a person submits to the Income-tax department of India to file information about his or her income and the amount of taxes payable in that particular year. The filed information must apply for a specific financial year between 1st April to […]