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? […]
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 […]
CBDT notification for PAN/TAN integration with LLP incorporation form FiLLip
Reduction of time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR electronically
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 […]
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 […]
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, […]
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 […]
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? 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 […]