Online TDS Return Filing Services - Reconciliation facility for ITC shown in books of accounts and ITC as per GSTR-2A

GST Reconciliation of Credit

Reconciliation facility for ITC shown in books of accounts and ITC as per GSTR-2A: Government has introduced a facility that will allow taxpayers to reconcile amount of Input Tax Credit shown under GSTR-2A with amount availed by tax payers as input tax credit in Books of Accounts – specifically Purchase register. Goods and Service Tax…

GST for Non-resident Taxable Person

GST for Non-Resident Taxable Person

GST for Non-resident Taxable Person Introduction: In GST there is specific provision for taxability of non-resident taxable person; It is important to know what will be compliances that an assessee, will be required to carry-out. What is return and due date of return that is to be furnished by the assessee; Whether registration is compulsory;…

Different Types of Assessment under GST

Different Types of Assessment under GST

Assessment under Goods and Service Tax (GST) Introduction: It is important to know that how person is assessed under various provision of GST, whether assessee has an option to opt for provisional assessment or not; in which cases GST authority will considered the case under best judgement assessment; or what are the provision relating to…

Deemed Export under GST

Deemed Export

Exports and Deemed Export under GST Introduction: Under GST it is important to determine that what are the GST provision in relation to export and when a supply will be treated as deemed export. It is important to understand how assessee will be taxed when transaction is determined as deemed supply. Definition Export of Goods:…

Capital Gain on Sale of Immovable Property

Capital Gain on Sale of Immovable Property

Capital gain on sale of immovable property Introduction: It is important to determine that when it can be termed as capital gain on sale of immovable property and whether it will be classified as long term or short-term; further what will be the rate at which it will be taxable. Capital asset is defined to…

Advisory Format for BR and SR

Advisory Format for BR and SR

Advisory report on format of business responsibility and sustainability reporting Introduction: Recently Security Exchange Board of India (SEBI) has issued Advisory report on format of business responsibility and sustainability reporting, before analyzing such it is necessary to determine that to whom this reporting is applicable, what are the various clauses relating to this reporting and…

Extending the scope of TCS Levy Services

Extending the scope of TCS Levy

Introduction : In the Finance Act, 2020; it has specified three new provisions in reference to Tax Collection at Source; in this article we will see, to whom provisions are applicable, whether there is any exemption, what will be rate of deduction, and what are the compliance that are required to be carried out by…

taxability of gift - plans for accounts outsourcing services india

Taxbaility of GIFT

Introduction : Whenever any movable or immovable property is given in form of gift the first question arises in mind of receiver is taxability of such gift under Income Tax Act, 1961; There are certain exemption which are provided to assessee in respect of gift received by him and there is also specific monetary limit…

interest payment under gst

Interest Payment Under GST

Interest on Late Payment of GST – Notification no 63/2020 It is well settled position of law by virtue of section 50 of CGST Act, 2017 that Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or…