In view of the COVID-19 outbreak across the world, Indian Government has taken all necessary relief measures to provide the relief to the people of the country in such a crucial times as this where the world is suffering from… Read More
Amendment under Section 194J by Finance Act, 2020
Prior to the Finance Act, 2020, there was a uniform rate of TDS under Section 194J of the Income Tax Act, the amendment has now introduced another rate of 2% TDS in addition to the existing 10% for certain payments.… Read More
Transfer your GST Cash ledger balance paid by mistake under wrong head (PMT-09)
The Central Board of Indirect Taxes and Customs (CBIC) has recently come up with the a new Challan Form PMT-09 for shifting the GST wrongly paid. It will help the taxpayer to transfer the wrongly paid any amount of tax,… Read More
Relief measures announced by the Finance Minister with relate to Regulatory and Statutory Compliances in view of the COVID-19 outbreak in the Country
Finance Minister Smt. Nirmala Sitharaman today announced several relief measures in view of the COVID-19 outbreak via video conferencing in the areas of Income Tax, GST, Customs and Central Excise, Corporate Affairs, Insolvency and Bankruptcy (IBC), Banking Sector and Commerce.… Read More
BUDGET 2019 HIGHLIGHTS-DIRECT AND INDIRECT TAXATION
Budget 2019 Direct Taxation New section 80EEA has been inserted to provide deduction with respect to interest paid on the self occupied property upto Rs. 1,50,000/- subject to the fulfilment of following conditions: i. Loan has to be sanctioned by… Read More
Highlights of the 33rd GST Council Meeting held on 24th February, 2019
The 33rd Meeting of the GST Council was held on 24th February, 2019 at 2 P.M. at New Delhi First the 33rd meeting of the Council was decided to be held on 20th February, 2019 via video conferencing, however the… Read More
GST on Rent
According to the GST act, renting of immovable property will be treated as supply of service under GST. However, in GST regime certain types of rent will attract GST. In this article, we look at types of rent that attract… Read More
TDS on Rent Section 194I
Persons required to deducted Tax – Any person who is responsible for paying rent to a resident in excess of Rs. 1,80,000/- for a particular financial year is required to deduct tax under this section. Tax is to be deducted… Read More
SIMPLIFIED RETURNS UNDER GST
In an effort to simplify the filing process and increase tax compliance under GST, the GST Council has approved a new return filing process. This filing process is expected to come into effect from 1st April, 2019. Here’s what you… Read More
Recent Amendments under GST
26th October, 2018 1. Due date of filing GST ITC 04 has been extended till 31st December, 2018 for the period of July 2017 to September 2018 2. Final return in Form GSTR-10 is required to be furnished by all… Read More