Finance Minister Mrs. Nirmala Sitharaman presented the Union Budget 2023 on 1st February, 2023. Let us discuss the proposed changes in the Income Tax and GST laws by the Union Budget, 2023. INCOME TAX AND GST UPDATES INCOME TAX UPDATES… Read More
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FORM ITR-U INDIAN INCOME TAX UPDATED RETURN-AN OVERVIEW
The concept of ITR-U was introduced in the Union Budget 2022. Section 139(8A) of the Income Tax Act along with Rule 12C of Income Tax Rules is brought to help the taxpayers in tackling the mistakes made in the Income… Read More
Electric Vehicles future prospects
Electric vehicles are a much talked topic these days. The reason behind the new concept become popular is a number of benefits attached to the use of electronic vehicles. Today we will discuss a number of reasons why the electric… Read More
GSTR-9 for the FY 2021-22
Deadline : GSTR-9 for the FY 2021-22 is due by 31st December, 2022. Applicability: Every registered taxpayer having aggregate annual turnover of more than Rs. 2 Crore has to file annual return in GSTR-9 mandatorily. Latest Amendments in GSTR-9: Adhere… Read More
Applicability of MGT-7A
The Ministry of Corporate Affairs introduced a great amendment through Companies (Management and Administration) Amendment Rules, on 5th March, 2021. As per the amendment every company except OPC and small company shall file its annual return in MGT-7. One Person… Read More
Common ITR form for all taxpayers
The CBDT on Tuesday 1st November, 2022 proposed to introduce a common ITR form merging all existing ITR forms except ITR-7. As per CBDT the new common ITR form will be user friendly. Also CBDT proposed that the income from… Read More
Section 194Q TDS on Purchase of Goods
Section 206C(1H) inserted by the Finance Act, 2020 mandates the tax collection at source by the seller of goods if it exceeds Rs. 50 lacs in any previous year. Similarly section 194Q has been inserted on the similar grounds by… Read More
National CSR Exchange Portal
National CSR Exchange Portal is an initiative of Ministry of Corporate Affairs. The National CSR Exchange Portal as a PAN based E-Marketplace for CSR stakeholders in which the implementing agencies and the CSR spending companies can work together. The National… Read More
Applicability of GST under RCM on Renting of Residential Dwelling applicable w.e.f 18th July, 2022
The Government initially exempted the services by way of renting of residential dwelling for the residential purposes through the entry no. 12 of Notification 12/2017 Central Tax Dated 28.06.2017. Eventually the Government has brought an amendment through the Notification no.… Read More
Section 194R Applicable wef 1st July 2022
The new section of TDS 194R is applicable wef from 1st July 2022 to all the assessees except Individuals and HUF subject to Tax Audit. Those individuals and HUF having tax turnover of exceeding Rs. 1 cr in of business… Read More