New vs Old Tax Regime The new tax regime under the Income Tax Act in India, introduced in the Union Budget 2020-21, offers taxpayers an alternative tax structure with lower tax rates but without various deductions and exemptions available under the old tax regime. New tax regime: 1. Lower Tax Rates: The new tax regime… Read More »
Annual Turnover If you are a small wholesaler with an Annual Turnover of less than INR 20 lakhs, you are not required to register for GST. However, if you sell goods across state lines, then GST registration is mandatory, regardless of your turnover. For more information visit this site: https://www.mca.gov.in As for filing returns,… Read More »
Filing ITR Filing ITR, In India, not everyone is required to file an income tax return (ITR). The requirement to file an ITR depends on various factors, including the individual’s age, income level, and the type of income earned during the financial year. Here are some general guidelines regarding who needs to file Filing… Read More »
Indirect and Direct Tax Indirect and Direct tax is a type of tax that is imposed on the income or wealth of an individual or entity. It is called “direct” because the tax is levied directly on the person or entity that is liable to pay it. The tax liability cannot be shifted to… Read More »
Can one HSN code have multiple GST rates No, one cannot have multiple GST rates. Each HSN code is associated with a specific GST rates based on the type of goods or services being supplied. The GST rates are fixed by the GST Council, and each is assigned a specific rate based on the category… Read More »
Definition of GST invoice Definition of GST invoice, A GST invoice is a crucial document issued by a supplier to the buyer, containing all the necessary details of the transaction in accordance with the Goods and Services Tax (GST) Act in India. It serves as proof of the supply of goods or services and… Read More »
Section 194Q of Income Tax Act Section 194Q of the Income Tax Act, introduced in the Union Budget 2021 and effective from 1st July 2021, is a provision that specifically applies to buyers making payments to resident sellers for the purchase of goods. To visit:https://www.incometax.gov.in According to this provision, if a buyer makes payments exceeding… Read More »
Difference between TDS vs TCS Difference between TDS vs TCS, TDS and TCS are both types of tax collection mechanisms in India, but they differ in their nature, purpose, and applicability. TDS TDS (Tax Deducted at Source) is a tax collection mechanism that requires a person to deduct tax at a prescribed rate from the… Read More »
Types of GST GST (Goods and Services Tax) is a value-added tax that is levied on the consumption of goods and services in India. It was introduced on July 1, 2017, and replaces a number of other indirect taxes such as the central excise duty, service tax, and value-added tax (VAT). In India, the GST… Read More »
Annual GST Return Annual GST Return, The Government of India has recently introduced some changes to simplify and streamline the process of filing annual GST returns for taxpayers. Here are the key changes: Single return form: Previously, different forms were use for filing annual returns based on the taxpayer category. Now, a single annual return… Read More »