Article explains the following: What is an Annual return in GST? Annual return under GST applicability, Due date, late fees and penalty for GSTR 9and GSTR 9C, Details required to be filed in GSTR-9, Documents Required for GST Audit and Due date for GST Annual Return and penalty for late filing of GSTR 9 and… Continue reading
Posts Tagged → taxation in India
How to cancel the GST Number
Introduction GST Registration can be cancelled by any person who is no longer required to file GST Return if either his annual turnover is below the exemption limit or the taxpayer is no longer liable to be a registered person or any other reason explained below. One must settle all the GST liability before they… Continue reading
Input credit under GST
Input credit under GST What is Input credit In simple words taking input, credit means taking credit of GST paid on various purchases A registered person is entitled to take credit of GST charged on the purchase of goods or services which are used or intended to be used in the course or furtherance of his business… Continue reading
GST on import of goods and services
Imports under GST GST has subsumed the major indirect taxes, however, import duty such as Basic Customs duty, Education Cess, Anti-dumping duty, Safeguard duty, etc. will continue. The additional duties of Customs i.e. the Countervailing Duty (CVD) and Special Additional Duty of Customs (SAD), would be replaced with the levy of Integrated Goods and Services… Continue reading
What is Form 16?
Form 16 is a certificate from the employer that has details of salary paid to an employee and tax deducted at source (TDS) from his or her salary for the financial year. It has to be issued by the Employer to the Employee under Section 203 of the Income-tax Act, 1961. It has two sections—part… Continue reading
Filing of ITR- Income Tax Return after the deadline
Deadline for filing ITR is 31 July for every assessment year. If you missed the deadline, you can always file a belated return up-to 31 March every year. If you have also skipped the deadline for filing a belated return for the year, 2016-17 and 2017-18, you cannot file a belated return anymore. Now, you… Continue reading
Take loan for higher studies & save tax
Take a loan for higher studies & save tax Section 80E- Deduction of interest paid on educational loan If you have taken an educational loan for higher studies (only full-time courses) for yourself, spouse or children and paying interest on it, you can avail the deduction for the interest so paid. Entire interest paid… Continue reading