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
How to reduce taxes on salary
Introduction The salaried employees are always in a frenzy about taxes and plans out ways to save it. The allowances and perquisites received by a salaried person is either fully taxable or partly taxable or exempt. The article below illustrates different ways in which salaried class can save their taxes. 1. Standard Deduction Standard Deduction,… 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
TDS ON SALE OF IMMOVABLE PROPERTY 194IA AND FORM 26QB
There are various provision related to TDS where tax is to be deducted at source at a given percentage either at the time of payment or at the time of credit, as the case may be e.g. TDS on salary, TDS on professional fees, TDS on Contract, TDS on rent etc. Here, we are going to… Continue reading
Determination of Place of Supply of Goods under GST
Determination of Place of Supply of Goods under GST Before we discuss about the provisions for determining place of supply of goods, we should be aware of the following terms: Goods: Goods means any kind of movable property other than money or securities, includes actionable claim (like insurance claim, pending litigations, lottery, betting and gambling),… Continue reading
All you need to know before choosing Private Limited company as a form of business
Introduction Private limited company is the most popular corporate entity amongst small, medium and large businesses in India. Features of a Private Limited company It should have a minimum of 2 members and can have up to 200 members No minimum capital is required to start it. It has minimum 2 directors Factors to be… Continue reading
All you need to know before choosing Limited Liability partnership as a form of business
Introduction Limited liability Partnerships (LLP) is the most popular form of partnership in India which is becoming the most favoured form of partnership over the traditional forms of partnerships and sole proprietorships Features of Limited Liability Partnership It should have a minimum of 2 partners There is no limit on the maximum number of partners No… Continue reading
Procedure to claim refund on export under GST
A proper refund mechanism is necessary for effective tax administration, as trade is facilitated via the release of blocked finances for modernization, expansion and working capital requirements of a business. Here we are discussing about how to apply for refund for export in GST, we first need to understand the “Meaning & taxability of export… Continue reading
Companies having share capital to declare commencement of business
All Companies having share capital registered on or after 02nd November 2018, are required to declare commencement of business to the authorities, before it could start its business. This needs to be declared within 180 days of incorporation to avoid penalties. This requirement was also present there in erstwhile Companies Act 1956 and Companies Act 2013…. Continue reading
What to do if someone has deducted TDS and did not submit it to the government?
This happens quite often, somebody deducts the TDS & do not submit it to government or do not file the TDS return due to which it does not reflect in our tax credit statement (26 AS). In such a case you won’t be able to claim credit of TDS and you would receive a tax… Continue reading