A person who is a Director is one or more companies or just holding DINs need to look at the following new compliance which makes a director directly or indirectly responsible for the compliance associated with the director or the company. As a director, one need to meet these in order to avoid fines &… 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
Whether Business dealing in exempt or non-taxable goods liable for GST registration?
Whether such business is required to take the GST registration? In general, the businesses with annual turnover up to Rs.20 lakhs are not required to take the GST registration. However, there are some specific cases, where a person is required to take GST registration even if the turnover is below Rs.20 lakhs. With this write-up,… Continue reading
All About EPF in India
In this article I will talk in detail about What is EPF, What is UAN (Universal Account Number),Who deducts EPF, Contribution towards EPF, When can we withdraw the EPF amount, How to online transfer the EPF amount from one employer to another, How to Link Old member ID / EPF Account with UAN, Income Tax… 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
Can we do multiple GST registration on a PAN card?
A taxable person supplying goods or services from different states is mandated to take different GST registration for each state (which would be based on a single PAN). Also, a person who has different verticals of business within the same state can choose to have different GSTIN for each vertical (and these would again be based… Continue reading
Treatment of Cash discounts & Trade discounts under GST
There has been a lot of confusion in treatment of discounts in invoice and questions with respect to which amount should be chargeable to GST. Though the law is pretty clear about it. GST treats all the discounts such as trade discounts, cash discounts, volume/turnover discounts, etc. Instead, the treatment varies with the timing of… Continue reading
7 common reasons for getting income-tax notices and how to avoid them
Notices from the Income Tax Department are rarely pleasant. The natural reaction of a taxpayer upon receiving a notice is one of panic. However, once the momentary panic has subsided, you should carefully go through the notice and understand what it is about. It may not always be bad news. Often, the I-T department also… Continue reading
Requirement of Filing MSME form-1 & INC 22A by the Companies
Recently the MCA has announced certain compliance to be met by the registered companies. Here we are discussing about which companies are required to file, due date of filing, consequences of non-filing & what details would be required to file form MSME-1 and INC 22A A. MSME Form-1 MCA has directed all the companies who… Continue reading
Can we do multiple GST registration on a PAN card?
A taxable person supplying goods or services from different states is mandated to take different GST registration for each state (which would be based on a single PAN). Also, a person who has different verticals of business within the same state can choose to have different GSTIN for each vertical (and these would again be based… Continue reading