How to choose between the new & old Income tax regime for FY 2020-21
The Union budget 2020 has introduced new income tax regime in India for Individual taxpayers with reduced rates (and increased twists). We will discuss about the following in this article: What’s there in the income tax old regime and new regime? What are the conditions to avail it and who can opt it? Is it […]
Credit note: How & when to issue under GST
What is a Credit note? Where a tax invoice has been issued for supply of any goods or services and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where goods or services […]
Ineligible Input tax credit under GST
Ineligible Input tax credit under GST Following are the goods and services where the GST law has imposed restriction while availing GST input tax credit, primarily called as Ineligible Input tax credit. We will discuss about the extent and eligibility of ITC of these goods and services. 1. ITC for Motor Vehicles is not available. […]
Applicability of TDS under GST
Introduction You might be aware of the concept of TDS & TCS in the Income tax Act. Similar concepts were introduced in GST, though these were deferred to a later date. Recently, government has notified that the provisions relating to TDS under GST would become applicable w.e.f. 01st October 2018. So, the laws around these concepts […]
How to Become an online seller on Amazon and Flipkart
Introduction Online business is a business or commercial transaction that includes sharing information across the internet. With the growing use of internet and online marketing, businessmen find it convenient to grow their business over internet and attract a large number of consumers. A successful online business requires correct blend of true marketing facts, creative and […]
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 […]
Key things to keep in mind with respect to accounting under GST
Key things to keep in mind with respect to accounting under GST With every change in tax laws, there must be certain points that must consider while preparing the accounts or keeping our books and records. So, we are trying to highlight a few key areas & procedures one should know and must keep in […]
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, […]
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 […]