GST Council meeting: Initial meet under brand-new FM allows annual return date extension

Annual Return Date Extended The Council additionally adopted a two-year expansion of National Anti-profiteering Authority. Sitharaman, who won over as Finance Minister last month, led over the 35th meeting of the GST Council. Leading over the initial GST Council meeting,  the deadline to register annual return via a month to August 30. This has been done [...]

By | 2019-06-21T14:00:21+00:00 June 21st, 2019|Categories: GST|Tags: , , , , |Comments Off on GST Council meeting: Initial meet under brand-new FM allows annual return date extension

What is the concept of supply under GST?

Concept of Supply under GST The basis of charge of GST is the supply. So the concept of supply needs to be clear in order to determine the applicability of GST. In general, supply for GST purposes covers all forms of supply where goods and/or services are supplied in return for a consideration. Any transaction involving supply [...]

By | 2018-08-08T07:26:15+00:00 February 7th, 2017|Categories: GST|0 Comments

How will Imports be Taxed Under GST?

The present government has put the much-awaited GST law in effect to ensure the nationwide uniformity of taxation laws under one regime. This helps in making the taxation process simplified by avoiding multiple taxation filing at both central and state level. Therefore, business owners, working professionals generating income by providing goods or services to the end [...]

By | 2018-08-08T07:24:34+00:00 February 7th, 2017|Categories: GST|0 Comments

How GST is going to affect the Indian Economy?

GST aka Goods and Service Tax is like a new kid on the block. Everyone wants to know it, but no one is getting it. So let’s try to get to know it bit better. It all begins.  In 2000 Mr Atal Bihari Vajpayee’s government sets up a committee to kick-start the process of adopting GST. [...]

By | 2018-08-08T07:22:50+00:00 February 7th, 2017|Categories: GST|0 Comments

How changes in Income Tax Rates affect you

How changes in Income Tax Rates affect you Change in Income Tax rates may either encourage or discourage individuals to invest and work more/less. It is also related with economic growth of the country. If taxes are high, it will definitely hamper the national income. On the other hand, Income Tax Rates cuts can encourage people [...]

By | 2018-08-08T07:20:46+00:00 September 22nd, 2016|Categories: Income tax basics, Income Tax Guide|0 Comments

Important Lessons from Panama Papers case

Important Lessons from Panama Papers case About 11.5 million papers shining a light on how some of the worlds richest hid billions of dollars to avoid tax were leaked containing information about the black dealings last year. The Panamanian law firm and service provider whose papers got leaked, Mossack Fonseca was creating illegal shell companies which [...]

By | 2018-08-08T07:17:48+00:00 September 20th, 2016|Categories: Income Tax Guide|0 Comments

Income Tax Deduction in India

Income Tax Deduction in India Introduction: Income Tax Deduction is a way of reducing the total amount of taxable income of an individual or a company i.e. the taxpayers, though this is dependent upon the type of tax benefit claimed by the taxpayer. Benefits of Tax Deductions: There are a number of benefits associated with tax [...]

By | 2018-08-08T07:40:45+00:00 September 20th, 2016|Categories: Income Tax Guide|0 Comments

Income Declaration Scheme 2016

Income Declaration Scheme 2016 With the Income Tax Department discovering Rs. 43,000 crore of undisclosed income in the last two fiscal years and the problem of black money still prevalent in India, the Ministry of Finance on 11th of May introduced the Income Declaration Scheme 2016 in a bid to tackle the problem. So, what is [...]

By | 2018-08-08T07:39:10+00:00 September 19th, 2016|Categories: Income from Salary, Income Tax Guide|0 Comments

How to save taxes legally

How to save taxes legally? At the end of each financial year, an assess finds himself with huge taxes on taxable income and make tax investments in a hurry. However, if an individual from the very beginning goes ahead with proper planning and knowledge he can feel relaxed at the end. The Income Tax Act, 1961 provides [...]

By | 2018-08-08T07:37:38+00:00 September 15th, 2016|Categories: Tax Savings|0 Comments

Shadow economy/Black economy

Shadow economy/Black economy India has second highest rate of shadow economy in the world. It is that part of economy involving goods and services which are paid in cash but have not been declared for the payment of tax. Illegal economy indicates underground trading of goods and services. Black market flourishes because of illicit transactions inside [...]

By | 2018-08-08T07:35:48+00:00 September 5th, 2016|Categories: Income from Business and Profession|0 Comments