What is GST Registration? In the GST Regime, a business whose turnover exceeds Rs. 20 lakhs (Rs 10 lakhs for North-Eastern States and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory even if turnover does not…

What is TDS? TDS means ‘Tax Deducted at Source’. TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making / crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government…

What is the common portal for generation of e-way bill? The common portal for generation of e-way bill is https://ewaybillgst.gov.in Is the username and password for E-way bill portal same as GST portal? E-way bill login credentials are different from GST login credentials. I have already registered in GST Portal. Whether I need to register…

What is Income Tax? ​​It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961. Do I Need to File Income Tax Return? If you satisfy any one of the below conditions you need to file Income Tax…

Deductions under Section 80C Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt.  One must plan investments well and spread it out across the various instruments specified under this section to avail maximum tax benefit. The deduction under section 80C is available only to an individual or HUF. The…

TDS  ON PAYMENT OF RENT MORE THAN RS. 50,000 PER MONTH BY INDIVIDUALs / HUFs EXISTING LAW There is an existing provision for deduction of TDS (deduction of tax at source) under section 194-I in the Income Tax Act, 1961 for individuals/HUFs, wherever tax audit is applicable. INTRODUCTION OF SECTION 194-IB Now, the Government has…

Section 44AD:- PRESUMPTIVE INCOME In order to give relief to the small business organizations Income tax law introduced a new scheme called Presumptive Income. The silent features of this scheme are: 1. This is an optional scheme 2. This scheme is applicable only for the resident Individual, HUF and Partnership firm (not being LLP) 3….

Concept of Composite and Mixed Supply under GST Taxability of “Composite Supply “and “Mixed Supply” shall be dealt with as per section 8 of CGST Act, 2017. In order to understand the statutory provisions, we have to first understand the meaning of following terms along with examples for better understanding :- Bundle of Goods and…

Benefits of setting up a Limited Liability Partnership There are numerous types of organizations or firms that can be set up and conducted business, but one of the easiest and hassle free ways of setting up a business is that of Limited liability Partnership. In this type of Business structure, two or more people come…

Application for Lower Deduction of Tax for – Section 197 In some circumstances, a case may arise that TDS is being deducted from the income of the receiver, but his total tax liability computed at the end of the year as per the Income Tax Slab rates is less than the TDS Deducted. In an…