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What does “GST extra as applicable” mean? In our country, no one knows as for when the rate of any taxes will get changed and/or a new tax/es will get imposed. Sometimes, to counter the stiff competition, a dealer classify the product being sold under a particular heading taking the benefit of lesser taxes, against the large company classifying the same product under a different head. Therefore in order to safeguard its interest, the dealer quote the price as rate plus applicable taxes at the time of delivery/invoicing. When someone quotes his fees or the price of goods, he may use the words,  GST  extra as may be applicable. This is written in the following cases. If the rate at the time of quotation is not known to the supplier. If the supplier is not registered at the time of giving quotation but over a period of time he might have to register. Hence he clarifies that GST will be over and above the rate that he has quoted. Supplier thinks that GST rates may change betw

Key Changes in Income Tax Return Forms Announced: 5 Things You Should Know In the coming months, the government expects you to give more details about your finances and business with the filing of income tax. The new forms, issued by the Central Board of Direct Taxes for the 2017-18 fiscal year, you will see several new columns from all categories of taxpayers Sahaja (ITR1), Form ITR-2, Form of the ITR-3 form Sugam -ITR-4, form MFI-5, 6-form MFI, MFI-form 7, and the shape of MFI-V. Why is the government asks its citizens to provide more information? According to the report Economic Times, information from the salaried persons benefits not exempt from tax, in summing up the direct and indirect taxes, the amount of any enterprise to engage in any lawful business, the IT department seeks to prevent tax evasion on a few levels. A) There are more than 25 major changes in the new ITR forms. B) Some of these changes clearly indicate that the focus of the new  ITR form  to get mo

Key Changes in Income Tax Return Forms Announced: 5 Things You Should Know In the coming months, the government expects you to give more details about your finances and business with the filing of income tax. The new forms, issued by the Central Board of Direct Taxes for the 2017-18 fiscal year, you will see several new columns from all categories of taxpayers Sahaja (ITR1), Form ITR-2, Form of the ITR-3 form Sugam -ITR-4, form MFI-5, 6-form MFI, MFI-form 7, and the shape of MFI-V. Why is the government asks its citizens to provide more information? According to the report Economic Times, information from the salaried persons benefits not exempt from tax, in summing up the direct and indirect taxes, the amount of any enterprise to engage in any lawful business, the IT department seeks to prevent tax evasion on a few levels. A) There are more than 25 major changes in the new ITR forms. B) Some of these changes clearly indicate that the focus of the new  ITR form  to get mo

Tax Audit Report based on Section 44AB: The  tax audit  as specified under section 44AB must be carried out by a Chartered Accountant who holds a full time Practice Certificate. Tax Audit ensures the correctness of the  Account Book  managed by taxpayers and income is calculated in accordance with the provisions of the Income Tax Act. The tax audit report is completed in Form no. 3CA / 3CB & Form no. 3CD. When is Form No. 3CA equipped? Tax audit report in Form no. 3CA must be completed when the party assessed is required to get its account audited under any law other than the Income Tax law. Form no. 3CA is given by a  Chartered Accountant  after the completion of the Audit. This form must be submitted along with Form no. 3CD. Details to complete in Form no. 3CA: – 1. Details of assessed items such as Name, Address, PAN etc., 2. Date of Audit Report, 3. Attachments (Audited Balance Sheet, Profit and Loss Account, Form 3CD), 4. Statement by the auditor that all det

What is Black Money Black money is funds obtained illegally where other  income and taxes  have not been paid. Countless money illegally hoarded and hidden from the tax authorities is also called black money. So, it is important that a person does not save money, jewelry or anything that is not mentioned or not announced When did the attack occur? Income tax attacks, which are technically known as the Search and Foreclosure process, are one of the important weapons that the Income Tax department must have to check for black money. Credible tax evasion information; for example, any avoidance that comes out of a report received from the Intelligence Wing from the Income tax department Information comes from government departments Information is obtained from taxpayer assessment records The information received is related to expenditure that is not proportional to the income of the taxpayer, which is an example of wasteful expenditure without income that is suitable to mat

How can You save tax? if one receives remuneration To make a speech, the words may appear to be the same, but the words, salaries, wages, salaries of the words are of great importance for workers working in a company. These terms point to the money and other benefits provided by the company for a certain amount of time and money from the employer for a certain period of time, including subtle differences, especially pay and wages. A future employee is looking for a job in a company and a person needs to know these differences. This article takes two closely related ideas closer to wages and wages. Remuneration Salary is a common period describing various forms of compensation packages for employees in a company. This may be an individual’s salary, or it may be higher than the salary. Payment often includes non-cash stimulus and payments and other benefits. Payment is usually a period of time that manages high management in a company, usually a tendency to typically pay as wa

Income tax returns  are tax rebates if the obligation is less than the tax paid. Refunds appear in cases where the amount of tax paid by someone is greater than the amount charged to him. income tax refund are usually handled at the end of the year. In this article, we see the process of claiming a refund. Eligibility for Income Tax Returns There are several cases where individuals will qualify for the return of Income Taxes. The following are the qualification criteria: In the case of the amount paid to taxes in the view of self-assessment exceeding the actual amount that must be paid In the case of taxes withheld at source (TDS) from remuneration, interest on securities or bonds, dividends, etc. Exceeds the tax payable considering routine assessments. In the case of taxes being charged being reduced due to errors in the appraisal process and now resolved. The Indian government must have an agreement to avoid double taxation, in a scenario where the same income is taxed in