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GST is an Indirect Tax that has replaced many Indirect Taxes in India. The Goods and Services Tax Law was passed in Parliament on March 29, 2017. This Act came into effect on July 1, 2017; The Goods & Services Tax Law in India is a comprehensive , multi-stage tax based on the objectives imposed on each value addition . What is GST? “GST (Goods and Services Tax) is India’s largest indirect tax reform. GST is a single tax on the supply of goods and services. This is a destination-based tax. GST has included taxes such as Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc. GST is one of the largest indirect tax reforms in the country. GST is expected to unite the country’s economy and increase the country’s economic growth as a whole. GST is one of the indirect taxes for all countries . So, before the Goods and Services Tax, the tax collection pattern is as follows: Multi-stage There are several changes of goods that enter through its supply...

How to E-file Income Tax Returns ( ITR )? – Income Tax E-filing Guide Step 1:  E-filing ITR – Start Before starting, you must have the following document to speed up the process: PAN Adhaar Bank Account Details Form 16 Investment Details Step 2: Enter your Personal Information Enter Your Name, PAN, Date of Birth, and Father’s Name. Step 3: Enter your Salary Details 1)  Fill in Your Company Name and Type. 2)   Give your salary and TDS information. To enter your salary details in detail, ‘Click here’ . Step 4: Enter Details to Claim Reduction Enter investment details for the deductions to be claimed (Eg. LIC, PPF, etc., and other tax allowance claims here. Step 5: Enter the Details of Taxes Paid If you have any non-salary income, say, interest income or freelance income, then add tax payments that are already made. You can also add these details by uploading Form 26AS. Step 6: E-File Enter your bank account details and pr...

#GST E way bills now demand another compliance that must be followed because the GST network has required it to enter the PIN code of the place where the shipment must be loaded or unloaded. The reason for entering the PIN code on the E-Way Bill will help the portal to calculate the actual distance further helping to validate #E Way Bill. At present, businesses only need to mention the distance and place of loading and unloading that do not help for reasons but now the #PIN code should help in this cause. At present the GST E bill is generated when 100kms are spent in one day but the problem is that some businesses can use the same GST e-way bill and make several trips. And now GSTIN offers auto-population facilities when a PIN is entered in the place of the sender’s or recipient’s address, according to an official statement released. GSTN also issued a statement saying, “This new feature is part of GSTN ‘s ongoing efforts to improve user experience and ...

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 ch...

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  ...

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  ...

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. Statemen...