The Government of India has released anti-profiteering rules under Goods and Service Tax on tuesday, according to which the government will cancel the GST registration of any entity if it does not comply with the provisions of passing the lower… Read More
Suspect Agricultural Income
As the Agricultural income is exempt from income tax, the Income Tax Department feels that many individuals have misreported their income as agricultural income in order to evade tax. According to the sources, the income tax department has issued notices… Read More
TDS on rent in excess of Rs. 50,000
Section 194-IB have inserted in the Income Tax Act, by the Finance Act, 2017, widening the scope of TDS by giving the responsibilty of Tax deduction to individuals also who pay a rent over Rs. 50,000 from June 1, 2017.… Read More
Income From Other Sources
The taxpayers often ignore various incomes while filing their income tax returns. Such other incomes fall under the head ‘Income From Other Sources’. The taxpayers sometimes ignore those income unknowingly their taxability or sometimes knowingly hide these incomes to reduce… Read More
NGO Registration
In order to get the minority status Educational Trusts and Societies will be required to get themselves registered as NGOs with the NITI Aayog, without taking into consideration their desire of receiving government aid or not. For the purpose of… Read More
Income Tax Refund
There is a good news for lakhs of taxpayers, the income tax department will now issue the refunds in a short period of time of 7-10 days because of its latest technology and aadhaar based ITR verification. The income tax… Read More
Composition Scheme under GST
There are number of small taxpayers in India who finds it difficult to follow the complicated tax laws compliance requirements completely, because of their small number of transactions or limited number of transactions. There cost of tax managements comes to… Read More
Calculation of Input Tax Credit under GST
Though the Government has set high rates of GST on some products and services, the impact of GST would not effect the final prices much because of the input credit claim. Take a look at the calculation of Input Tax… Read More
Income Tax Department will take action against taxpayers violating the Rs. 2 lakhs limit
The income tax department has recently warned taxpayers involved in violating the cash transaction limit of Rs. 2 lakh or more and said that the receiver of the amount will penalized with an equal amount as penatly. The income tax… Read More
Non-Banking Finance Company Registration in Delhi
Non-Banking Finance Company is a fast emerging financial system in India. Its a type of financial institutions (other than commercial and co-operative banks) doing the work of financial intermediation in number of ways like accepting deposits, making loans and advances,… Read More