Income tax is a tax imposed by the Indian Government on income of a person. Filing of income tax is responsibility of every citizen. Filing an ITR is a way to let the government know about your income. If you do not inform the government, you have to face penalties & problems. If you are in the taxable position, then you need to file income tax returns. Individuals with income… Read More »Consequences of Non-Filing of the Income Tax Return
An amendment was made in the provision of section 50 of the Finance (No. 2) Act, 2019 to provide for charging Interest on the net cash tax liability, which was based on the recommendations of the 35th meeting of the GST Council which came into effect from September 1, 2020. This amendment has been made in the CGST act- section 50 for recovery of Interest only on net cash liability… Read More »Recovery of Interest u/s 50 on Net Cash Liability under GST
The Ministry of Corporate Affairs (MCA) has clarified that its recently announced decision of asking corporates and limited liability partners (LLPs) to submit a form which is web-based to confirm their readiness to deal with the Covid-19 threat is “purely voluntary”. There will be no fee applicable for the CAR aka Company Affirmation of Readiness towards Covid-19 form, and it is completely voluntary. According to MCA, the CAR form is… Read More »COVID-19 VOLUNTARY WFH Declaration for Companies & LLPs-MCA
The calculation of compensation Cess under GST is very similar to calculating GST. Compensation cess is applicable above the amount of GST charged on a specific good or service. The stipulated rate is applied to the transaction value given under CGST Act 2017- section 15. According to this act, the centre needs to compensate the states for loss of their revenue due to the execution of GST because GST is… Read More »Refund of Accumulated Input Tax Credit of Compensation Cess
There is a doubt raise by two self-contradictory notifications which are Notification No. 11/2017-Central Tax (Rate) and Notification No. 12/2017- Central Tax (Rate) dated 28.06.2017 Sl. No 66. This doubt is regarding the GST on Supply of Food & Beverage service by the Educational Institution to its students and the same is clarified in the current circular. A doubt comes that whether supply of food and beverages services by educational… Read More »GST Rate on Supply of Food and Beverage Service by the Educational Institution
DPT-3 form is a one-time return form of loans that need to be filed by a company that has outstanding loans not treated as deposits. According to the latest Ministry of Corporate Affairs (MCA) Amendments, it is mandatory for all the companies excluding the Government Companies to file a onetime return for the outstanding receipts of money which are the loan of the company but are not considered deposits. How… Read More »ROC Compliance-DPT 3 & MSME 1
Tax audit leads to the verification of the books of accounts maintained by a taxpayer. Its purpose is to validate the income tax computation made by the taxpayer in the ITR (income tax return) and to ensure compliance with the laws of Income Tax. Auditing of books of accounts need to be carried out by a certified Chartered Accountant. Who Required a Tax Audit? A tax audit is essential for… Read More »Who Is Required to Get Tax Audit?
Dividends are not free money — they are commonly taxable income but when and how you own an investment that pays them can adequately and dramatically change the dividend tax rate you pay. There is a number of exceptions & unusual scenarios with special rules. An Individual may receive a dividend from their equity or mutual fund investments. The dividends received were tax-exempt until 31 March 2020 i.e. FY 2019-20.… Read More »All About Income Tax on Dividends Income