Filing Income Tax Return (ITR) for Seafarer

As per Section 139(1)(b), every individual, if his total income exceeds the maximum amount which is not chargeable to income tax shall file his return before giving any benefits of any deduction under Chapter VI-A (like LIC, medical premium, school fees etc. provided under section 80) shall furnish his return of income. Filing return of […]

Residential Status for Seafarers (Merchant Navy)

Residential status is the most important concept for income tax applicability on seafarers. It is required to find out for every financial year to compute your tax in India. If you are a non-resident for a financial year then your salary receipts are not taxable in India whereas if you are a resident in India […]

Type of Bank Accounts for Seafarers

Non-resident seafarers are allowed to have various types of bank account as follows: – Non-resident Ordinary Account (NRO) It is a rupee-denominated saving account for managing income earned in India by the non-resident. Interest earned on this account is not tax-free and TDS is deducted by the bank @ 31.2%. It is highly advisable to […]

Composition Scheme for Service Providers in GST

Introduction Composition scheme under GST law is for small businesses. This is to bring relief to small businesses so that they need not be burdened with the compliance provisions under the law. An option has been provided to the eligible taxpayer who can opt to pay a fixed percentage of turnover as fees in lieu […]

Invoice Terms and conditions for Indian Businesses

When a buyer receives an invoice from the seller, he expects it to be accurate with all the necessary details and an easy to read format. All the elements of the invoice should be properly places with the market standards like total amount is expected to be on bottom right. An important element of the […]

What is POS software and how it is different from Billing Software.

What is a POS software? POS stands for Point of Sale. A point of sale system, or POS, is the place where your customer makes a payment for products or services at your store. For example: When you go to Dominos and the counter person clicks on screen and select the items you orders and […]

Income Tax Guide 2021 (FY 20-21) for Indian Seafarer (Merchant Navy)

Meaning of Seafarer A sailor, seaman, mariner or a seafarer is a person who navigates water bone vessels or assists as a crew member in their operation and maintenance. Seafarer holds a variety of ranks and professions, each of which carries unique responsibilities which are integral to the successful operation of an ocean-going vessel. A […]

6 Best GST Software for CA

GST has created a lot of burden on Chartered accountants as well as business organizations as it includes lot of compliances. The other tax liabilities such as VAT, service tax etc. has been reduced. Now there is only one indirect tax regime that need compliances. However, this increased calls for practicing chartered accountants to utilize […]

6 Best TDS Software for CA

The best software can make your life easy and comfortable. Earlier, all the work was done manually. But after looking at today’s scenario, working manually may consume a lot of time. The software will make things less time-consuming. Moreover, with the introduction of IFRS and other taxation and accounting amendments, things have become complex. It […]

Pre-validate Bank Account on Income Tax e-Filing Portal

There are various ways in which you can verify your e-return, one of which is using bank account details. This option comes handy when you do not have a mobile number registered in your Aadhar card and even do not use net banking which is the most commonly used method for verifying income tax return. […]