Respond to a Demand Notice Raised Under Section 156
What is Demand Notice? If any demand for tax, interest, penalty, fine or any other sum is raised by the Assessing Officer as per the provision of Income Tax Act, 1961 then he shall serve a notice of such demand to the assessee u/s 156 specifying the amount payable. Time Limit As per Section 220, […]
Deferred Payment or Payment in Instalment of GST Demand
A taxable person can apply to the commissioner under Section 80 of CGST Act for extension of time for payment of GST, Interest, Penalty or any amount under GST. The taxable person can also apply for payment in instalments. The main condition is that such GST or other amount should not be the amount due […]
GST on Job Work
As per Section 2 (68) of CGST Act “job work” means any treatment or process undertaken by a person on goods belonging to another registered person and the expression “job worker” shall be construed accordingly. Registration (Section 22) The supply of goods after completion of job work, by a registered job worker, shall be treated […]
Complete Guide on Rebate under Section 87A to Individuals
Eligible Person Rebate under Section 87A is allowed only to individuals resident in India whose total taxable income is below the specified limits. Please note that the word is taxable income, so it is after all deductions such as 80C, 80D etc. The specified limits are Financial Year Taxable Income Limit 2018-19 Rs. 3,50,000 2019-20 […]
How to make Payment of TDS (Video & Text Guide)
How to make Payment of TDS All corporate assessee and other assessees who are subject to compulsory audit under section 44AB are compulsorily required to use an electronic transfer to make payment of TDS. TDS is paid by Challan No./ITNS 281. Payment link – NSDL. Step 1 – Go to https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp Step 2 – Select […]
Procedure for Online Submission of Statement of TDS/TCS
Earlier, for filing TDS/TCS statement, deductor/collector has to submit the signed statement physically at TIN facilitation centres. To overcome this manual process of submitting statement physically, CBDT issued a Notification No. 6/2016 on 04 May 2016 which laid down the complete procedure for filing the TDS/TCS statement online from anywhere without visiting TIN facilitation centres. […]
Beginner’s Guide to GST
Beginner’s Guide to GST This guide is for businessmen and students who wants to have a basic working knowledge of GST. The guide is arranged in a logical manner and written in easy to understand language. We recommend to read chapters one by one but feel free to jump the part which is not applicable […]
GST on Import
Article 269A of constitution mandates that import of goods or services in India is considered as Inter-state trade. Therefore, import of goods or services is considered as interstate supply and is liable for payment of IGST. IGST on the import of services would be leviable under the IGST Act, the levy of the IGST on […]
GST on Co-operative Housing Society
What is Co-operative Housing Society Co-operative housing societies are the entities registered under the co-operative laws of the respective state and which provide its member’s amenities and services relating to housing. In simple words, it is a collective body of persons, who stay in a residential society and would be supplying certain services to its […]
GST on Education Services
Education is defined as “Education is a process of training and developing the knowledge, skill and character of students by normal schooling.” Taxation of education services is a sensitive issue as it is the basic right of every person to get an education and levying GST on it have a major impact on the society. […]