Reverse Charge under GST – Explained with Examples
What is Reverse Charge? Normally, GST is to be collected by the person who is selling good and services. But in some cases GST is to be collected by the purchaser of goods/service and not by seller. This is called Reverse Charge Mechanism, RCM in short. In some cases of sale through E-commerce operator such […]
TDS on Sale of Immovable Property – Section 194IA, Form 26QB
Applicability Section 194IA is inserted by Finance act 2013 and is applicable from 01st of June , 2013. A person who is purchasing any immovable property (other than agricultural land) from a resident is required to deduct TDS @ 1% from the amount payable in this behalf. TDS is not required to be deducted If […]
Procedure to file Form 61, Form 61B & Form 15CC
A complete guide to file form no. 61, 61B and 15CC. The use of these forms are Form 61 – Filing of details regarding form 60 Form 61B – Statement of Reportable Account under sub-section (1) section 285BA of the Income–tax Act, 1961 Form 15CC – Quarterly statement to be furnished by an authorised dealer in respect […]
How to Surrender your GSTIN
A new functionality has been introduced on the GST portal for the surrendering of GST Registration. If you want to cancel your GST registration, follow below steps: – Step 1: Login into your account on GST.GOV.IN Step 2 : Go to Services >> Registration >> Application for Cancellation of Registration There will be three tabs […]
Composition Scheme under GST for traders/manufacturers of goods
As per the GST law, generally a taxpayer pays tax under normal rates i.e 5%, 12%, 18%, 28% and avails cenvat credit on inputs, input services and capital goods. The balance tax payable after claiming the cenvat is paid in cash to the government. Using this method all the procedural compliances have to be adhered […]
How to file Income Tax E-return for deceased person?
Legal representative/heir of the deceased person is require to file the income tax return on his/her behalf. In most cases, spouse or eldest son/daughter assumes the status of legal representative or heir unless will mention another person to be executor or administrator of the estate. As per Section 159 of the income tax act:- Legal […]
Input Tax Credit (ITC) under GST
What is Input Tax Credit (ITC) Input Tax Credit refers to the tax already paid by a person at time of purhase of goods ro services and which is available as deduction from tax payable . For eg- A trader purchases good worth rs 100 and pay tax of 10% on it. And now this […]
How to Resolve Error in GSTR-3B
GSTR-3B is required to be filed every month by all taxpayers till 20th of the next month. Although this is a relatively easy form and there is less scope for mistakes. But a mistake in calculating the sales, purchases, input and output taxes is very common. Many a time the person misses some sale or […]
File request for refund of excess TDS deposited by Deductor
Deductor can request a refund for excess TDS deposited by him via TRACES for the financial year 2007-08 onwards. An online utility is available for the Forms type 24Q, 26Q, 26QB, 26QC, 27EQ & 27Q. Checklist for filing raising refund request via TRACES for Form 26B Digital Signature should be registered for Authorised Person on […]
Basics of GST with Examples
Introduction Goods and Service Tax (GST) is applicable in India from 1st July 2017. Before 1st July 2017, service tax applies to services and vat, excise duty, etc. apply to goods. After 1st July 2017, GST applies to trading and manufacturing of goods as well as on providing services. GST is not applicable to alcohol, crude […]